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Entain
Entain
Entain
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Entain plc, formerly GVC Holdings, is an international sports betting and gambling company. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.[3] It owns brands such as bwin, Coral, Ladbrokes, PartyPoker, and Sportingbet.

Key Information

History

[edit]

The company was incorporated in Luxembourg in 2004 as Gaming VC Holdings S.A.[4] It was founded by a group of four American businesspersons, led by Steve Barlow,[5] as a vehicle to acquire Casino-Club, an online casino established in 2001 that was reportedly the largest online gambling operator in German-speaking countries.[6] The company made its initial public offering on the AIM exchange on 21 December 2004, raising funds that were used to complete the €105-million acquisition of Casino-Club on the same day.[7][8]

In 2010, Gaming VC was reorganised in the Isle of Man as GVC Holdings.[9]

In 2012, GVC and William Hill bought Sportingbet, with William Hill taking the Australian and Spanish markets, and GVC taking the rest of the world.[10]

GVC acquired Bwin.Party Digital Entertainment in 2016 for £1.1 billion after a bidding battle with rival gambling group 888 Holdings, leading to a marked recovery in GVC's financial situation.[11][12][13] After the acquisition, Bwin.Party returned to growth after many years of falling sales.[14]

In December 2017, GVC agreed to buy Ladbrokes Coral in a deal which could be worth up to £4 billion.[15] The acquisition was completed in March 2018.[16]

In mid-2018 a shareholder rebellion forced out GVC director, Peter Isola, after reports showed that two executives at the company earned a disproportionate £67 million in salary.[17]

In July 2018, GVC agreed to a $200-million deal with MGM Resorts International to capitalise on the newly liberalised US sports betting market.[18]

In 2019, GVC chairman Lee Feldman left the company.[19] While Feldman was overdue to leave under UK corporate governance code that recommends chairs of listed companies not stay in position longer than nine years, the news came two weeks after Feldman sold £6m worth of his GVC shares and CEO Kenny Alexander sold shares worth £13.7m, which led to GVC's share price falling nearly 14% in a single day.[20] Barry Gibson took over as Chairman upon Feldman's departure.[21]

In July 2020, Shay Segev, GVC's chief operating officer (COO), succeeded Alexander as CEO following his "surprise departure" after 13 years in charge.[22] The same month, the UK tax authority HM Revenue and Customs announced that it was widening the scope of its investigation into “potential corporate offending” related to GVC's former Turkish-facing online gambling business, which it had sold in December 2017.[23] GVC dismissed public reports that the HMRC probe was related to insolvent payment processor Wirecard, saying there was “no evidence of any link between the HMRC investigation and the payment service providers mentioned in the newspaper report.”[24]

In December 2020, GVC Holdings changed its name to Entain plc.[25] The rebranding was said to reflect a "new era of sustainability and conduct", including a commitment to operate only in regulated markets by 2023.[26][27]

In 2021, Entain's joint venture partner MGM Resorts made an offer to buy Entain, valuing the business at $11 billion. The board and Segev rejected the offer saying, that it "significantly undervalues the company and its prospects".[28] MGM Resorts subsequently withdrew the offer.[29]

In January 2021, Segev stepped down as Entain CEO and was succeeded by Jette Nygaard-Andersen, who became the first woman to lead a UK-listed gambling company.[30][31]

In August 2021, Entain acquired US-based esports betting company Unikrn for £50 million.[32][33]

In November 2021, it was reported that Entain had sold the Betdaq business, which had been acquired by Ladbrokes eight years earlier, back to its original founder Dermot Desmond. The sale price was reportedly substantially less than £25 million the company was originally acquired for.[34] Also in November 2021, Entain sold its InterTrader business to Raven Ventures International.[35][36]

In February 2022, Entain acquired the Canadian sports betting operator Sports Interaction from Avid Gaming for £175 million.[37][38]

In November 2022, Entain acquired the Croatian sports betting company, SuperSport.[39][40]

In January 2023, Entain acquired the Dutch online gambling company, BetCity, from Sports Entertainment Media for £398 million.[41]

In March 2023, Entain acquired the New Zealand based esports betting developer Sportsflare for CA$13.2m.[42]

In December 2023, Nygaard-Andersen stepped down as Entain CEO and was succeeded on an interim basis by Stella David, a non-executive director of Entain.[43] Nygaard-Andersen had been criticised by shareholders in relation to the company's poor business performance.[44]

On 29 February 2024, Entain, announced its decision to withdraw from Responsible Wagering Australia, coinciding with the Australian government's preparations to implement stricter betting advertisement restrictions.[45]

In April 2024, Entain announced that its interim CEO, Stella David, would succeed Barry Gibson as chairman, following Gibson's retirement in September.[46]

In July 2024, Entain Plc appointed Gavin Isaacs as CEO, replacing interim CEO Stella David. Isaacs will start as CEO on 2 September 2024.[47]

In December 2024, Australian Transaction Reports and Analysis Centre (AUSTRAC), took legal action against Entain, for failing to meet anti-money laundering (AML) and counter-terrorism financing (CTF) requirements. The regulator accused Entain of inadequate checks on high-risk customers, including using pseudonyms to obscure identities. Isaacs warned of significant fines and said the company was cooperating fully while improving its compliance measures.[48]

In April 2025 Entain named Stella David as its permanent chief executive, effective immediately. David, had twice served as interim CEO.[49]

Operations

[edit]

Entain is headquartered in the Isle of Man and employs over 30,000 staff in over 30 jurisdictions.[2]

Entain-owned brands

[edit]

Entain operates consumer-facing brands in the online gambling industry, including:

Sports labels

[edit]

Betboo

[edit]

Betboo was established in 2005 and provides online bingo, sportsbook, casino and poker to South American customers. It was acquired by the GVC Group in July 2009.[50]

