Entain Grows UK and Ireland NGR 8% for Q3 Amid Betting Shop Fears

Entain Group grew its UK and Ireland net gaming revenue (NGR) year-on-year in Q3, after recently mentioning potential reductions in its retail business.

In a trading report released on Wednesday, the operator said its UK and Ireland NGR improved by 8% for the quarter, which was in line with expectations. Online NGR in the UK went up 15%, and retail improved by 2%, with Entain noting improving performances across both sports and gaming.

Issues with RBGD

Earlier this month, Entain CEO Stella David told The Sunday Times Entain would need to review the possibility of shop closures in the UK and that it would have to consider its investment level in the country, depending on the extent of potential gambling tax increases in the November budget.

The UK government has proposed a remote betting and gaming duty (RBGD), which is expected to be announced in that budget next month, and would be enforced from October 2027 at the earliest. The RBGD would replace the current system of three separate remote gambling taxes, and it is estimated it will be set somewhere between 21% and 25%.

Ladbrokes and Coral, both owned by Entain, operate betting shops in the country, and Entain has more than 2,400 shops across the UK and Ireland. Various industry stakeholders have mentioned the tax will strongly impact on business, with the British Horseracing Authority saying an RBGD of 21% would lead to a £66m loss of annual income.

Following David’s comments, a company spokesperson for William Hill’s parent company Evoke told The Sunday Times it would also consider shop closures in the event of a hefty tax increase, with as many as 200 of William Hill’s 1,300 betting shops being at risk of being closed down. Analysts Jefferies said the UK budget “remains a key area of uncertainty.”

BetMGM performing well

Entain’s total group NGR increased by 6%, which includes its 50% share of BetMGM in the US; BetMGM’s net revenue ascended by 23% to $667 million (£499.2 million) for the quarter. Excluding the US, group NGR went up 4%, while online NGR excluding the US was up 5%.

Expectations regarding BetMGM have been upgraded to deliver FY25 net revenue of at least $2.75 billion, with EBITDA of approximately $200 million. Entain said BetMGM is achieving “sustainable profit growth.”

Entain reiterated its expectation for FY25 online NGR growth of approximately 7% on a constant currency basis, and it expects a FY25 online EBITDA margin of 25-26%. Entain continues to expect group EBITDA in the existing £1.1 billion to £1.15 billion guidance range.

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Ups and downs elsewhere

International NGR almost flatlined, with a 1% increase. There were particular issues in Brazil, where adverse sports margins more than offset volume growth and NGR was down 11%, and in Australia, where customer-friendly sports results contributed to a 6% NGR decrease.

Italy continued to maintain stable market share and posted an NGR increase of 6%, while double-digit online NGR growth was also delivered by Georgia, New Zealand, Spain, Canada, Austria and Greece.

David said: “Entain’s transformation continues at pace, with our strategic execution and expanding bandwidth delivering growth across our portfolio. Whilst we still have more to do, our Q3 performance is further evidence of the quality of our diverse business and its underlying momentum.”