Table of Contents
Entain plc operates as one of the world’s largest sports betting and gaming companies. The FTSE 100-listed company owns iconic brands including Ladbrokes, Coral, bwin, PartyPoker, and PartyCasino.
Under CEO Stella David’s leadership since April 2025, Entain has returned to organic growth after years of transformation. In 2025, the company upgraded its full-year guidance with group net gaming revenue growing 7% and EBITDA expected between £1.1 billion and £1.15 billion. The company’s strategic focus centers on regulated markets, operational efficiency, and its 50% stake in BetMGM, the leading US sports betting and iGaming joint venture with MGM Resorts. Revenue reached £5.16 billion in 2024, marking a return to growth momentum.
Company History
Entain was founded in 2004 as Gaming VC Holdings in Luxembourg. The company made its initial public offering on the AIM exchange in December 2004. It reorganized in 2010 as GVC Holdings in the Isle of Man. The company expanded through strategic acquisitions including Sportingbet in 2012 and Ladbrokes Coral Group in 2018. In December 2020, GVC Holdings rebranded to Entain plc to reflect its commitment to operating exclusively in regulated markets. The company acquired Polish operator STS and Croatian operator SuperSport in 2023. Today it operates over 35 brands across multiple jurisdictions with approximately 27,000 employees globally.
CEO Profile
Stella David became permanent CEO of Entain in April 2025 after serving twice as interim CEO. She originally joined the board in March 2021 as a non-executive director. David brings extensive consumer business leadership experience from her role as CEO of William Grant & Sons from 2009 to 2016. She also spent over 15 years at Bacardi in senior roles including Global Chief Marketing Officer. David graduated from Cambridge University with an engineering degree. Under her leadership in 2025, Entain has delivered strong online growth, upgraded full-year guidance, and maintained focus on operational excellence and market share gains in core territories.
Key Business Segments & Revenue Streams
Entain operates through three primary segments. The Online division generates the majority of revenue through sports betting and gaming across brands including bwin, Ladbrokes, Coral, PartyPoker, and PartyCasino. This segment covers UK & Ireland, international markets, and Central & Eastern Europe operations. The UK Retail segment operates over 3,000 licensed betting shops under the Ladbrokes and Coral brands. The European Retail segment includes betting shops in Italy, Belgium, Croatia, and Ireland. Additionally, Entain holds a 50% stake in BetMGM, which operates across multiple US states. In 2025, online operations excluding the US generated approximately 72% of total revenue, with retail contributing the remainder.
Financial Profile
Entain demonstrates strong operational momentum in 2025 after completing its transformation journey. The company returned to organic growth in 2024 with revenue increasing 7% to £5.16 billion. EBITDA improved 12% to £1.09 billion with expanding margins. In the first half of 2025, group EBITDA rose 11% to £583 million driven by double-digit online growth. The company maintains a robust balance sheet with adjusted net debt at £3.29 billion as of 2023, representing leverage of 3.3 times EBITDA. Profitability continues improving through operational efficiencies and strategic cost savings initiatives. The company targets generating over £500 million in annual adjusted cash flow in the medium term as BetMGM reaches profitability and core markets deliver consistent growth.
Financial Data
Core Financial Metrics (Last 3 Years)
| Metric | 2023 | 2024 | 2025 H1 |
|---|---|---|---|
| Revenue | £4.83 B | £5.16 B | £2.63 B |
| Net Income (Loss) | (£879 M) | (£461 M) | (£117 M) |
| EBITDA | £1.01 B | £1.09 B | £583 M |
| EBITDA Margin | 20.9% | 21.1% | 22.2% |
| Adjusted Net Debt | £3.29 B | N/A | N/A |
Revenue by Region (Last 3 Years)
| Region | 2023 | 2024 | 2025 H1 |
|---|---|---|---|
| UK & Ireland | £2.04 B | £2.05 B | £1.09 B |
| International | £2.79 B | £3.11 B | £1.54 B |
| Central & Eastern Europe | Included | Included | £241 M |
Latest Financial Report
Entain’s Q3 2025 trading update released in October showed continued momentum. Group net gaming revenue including BetMGM grew 6% with online operations up 8% on a constant currency basis. UK & Ireland online revenue remained strong while Brazil delivered 21% growth in the newly regulated market. BetMGM upgraded its full-year guidance to at least $2.75 billion in revenue and approximately $200 million in EBITDA. The company maintained its full-year 2025 EBITDA guidance of £1.1-£1.15 billion despite a £20 million headwind from unfavorable sports results. Active customer numbers and betting volumes both increased year-over-year demonstrating improving customer engagement across key markets.
12-Month Earnings Summary
Over the trailing twelve months through 2025, Entain has delivered consistent underlying growth across its core markets. Online operations excluding the US grew approximately 8% driven by market share gains in the UK, strong performance in Brazil, and double-digit growth in Spain and New Zealand. BetMGM’s revenue increased 35% demonstrating accelerating momentum in the US market. The company’s transformation initiatives delivered operational efficiencies with EBITDA margins expanding to over 25% in online operations. Retail operations faced headwinds in certain markets but remained profitable. The strong operational performance positions Entain well for continued growth as regulatory environments stabilize and BetMGM approaches its target of $500 million in annual EBITDA.
References
- FY 2024 Full Year Results – Entain Investor Relations
- Q3 2025 Earnings Call Transcript – Investing.com
- H1 2025 Results – Investing.com
- Stella David CEO Appointment – Entain
- FY 2023 Full Year Results – Entain Investor Relations
- Entain Plc – London Stock Exchange
- Entain UK Market Share Analysis – iGaming Business
- Stella David Executive Profile – Gambling Insider