BetMGM

[edit]

In July 2018, GVC announced a 50/50 joint venture with US Hotel and Casino operator MGM Resorts International to create a sports betting and online gaming platform targeting the U.S. market in states where such activities are legal.[51]

bwin

[edit]

bwin is Entain's main sports betting brand in continental Europe. Its core markets include Germany, Italy, Spain, France and Belgium. As well as sports bets, bwin has a variety of table and slot casino games as well as online poker where licensed to do so. The bwin brand has been associated with sponsorship of a number of football teams including Real Madrid,[52] A.C. Milan, Bayern Munich, Manchester Utd and Juventus.[53][54][55][56] The brand sponsors four Spanish La Liga clubs: Valencia CF, Villarreal CF, Sevilla FC and Atlético Madrid.[57]

In February 2018, GVC Holdings was fined £350,000 by the UK Gambling Commission for repeated failings from ElectraWorks Limited. The company was punished for infringements relating to the advertising of free bets and bonus offers.[58]

BetCity

[edit]

Dutch online casino and sportsbook BetCity.nl was acquired by Entain in January 2023.[41] Entain initially paid €300 million for the acquisition, with the total cost potentially reaching €450 million based on BetCity’s future performance. BetCity was founded in 2020 by the Sports Entertainment Group (SEG), a Dutch company known for operating the football club FC Den Bosch. It launched as one of the first licensed online gambling platforms in the Netherlands.[59]

In October 2025, BetCity was fined €2.65 million by the Dutch Gambling Authority (Kansspelautoriteit, Ksa) for violations of its duty of care towards players. According to the regulator, the operator failed to adequately monitor and intervene in cases of excessive gambling behaviour, particularly among young adults. BetCity filed an objection against the decision, which was subsequently rejected by the Ksa.[60]

Gamebookers

[edit]

Gamebookers is a full-service sportsbook that was initially acquired by PartyGaming in 2006.[61] GVC then acquired the brand in February 2016 as part of the acquisition of bwin.party.[62]

Ladbrokes & Coral

[edit]

As of 29 March 2018, GVC Holdings took over the Ladbrokes Coral Group. This included their UK bookmaker estate, a new business for GVC bringing the two customer brands Ladbrokes and Coral into the corporate portfolio.[15]

Neds

[edit]

Neds was established in 2017 and serves the Australian sports betting market. It was acquired by GVC in 2018 for $A95 million.[63]

Sportingbet

[edit]

Sportingbet was established in 1998 and was acquired by GVC in March 2013. It provides online and mobile sports betting, casinos, games and poker. In October 2012, Sportingbet announced that it had agreed to preliminary terms for a £530 million takeover bid from both GVC and William Hill. Under these terms, Sportingbet's Australian and Spanish operations were bought by William Hill.[64]

Games labels

[edit]

partypoker

[edit]

partypoker was founded in 2001 and in the early 2000s was the world's largest online poker site. The company's US-driven revenues were hit by the passing of the Unlawful Internet Gambling Enforcement Act (UIGEA) in the United States. The company merged with Austrian sport's betting company bwin in 2011, and was acquired by GVC in 2015.[65] In 2016 partypoker launched a windows mobile app and saw significant growth after bwin.party was acquired by GVC in the same year.[66][67] In 2018, the partypoker brand was placed under the control of GVC's BetMGM joint venture.[68]

partycasino

[edit]

Following the 2011 merger of PartyGaming PLC and bwin Interactive Entertainment AG, partycasino became one of GVC's leading casino brands.[69]

CasinoClub

[edit]

CasinoClub was originally launched in 2001 and acquired by GVC in 2004, it largely operates in German-speaking markets and has more than 15,000 active customers.[70]

Gioco Digitale

[edit]

Gioco Digitale was the first fully regulated gambling site on the Italian market launched in 2008. It has positioned itself as a gambling portal for casual users, with a focus on bingo and casino products. The company was originally acquired by bwin Interactive Entertainment AG in 2009.[71]

Cashcade

[edit]

Cashcade Ltd is a UK-based online gambling marketing company that is now a wholly owned subsidiary of GVC Holdings. Cashcade was originally acquired by PartyGaming PLC in July 2009.[72] The company became part of the GVC group when it was purchased as part of the acquisition of bwin.party digital entertainment in February 2017. Cashcade owns FoxyGames.com, FoxyBingo.com and CheekyBingo.com.[73]

Foxy Bingo

[edit]

This online bingo site was first launched in 2005 and the brand is owned by Cashcade. During its advertising history it has had many campaigns featuring Foxy - a human-sized fox mascot. He wears a smart suit and has a northern accent. Throughout its brand history, there have been several celebrity tie-ups including with Katie Price and Joey Essex.[74][75]

Foxy Games

[edit]

Foxy Games was established in April 2015 as Foxy Casino and is the slots-led counterpart of its sister brand Foxy Bingo.[76][77]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Entain

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from Grokipedia
Entain plc is a multinational sports betting and gaming company operating in regulated and regulating online and retail markets worldwide. Headquartered with its registered office in Douglas, Isle of Man, it employs approximately 30,000 people and generates net gaming revenue exceeding £3.45 billion annually. Formerly known as GVC Holdings, Entain rebranded in December 2020 to emphasize and ethical conduct in its operations. The company owns over 120 brands, including prominent ones such as , , and , and maintains a with called BetMGM in . Its strategy focuses on , margin expansion, and leveraging proprietary technology for market share gains in and iGaming. Entain is listed on the London Stock Exchange as a FTSE 100 constituent and has pursued expansion through acquisitions, such as the purchase of in 2018, establishing it as a leading operator in the retail betting sector. However, the company has faced significant controversies, including a 2023 agreement resulting in a £585 million penalty for and corruption related to its prior unregulated operations in , from which it has since withdrawn. Additionally, in 2022, it paid £17 million to the for failures in social responsibility and anti-money laundering controls. These incidents underscore past compliance challenges in the high-risk industry, prompting enhanced regulatory focus and market exits from unregulated jurisdictions.

History

Origins as GVC Holdings

Gaming VC Holdings S.A. was incorporated in in 2004 as a vehicle to acquire CasinoClub, a prominent platform primarily targeting the German market. The company was co-founded by Steven Barlow, who served as CEO from its until November 2006, with early operations centered on European activities while deliberately avoiding the U.S. market due to regulatory restrictions on internet gaming. The firm listed on the (AIM) of the London Stock Exchange on December 2, 2004, achieving an initial of approximately $205 million. This flotation supported expansion in business-to-consumer (B2C) and emerging business-to-business (B2B) segments, leveraging proprietary technology for casino and platforms. Early growth focused on regulated European jurisdictions, establishing a foundation in operations amid a burgeoning industry. In 2010, the company reorganized its domicile to the Isle of Man, a favorable for gaming firms due to its regulatory framework, and formally adopted the name GVC Holdings. This restructuring facilitated further international scaling while maintaining a core emphasis on technology-driven solutions.

Major

In 2013, GVC Holdings acquired Sportingbet plc's non-Australian operations as part of a £485 million joint transaction with William Hill plc, completed on 19 . This deal granted GVC control over 's businesses in markets such as , , and , expanding its international footprint in online while mitigating prior earn-out obligations from earlier Turkish operations. On 1 February 2016, GVC completed its £1.1 billion acquisition of plc after outbidding 888 Holdings. The transaction, valued at approximately €1.51 billion, integrated bwin.party's established brands and customer base in regulated European jurisdictions, significantly boosting GVC's revenue from online , poker, and casino segments. GVC announced a recommended all-share offer for on 22 December 2017, initially valuing the target at £3.2 billion with potential to reach £4 billion contingent on UK regulatory outcomes. The merger, cleared by regulators and completed at the end of February 2018, combined GVC's digital platforms with Ladbrokes Coral's 4,000-plus UK retail outlets, creating Europe's largest company by revenue and market share at the time. GVC shareholders held 53.5% of the enlarged entity post-deal.

Rebranding and expansion (2018–2020)

In early 2018, GVC Holdings completed its acquisition of Group plc on March 28, creating one of Europe's largest and gaming companies with combined revenues exceeding £3.4 billion for the year. The deal, valued at approximately £4 billion and agreed in December 2017, positioned GVC as the dominant player in the UK retail and betting market, integrating Ladbrokes Coral's extensive high-street estate of over 4,000 shops with GVC's digital capabilities. Throughout 2018, GVC pursued further geographic expansion through targeted acquisitions. In March, it acquired a 51% controlling stake in Crystalbet, Georgia's leading online gaming operator, for €41.3 million, with an option to purchase the remaining 49% in 2021, enhancing its presence in . Later that year, in , GVC bought Neds International, an Australian online platform, for an initial A$68 million (potentially rising to A$95 million based on performance), strengthening its foothold in the regulated Australian market amid intensifying competition. GVC also entered the burgeoning US sports betting sector following the 2018 Supreme Court overturning of PASPA. In July 2018, it formed a with called Roar Digital, investing $100 million initially to develop BetMGM, a sports betting and iGaming platform targeting state-by-state legalization. By 2020, BetMGM had launched operations in multiple states, including and , contributing to GVC's diversification into . In 2019 and early 2020, GVC focused on integration synergies from prior deals, realizing over £100 million in cost savings from , while making smaller acquisitions like Setcar Braila in for $4.48 million to bolster Eastern European retail operations. These moves supported growth, with group net gaming rising 26% to £2.7 billion in 2019, driven by online segments. The period culminated in a strategic announced on November 12, 2020, under new CEO , who assumed the role earlier that year. GVC Holdings plc changed its name to Entain plc, effective December 2020, to signal a shift toward , exiting unregulated markets to derive 100% of from regulated jurisdictions, and investing in technology for customer protection. The rebrand aligned with Entain's ambition to lead in ethical and gaming, including launches in new regulated markets like .

Developments since 2021

In 2021, Entain reported online net gaming revenue growth of 12% (13% at constant currency), marking the ninth consecutive year of double-digit expansion, alongside a 25% increase in active customers. The company pursued geographic expansion through acquisitions, including Bet.pt in and Enlabs AB in the , to strengthen its presence in emerging regulated markets. Its 50/50 with MGM Resorts, BetMGM, continued scaling in the U.S., contributing to group net gaming revenue growth of 14% including the JV share. Regulatory challenges emerged from legacy operations, culminating in a agreement (DPA) with the U.K. approved on December 5, 2023, addressing failures to prevent in by subsidiary between 2013 and 2017. Under the first-ever CPS DPA, Entain paid a £465 million penalty, £120 million in profit disgorgement, £10 million in prosecution costs, and £20 million to charitable causes, avoiding corporate prosecution while acknowledging inadequate anti- procedures. In , AUSTRAC initiated proceedings in December 2024 alleging anti-money laundering and counter-terrorism financing breaches by Entain's local entities from 2016 to 2022, prompting the company to set aside AU$100 million (approximately US$66 million) for potential fines after cooperating with the investigation. Acquisitions accelerated in 2022, including BetCity in the for an undisclosed sum, capitalizing on its 20% post-2021 licensing. Further deals followed, such as STS Holding in in 2023 and Angstrom Sports in 2023, enhancing capabilities amid regulatory openings, with Entain completing 11 acquisitions overall since 2021 across multiple countries. BetMGM achieved key milestones, posting net revenue exceeding $1.3 billion in 2022 and reaching positive EBITDA projections for 2023, with revenue surging 36% in Q2 2025 driven by U.S. and iGaming expansion. Leadership transitioned abruptly in early 2025 when CEO Gavin Isaacs stepped down by mutual agreement on February 11, after only five months, leading to an 11% share price drop amid ongoing legal pressures. Stella David assumed the interim role before being appointed permanent CEO on April 29, 2025. In August 2025, former executives including ex-CEO faced U.K. charges of , , and tied to the same Turkish operations, separate from the corporate DPA. Financial recovery strengthened, with fiscal year 2024 results showing at the top of guidance, followed by first-half 2025 performance exceeding expectations, including 10% constant-currency group growth and 35% at BetMGM, prompting upgraded full-year outlook.

