Other financial highlights include:
Total Group Net Gaming Revenue ("NGR"), including 50% share of BetMGM3, up +7%, +10%cc, with performance of both Entain (+3%, +6%cc4) and BetMGM (+35%cc4) better than expected
o Performance particularly pleasing as prior year Q2 comparators included Euros tournament
o Online NGR (exc. US): up +5%, +8%cc, ahead of expectations, with strong volumes in sports and gaming
UK&I NGR +21%cc, outperformance driven by stronger than expected market share recovery and growth in player values
Brazil NGR +21%cc, performing in line with expectations in a highly competitive newly regulated market
BetMGM's strong H1 performance supports upgraded FY25 outlook and clear path to $500m EBITDA and beyond
Margin expansion: H1 Online EBITDA margin ahead of expectations, driven by NGR mix and better than anticipated operational efficiencies; FY25 guidance increased to 25-26%
H1 Group EBITDA of £583m, ahead of expectations, up +11% year on year
o Total Group EBITDA including 50% share of BetMGM at £625m, up +32% vs prior year
FY25 guidance upgraded: H1 performance supports upgraded expectation of approximately 7% Online NGR growth on a constant currency basis; mid-single-digit growth on a reported basis:
