Entain Refinances €800m to Strengthen Debt Profile and Support FY25 Outlook

Entain has confirmed plans to issue at least €800 million equivalent of fixed-rate senior secured notes due in 2031. These will be denominated in euros and/or sterling and will carry the same security rights as the company’s existing Term Loan B facilities.

The transaction will be leverage-neutral, with the proceeds used to refinance Entain’s current euro-denominated Term Loan B facilities. This strategy is designed to extend the group’s debt maturity profile, diversify funding sources, and potentially reduce overall financing costs. Final terms, including pricing and the currency mix, will be set at the time of issuance depending on market conditions.

Q3 2025 Trading Update Demonstrates Continued Momentum

Alongside the refinancing announcement, Entain reported a positive Q3 2025 trading update covering the period from 1 July to 30 September. Total Group Net Gaming Revenue (NGR), including Entain’s 50% share of BetMGM, increased by 6% on a reported basis and 7% on a constant currency basis.

Group NGR excluding the US rose 4% reported and 5% constant currency, supported by strong Online performance. Online NGR (ex-US) grew 5% reported and 6% on a constant currency basis, with customer-friendly sports results in September having a modest impact on margins.

• UK & Ireland Online: +15% constant currency
• Central & Eastern Europe (CEE): +10% constant currency
• BetMGM Net Revenue: +23% constant currency in Q3

Retail also remained stable, contributing further to the group’s diversified performance across regulated markets.

FY25 Guidance Reiterated

Entain has reaffirmed its full-year 2025 expectations, including Online NGR growth of around 7% on a constant currency basis and mid-single-digit growth on a reported basis. The group continues to forecast FY25 EBITDA in the range of £1.1 billion to £1.15 billion, with an expected Online EBITDA margin of 25–26%.

The company also highlighted a strong focus on long-term cash generation and reiterated its target of delivering more than £0.5 billion of annual adjusted cash flow from 2028. The combination of the €800 million refinancing and a solid Q3 performance supports Entain’s broader strategy to strengthen its balance sheet and maintain sustainable, consistent growth across core markets.

Who Are Entain?

Entain is one of the world’s largest sports betting and gaming groups, listed on the London Stock Exchange. The group operates a portfolio of well-known brands across retail and online, including a number of UK-facing bingo and gaming brands such as Ladbrokes, Gala Bingo, Foxy Bingo and Coral, and focuses on regulated markets with an emphasis on compliance, safer gambling and sustainable growth.

Why We’re Covering This

At GlitzyBingo.co.uk, we keep an eye on major developments in the gambling and gaming industry, especially when they involve UK-facing groups that operate licensed brands. Entain’s refinancing and Q3 trading update are part of a wider story about how large operators manage their finances, regulation and long-term plans.

If you would like to see the full details of Entain’s announcement, including the official figures and commentary from the company, use the link above to visit Entain directly. Always rely on the operator’s own website for the latest information.

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