Corporate Governance and Leadership

Executive team and key appointments

Stella David serves as of Entain plc, having been appointed to the permanent role on April 30, 2025, after acting as interim CEO from February 2025 following the abrupt departure of Gavin Isaacs. David, who joined the board as a in March 2021, brings prior experience as CEO of . Rob Wood holds the positions of Deputy Chief Executive Officer and , a role he has occupied since 2021. Other key executive committee members include Satty Bhens as , , and Research & Development Officer since December 2022, and additional roles such as chief legal and operations leads, supporting the group's focus on technology-driven growth and regulatory compliance. Key appointments in recent years reflect transitions amid operational challenges, including a Turkish investigation and shareholder pressure on performance. resigned as CEO in December 2023, shortly after the probe's disclosure, having led the company since January 2021 through its U.S. expansion via BetMGM. Gavin Isaacs was named CEO in July 2024 to replace her, commencing on September 2, 2024, but exited suddenly by early 2025, prompting David's interim and subsequent permanent appointment with investor support. In August 2025, Pierre Bouchut was confirmed as permanent non-executive Chair, having served interim, to oversee governance amid ongoing strategic reviews. Further board additions in May 2025 included Michael Goldberg and Edmond Mesrobian as , enhancing expertise in finance and operations. David Satz was appointed Senior in February 2025. These changes aimed to stabilize following a period of executive turnover and financial underperformance.

Board structure and ownership

Entain plc's board is led by non-executive chair Pierre Bouchut, who assumed the role on an interim basis in early 2025 and was confirmed in August 2025 following a search process. The executive directors consist of Stella David, appointed in 2024, and and deputy CEO Rob Wood. Independent s include Virginia McDowell, David Satz (senior independent director), Rahul Welde, Amanda Brown, Ricky Sandler, Michael Goldberg, Helen Ashton, and Edmond Mesrobian, with recent appointments of Goldberg and Mesrobian announced on 14 May 2025 to strengthen governance expertise. Ronald Kramer, a , stepped down at the annual general meeting on 23 April 2025. The board operates through specialized committees to oversee key functions. The Audit & Risk Committee, chaired by Helen Ashton, includes David Satz and Rahul Welde, focusing on financial reporting, internal controls, and risk management. The People and Governance Committee, chaired by Pierre Bouchut, comprises Amanda Brown, Virginia McDowell, Ricky Sandler, and Rahul Welde, addressing board composition, succession, and governance policies. The Remuneration Committee, chaired by Amanda Brown with members Helen Ashton, Virginia McDowell, and Rahul Welde, determines executive compensation and incentives. The Sustainability and Compliance Committee, chaired by David Satz and including Virginia McDowell and Edmond Mesrobian, monitors environmental, social, and regulatory compliance. A Capital Allocation Committee, also chaired by Pierre Bouchut with Ricky Sandler, Helen Ashton, and Michael Goldberg, advises on investment and capital deployment decisions. Entain plc is publicly listed on the London Stock Exchange with 639,601,695 ordinary shares of €0.01 each outstanding as of 30 September 2025. is dominated by institutional investors, who hold approximately 65% of shares, exerting significant influence over strategic decisions. Major shareholders as of recent notifications include (9.99%), The Capital Group Companies (9.94%), Inc. (6.03%), Eminence Capital LP (5.81%), Corvex Management LP (5.33%), Principal Global Investors LLC (5.01%), and Group plc (4.99%). Insider remains minimal, consistent with the company's public structure and diversified institutional base.

Operations

Business segments and revenue streams

Entain operates through distinct geographic and operational segments, primarily UK & (UK&I), International, (CEE), and its 50% stake in the BetMGM. In FY24 (year ended 31 December 2024), the UK&I segment generated net gaming revenue (NGR) of £2,053.4 million, comprising £984.6 million from activities and £1,068.8 million from retail, reflecting a stable core market with online growth of 2% year-over-year (YoY) offset by a 1% retail decline. The International segment, encompassing markets such as and , contributed £2,640.4 million in NGR, with at £2,330.8 million (up 6% YoY) and retail at £309.6 million (up 4% YoY), driven by expansion in emerging regions like where NGR rose 41%. CEE delivered £488.0 million in NGR, up 62% YoY, including £404.9 million and £83.1 million retail, fueled by sports betting strength in markets like and . BetMGM, focused on the , added £1,660.2 million in revenue (Entain's share), with underlying NGR of $2,102 million (up 7% YoY), though it incurred expected EBITDA losses amid investment in market share. The company's revenue streams are bifurcated into online and retail channels, underpinned by sports betting and gaming products. Online NGR totaled £3,726.0 million in FY24, up 9% YoY (or 6% on a pro forma constant currency basis excluding acquisitions), representing the majority of group activity and benefiting from digital platforms offering expansive sports betting markets, live streaming, and iGaming such as slots, poker, and bingo. Retail NGR reached £1,378.4 million, up 1% YoY (flat on pro forma constant currency), derived from physical betting shops in UK&I and select international locations, with contributions from in-shop sports wagering and limited gaming. Sports betting formed a core stream with £2,315.7 million in NGR, emphasizing pre-match and in-play options across sports like football and horse racing, while gaming generated £2,297.5 million, including casino table games and poker, with CEE gaming up 12% YoY to £126.5 million. Group-wide, total NGR was £5,161.9 million (up 6% YoY), converting to revenue of £5,089.2 million after adjustments like VAT and GST (£72.7 million deduction).
Segment/StreamNGR (£m, FY24)YoY GrowthKey Drivers
UK&I Total2,053.40%Stable retail base; modest online gains
International Total2,640.4+6% online expansion; diversified markets
CEE Total488.0+62% dominance in regulated markets
Online Total3,726.0+9%Digital product enhancements; customer acquisition
Retail Total1,378.4+1%Physical shop network resilience
2,315.7N/ABroad event coverage; high-volume wagering
Gaming2,297.5N/AiGaming portfolio; BetMGM contribution
These segments and streams reflect Entain's strategy of balancing mature markets with high-growth international and exposure via BetMGM, though retail faces pressures from migration and regulatory costs in &I. Corporate and new opportunities functions do not contribute positively to revenue, focusing instead on overheads and strategic initiatives.

Geographic presence and market strategies

Entain maintains operations in over 30 regulated markets worldwide, spanning , the Americas, , and , with a focus on both online and retail channels. The company's geographic footprint includes core established markets in the and , alongside expanding presence in international regions such as , , , , , and the through its 50% stake in the BetMGM joint venture with . In (CEE), Entain operates in countries including , , , , , and , while Western European activities cover , , , , , , , , , , , , , , , and . Additional markets include , , and select operations in and , supported by approximately 29,000 employees distributed across UK & (18,708), International (6,913), CEE (2,195), and corporate functions as of December 31, 2024. In fiscal year 2024, Entain's gaming revenue (NGR) totaled £5,162 million, reflecting a 7% year-over-year increase, with geographic contributions varying by region. The and segment generated £2,053 million (40% of group NGR), while International markets accounted for £2,640 million (51%), and CEE contributed £488 million (9%). BetMGM's operations added separate NGR of approximately $2,100 million. Key growth drivers included Brazil's online NGR surging 41% in constant currency, 's online segment rising 19%, and 's overall 8% constant currency increase, offset by more modest 1% growth in and flat performance in the . Retail operations remain concentrated in select markets like the , , , , , , , , and .
Region/Segment2024 NGR (£ million)% of Group NGRYoY Change
UK & 2,05340%0%
International2,64051%+6%
CEE4889%+62%
Total (excl. BetMGM)5,162100%+7%
Entain's market strategies emphasize organic revenue growth, margin expansion to 25.3% for online operations in 2024, and market share gains through product innovation, localization, and (CRM). The company prioritizes entry and consolidation in regulated environments, reducing reliance on regulating markets from five in 2023 to two in 2024 ( and ), while pursuing domestic licensing pathways. Expansion tactics include targeted acquisitions, such as Tab NZ in June 2023 for £1,209 million to bolster , STS Poland in August 2023 for £749 million, and Betcity in January 2023 for €362 million, alongside ongoing investments in BetMGM (£20 million in 2024) to achieve US EBITDA positivity by 2025 across 29 states. In , strategies align with impending regulation effective January 1, 2025, supporting structural adaptations for sustained 41% growth momentum. Efficiency initiatives like Project Romer target over £100 million in savings, complemented by responsible gaming measures such as the ARC™ system and near-instant withdrawals for 80% of global transactions by June 2025, enhancing amid ethical and regulatory pressures.

Technology and platform infrastructure

Entain maintains a fully technology platform developed and operated in-house, which underpins its , gaming, and retail operations across multiple brands and markets. This stack enables the processing of over 2 million sports bets and 100 million spins daily, supporting high-volume, real-time transactions in regulated environments. The platform's architecture emphasizes scalability and customization, allowing for localized features such as region-specific betting tools and faster performance upgrades implemented in 2025. Central to the is a cloud-first designed for agility in dynamic markets, incorporating hosted on clusters—for instance, the Australian sports trading platform features approximately 300 and over 3,000 pods per cluster. Entain leverages services, including Azure Arc for managing on-premises SQL Server , and has tested SQL Server 2022 to enhance handling for its growing operations. The company invests around £100 million annually in enhancements, focusing on core pillars like tools, including proprietary innovations such as the next-generation Football BetBuilder, which boosted pre-match turnover by 80% and increased its share to 12% in targeted markets. Retail operations rely on the proprietary Group BetStation (GBS) platform, fully rolled out across all and Ladbrokes and locations by July 2025, integrating capabilities for seamless betting experiences. Engineering efforts are concentrated in Hyderabad, , which handles over 85% of Entain's global , supporting the maintenance and evolution of this end-to-end stack without reliance on third-party vendors for core systems. Security and performance are bolstered by tools like for global traffic management and Linkerd for Kubernetes-based throughput improvements, achieving up to 10x efficiency gains in select deployments.

Brands and Products

Sports betting brands

Entain's sports betting portfolio features established brands operating primarily in regulated markets, with a focus on online and retail wagering on sports events. These brands leverage Entain's proprietary trading technology and data analytics to offer odds on football, , , and other popular sports. Ladbrokes and dominate the market, where they hold significant retail presence with over 4,000 betting shops combined following Entain's 2018 merger of the two chains. Ladbrokes, founded in 1886, specializes in and football betting, while , established in 1926, emphasizes competitive odds and in-play markets. Both brands reported £1.2 billion in retail revenue in 2023, underscoring their role in Entain's hybrid online-retail model. In international markets, serves as Entain's flagship online sportsbook in , particularly and , offering extensive coverage of and events since its acquisition in 2001. For data protection requests, the Entain Group's Data Protection Officer can be contacted at [email protected] or by post at Entain plc, 2a Lord Street, Douglas, IM1 2BD, Isle of Man; bwin-specific inquiries are directed to [email protected] with a Malta address. , acquired in 2013, targets and with localized betting on soccer and , generating substantial revenue from and . STS, Poland's leading operator purchased in 2023, holds a 25% in , focusing on domestic leagues and international tournaments. Neds operates in , providing on AFL, NRL, and , bolstered by Entain's 2018 acquisition of a majority stake. BetMGM, a 50/50 with MGM Resorts launched in 2018, leads sports with operations in 20+ states as of 2024, emphasizing and NBA markets through integrated casino-sportsbook apps. Other brands like Eurobet in and SuperSport in further expand Entain's European footprint, each tailored to local regulations and sports preferences.
BrandPrimary MarketsKey Focus Areas
Ladbrokes/CoralRetail , football
bwin (Germany, )Online soccer, in-play betting
Sportingbet, Soccer, localization
STSDomestic and international leagues
NedsAFL, NRL,
BetMGM, NBA via app integration

Online gaming and casino brands

Entain's online gaming and brands form a core component of its portfolio, delivering digital experiences in bingo, poker, slots, table games, and live dealer formats across regulated markets, primarily in and the . These platforms leverage Entain's proprietary technology to offer diverse game libraries, often exceeding 10,000 titles group-wide, with features like instant access and localized content. , tracing origins to 1997, stands as a flagship with over 500 games spanning slots, , , and live dealer tables, targeting international audiences with progressive jackpots and exclusive titles. Foxy Bingo, established in 2005, focuses on players through bingo rooms, hybrids, slots, and variants, supported by a and promotions emphasizing . Gala, via Gala Spins and Gala , provides -centric offerings including proprietary slots, live suites from third-party providers, and innovative bingo tournaments. Other specialized brands include , a global site featuring and tournaments; GiocoDigitale, an Italy-focused compliant with local licensing for slots and table games; Ninja Casino, geared toward Nordic users with no-registration , instant bankID withdrawals, and live emphasis; and Optibet, operating in Baltic markets with integrated products. In the , Entain's 50% stake in BetMGM extends to iGaming, where the platform delivers state-licensed services with strengthened content partnerships, contributing to segment growth through slots, table games, and live options in jurisdictions like and .

Key joint ventures and partnerships

Entain's most prominent joint venture is BetMGM, a 50/50 partnership with established in July 2018 to enter the expanding U.S. and iGaming market following the U.S. Supreme Court's of the Professional and Amateur Sports Protection Act (PASPA) in 2018. Under this arrangement, Entain supplies proprietary technology platforms, including its sportsbook software and risk management capabilities, while MGM contributes its established brand, loyalty program, and access to physical casino properties for integrated retail-online experiences. BetMGM operates in multiple U.S. states, offering , online casino games, and poker, positioning it as a leading player in the regulated North American market. Beyond BetMGM, Entain maintains strategic partnerships focused on content, technology, and market access. In January 2025, BetMGM secured exclusive U.S. online casino content rights from Fremantle, enhancing its gaming portfolio with licensed titles from popular entertainment franchises. Entain has also extended long-term agreements with gaming suppliers such as Light & Wonder, which provides electronic gaming machines to Entain's UK retail betting shops under brands like Ladbrokes and Coral, supporting over 10,000 terminals as of 2022. Additionally, Entain collaborates with sports organizations through official betting partnerships, including multi-year deals with Liverpool Football Club (via Ladbrokes) announced in August 2024 and Birmingham City (via Coral) in February 2025, which integrate betting services with club digital platforms and stadium activations. These alliances leverage Entain's brands for enhanced customer engagement while complying with regional advertising regulations.

Financial Performance

Entain's revenue has demonstrated consistent year-over-year growth since the 2018 acquisition of by its predecessor GVC Holdings, which markedly expanded its retail and online operations. This trend continued post-rebranding to Entain in 2020, driven by organic expansion in regulated markets, , and the scaling of the in the United States. The following table summarizes key historical financial metrics in GBP millions:
Year
20203,830249
20214,29724
20224,770-929
20235,089-453
20245,165-549
Figures sourced from annual income statements; reflects net gaming approximations, with growth averaging approximately 8% annually from 2020 to 2024. Profitability trends show initial net profits in 2020 and 2021, supported by post-pandemic recovery in volumes and cost efficiencies, but shifted to reported losses from 2022 onward. These losses stem primarily from non-cash impairment charges on goodwill from prior acquisitions, regulatory settlement provisions (including Turkish operations), and elevated compliance and marketing expenses amid stricter regulations in key markets like the . Underlying EBITDA, excluding exceptional items, has remained positive, indicating resilient core operations with margins around 20-25% in recent years. The 2022 loss peak of £929 million coincided with broader market impairments and restructuring costs following the integration. Despite net losses, from operations has supported payments and investments, though profitability pressures highlight vulnerabilities to regulatory changes and acquisition-related amortizations.

Recent financial results and guidance

In the first half of 2025, ending June 30, Entain reported group net gaming revenue of £3.1 billion, a 10% increase year-over-year, driven by 8% revenue growth (adjusted to 10% excluding the impact of major football tournaments). Underlying EBITDA for the period was £450 million, down 8% from £489 million in H1 , primarily due to increased and operational investments. Following these results, Entain upgraded its full-year guidance, expecting approximately 7% net gaming revenue growth on a constant currency basis, up from prior expectations. For the third quarter of 2025, Entain announced a 6% increase in total group net gaming revenue, with online segments showing stronger performance at around 7% constant currency growth, supported by robust activity in key markets like the and . The company also highlighted positive contributions from its BetMGM , raising its 2025 NGR guidance for BetMGM to over $2.75 billion. This Q3 performance led Entain to reiterate its FY25 online NGR growth outlook of approximately 7% on a constant currency basis and mid-single-digit growth on a reported basis, while maintaining expectations for underlying EBITDA margins in line with prior guidance. These results reflect Entain's focus on amid regulatory pressures, with online channels offsetting softer retail trends; however, profitability remains sensitive to customer acquisition costs and jurisdictional changes. The company has not issued further updates altering FY25 guidance as of October 2025.

Major financial events and settlements

In 2018, GVC Holdings (Entain's predecessor) completed the acquisition of Ladbrokes Coral Group for approximately £3.9 billion in a cash-and-stock deal, creating one of the world's largest gambling operators by revenue and expanding its retail footprint with over 4,000 betting shops. This merger integrated complementary online and land-based operations, though it faced initial regulatory scrutiny from the 's , which approved it after requiring divestitures of certain overlapping assets. Entain reached a landmark deferred prosecution agreement (DPA) with the UK's in November 2023, finalized by court approval in December, resolving an investigation into and at its former Turkish subsidiary, which operated until its divestiture in 2017. The agreement required Entain to pay a total of £615 million, comprising a £585 million penalty and £30 million in disgorged profits, acknowledging failures in controls but no direct for the offenses, which involved third-party agents paying bribes to secure licenses between 2011 and 2017. In August 2022, the UK Gambling Commission imposed a £17 million penalty on Entain—the largest in the regulator's history at the time—for systemic failures in and anti-money laundering controls across its Ladbrokes and brands from to 2019. These lapses included inadequate affordability checks for high-spending customers and insufficient on suspicious transactions totaling over £1 billion, prompting Entain to enhance its compliance systems and warn of potential revocation for future breaches. The Turkish DPA has spawned related financial claims, including a 2024 seeking over £100 million in compensation for alleged delays in disclosing the probe's severity, which Entain contests as without merit. Separately, in April 2023, Entain acquired sports media platform 365Scores for up to $160 million to bolster tools, marking a strategic amid post-pandemic recovery.

Turkish operations scandal and settlement

Entain's predecessor company, GVC Holdings, operated an online betting and gaming business targeting customers in from 2011 to 2017, when the unit was sold. This business engaged in through third-party suppliers and former employees to facilitate illegal operations in a country where private is prohibited except for state-run lotteries. The misconduct involved failure to prevent that benefited the enterprise, contravening section 7 of the UK's Bribery Act 2010. HM Revenue & Customs (HMRC) initiated an investigation in 2019 into potential corporate offenses related to these activities. Entain cooperated with authorities throughout the probe, which culminated in a deferred prosecution agreement (DPA) with the Crown Prosecution Service (CPS) announced on November 24, 2023. Under the DPA— the first secured by the CPS—the company agreed to a £585 million financial penalty, incorporating of profits from the illicit activities, plus a £20 million charitable donation and £10 million toward HMRC and CPS costs, for a total of approximately £615 million payable in installments over four years. The agreement received judicial approval on December 5, 2023, at the Royal Courts of Justice, deferring prosecution provided Entain met specified compliance conditions. Entain's chairman, Barry Gibson, stated that the group had "profoundly changed" since divesting the Turkish unit and emphasized full cooperation with the investigation. The settlement represented one of the largest corporate criminal resolutions in history. In related developments, the CPS charged 11 individuals in August 2025, including former CEO , ex-non-executive chairman Lee Feldman, and ex-CFO Richard Cooper, with conspiracy to bribe and conspiracy to defraud over the 2011–2018 period tied to the same Turkish operations; these defendants, none of whom are current Entain employees, appeared in court on October 6, 2025, with a next hearing scheduled for November 3, 2025.

Australian regulatory actions and money laundering allegations

In December 2024, Australia's financial intelligence agency AUSTRAC initiated civil penalty proceedings in the Federal Court against Entain Group Pty Ltd, the operator of Ladbrokes and Neds online betting platforms, alleging serious and systemic failures to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The regulator claimed Entain neglected to conduct adequate customer due diligence, including identity verification and source-of-funds assessments, particularly for high-risk accounts, and failed to monitor transactions or report suspicious matters as required under the Act. Central to the allegations were 17 high-risk customers with suspected criminal profiles and associations, who placed bets totaling over A$152 million between 2019 and 2022 without proper or ongoing monitoring by Entain. AUSTRAC further accused Entain of permitting third-party entities to collect cash deposits on its behalf for crediting to wagering accounts, bypassing standard verification protocols, and of broader deficiencies in its AML/CTF program, such as inadequate assessments for politically exposed persons and verification processes. Violations of the AML/CTF Act carry maximum civil penalties of up to A$22.2 million per breach for corporations. Entain acknowledged the proceedings, stating it had fully cooperated with AUSTRAC's investigation since its and, from 2022, implemented enhancements to its AML/CTF compliance program, including improved transaction monitoring and profiling. In August 2025, the company provisioned A$100 million to cover a potential penalty, describing the matter as "potentially material" while disputing some aspects of AUSTRAC's claims. By September 2025, AUSTRAC narrowed its case, focusing on fewer specific breaches but maintaining allegations of systemic non-compliance. The proceedings remain ongoing as of October 2025, with no final resolution or penalty imposed. The case has prompted internal changes at Entain , including the in February 2025 of Lachlan Fitt, the third senior executive to depart amid the scrutiny, following earlier exits linked to compliance pressures. AUSTRAC's action follows its broader campaign targeting corporate bookmakers for AML/CTF risks, highlighting vulnerabilities in the online wagering sector to criminal exploitation via unverified high-volume betting.

Other compliance and audit challenges

In August 2022, the UK Gambling Commission (UKGC) reached a £17 million regulatory settlement with Entain for systemic failures in anti-money laundering (AML) controls and obligations, affecting both its online platforms and land-based venues such as Ladbrokes and . These lapses included inadequate on high-risk customers and insufficient protections against , spanning incidents from 2014 to 2019. The settlement mandated an independent audit of Entain's compliance systems and an improvement plan to rectify deficiencies, while explicitly warning that additional serious violations could lead to suspension or revocation of its operating licenses. In May 2023, Entain notified investors of an ongoing investigation by (HMRC) into its affairs, anticipating a "substantial financial penalty" related to compliance with regulations, though specific details on the breaches or final outcome were not publicly disclosed at the time. This probe added to pressures on Entain's governance amid broader regulatory oversight of its international operations. On the audit front, the (FRC) launched an investigation in January 2025 into 's handling of Entain's 2022 consolidated financial statements, focusing on whether the firm complied with auditing standards under the and . The probe, triggered by routine FRC supervision and Entain's prior regulatory exposures, evaluates potential deficiencies in risk assessment and evidence gathering, with possible outcomes including fines or sanctions against if non-compliance is found. This scrutiny reflects ongoing concerns over audit quality in high-risk sectors like , where financial reporting must account for litigation provisions and operational contingencies.

Economic Contributions and Criticisms

Tax revenues and employment impact

In 2024, Entain paid £1,601 million in es globally, representing 73% of its underlying operating profits before es (excluding joint ventures and associates), with £513 million specifically contributed to the . Betting and gaming es and duties, a major component of its fiscal obligations, totaled £1,194.3 million for the year. Corporation payments stood at £142.0 million, amid an underlying effective of 25.1%. Entain's submission to the highlights its status as a top 20 corporate taxpayer for five consecutive years per the 2022 PwC Total Contribution survey, with cumulative contributions of £2.5 billion in es. Entain employed 30,639 people globally on a headcount basis in 2024, down slightly from 31,180 at year-end 2023, with full-time equivalents at 24,909. Approximately 14,000 of these roles were in the , spanning retail operations, business support, and corporate functions, alongside over 750 in for online businesses, 4,000 in for technology and back-office services, more than 1,500 in the for customer support, and over 7,000 elsewhere in local markets. The company's ~2,400 retail shops further bolster employment in and stadia roles, where minimum hourly rates rose to £12.50 effective January 2025. Staff costs increased 15.3% to £868.8 million in 2024, reflecting salary adjustments and redundancy provisions amid reorganizations. Entain's CEO has noted the broader gambling sector, including Entain's operations, supports ~109,000 jobs alongside £4 billion in annual .

Responsible gambling measures and industry debates

Entain employs the ARC (Affordability, Reality Checks, and Controls) system, an AI-driven tool launched in 2021 to assess player risk through behavioral analysis and prompt interventions such as limits or referrals to support services, resulting in a reported reduction in high-risk customers and a 98% increase in tool usage during 2023. The company mandates annual safer training for employees to identify and respond to indicators, alongside customer-facing tools including deposit limits, options, and session time reminders. In May 2022, Entain received the Advanced Safer Standard certification from GamCare, recognizing its player protection protocols across multichannel operations. Through the Entain Foundation, it pledged over $100 million from 2021 for global programs, including research funding that produced 15 peer-reviewed papers on causes. Entain outlines seven core principles for safer betting, emphasizing problem understanding via , prevention through , and support for affected individuals, integrated into its "Changing for the Bettor" aimed at fostering trusted environments. In the , it co-launched a 12-point responsible gaming pledge in September 2022 as an industry benchmark for operators. The company also established a Players' Panel in 2021 to incorporate customer feedback into policy discussions on issues. Industry debates surrounding often center on the balance between self-regulation and stricter government oversight, with Entain advocating for enhanced self-regulatory frameworks while supporting "gold standard" regulations to position the as a leader, as stated by its chairman in February 2023. Critics, including voices at industry summits like the NEXT.io event in May 2025, argue that operator-led initiatives insufficiently curb harm, prompting calls for mandatory affordability checks and advertising curbs, though Entain maintains that current regulations enable safe enjoyment for the majority while defending appropriate levels in against harm inquiries in 2022. Entain has positioned against practices like , labeling them "parasitic" in a September 2025 legal action for undermining efforts by exploiting promotions without genuine risk. Executives have urged the sector to more effectively publicize achievements, such as tool adoption rates, to counter perceptions of inadequacy amid empirical evidence of declining prevalence in regulated markets.

Broader societal effects and regulatory responses

The expansion of platforms operated by Entain has contributed to heightened societal concerns over and related harms, including financial distress, relationship breakdowns, and issues among vulnerable users. on betting behaviors, including those facilitated by operators like Entain, shows that early big wins can accelerate progression to problematic gambling, with longitudinal data from online records linking such events to sustained increased activity and risk. These effects are amplified by the of digital platforms, which studies associate with broader impacts such as elevated and among adolescents and young adults, despite age restrictions. In response, regulators worldwide have imposed stricter oversight on firms like Entain to mitigate these harms, prioritizing over industry growth. In the , the fined Entain £17 million on August 17, 2022, for failures in codes and anti-money laundering controls across its online and land-based operations, reflecting broader enforcement trends targeting inadequate safer gambling practices. Australian authorities, through AUSTRAC, launched civil penalty proceedings against Entain's local subsidiary on December 16, 2024, alleging systemic breaches of anti-money laundering and counter-terrorism financing obligations between 2017 and 2022, including inadequate on high-risk customers, as part of a push to curb gambling-related financial crimes. These actions align with global regulatory shifts, such as enhanced affordability assessments and advertising curbs in the UK and , driven by evidence of online gambling's disproportionate societal costs, including treatment burdens and lost productivity estimated in billions annually. Entain has responded to such pressures by enhancing compliance programs and funding harm reduction initiatives, including over $100 million committed globally to , , and treatment partnerships via the Entain Foundation since 2020, though independent analyses question the efficacy of industry-led efforts amid ongoing regulatory scrutiny.

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