Entain shares were up on Tuesday, even after its jointly-owned BetMGM business delivered an upgrade to its full-year guidance.

Much of BetMGM’s strong performance appears already priced in, with Entain shares up 44%. In its second quarter and first half update, the online gaming group reported net revenue up 36% and 35% year on year, respectively, with first-half underlying earnings (EBITDA) at $109 million, a $232 million improvement on last year.

Sports betting revenues surged 56% in the quarter, while iGaming was up 29%, reflecting successful marketing and product initiatives.

Adam Greenblatt, Chief Executive Officer of BetMGM, commented: “BetMGM has seen a strong first half of the year, delivering significant revenue and EBITDA growth that is underpinned by the ongoing execution of our strategic plan. The momentum we have built since the second half of 2024 accelerated through the first half of 2025.

Our iGaming business continues to deliver new records as we showed why BetMGM is the go-to destination for all players, and in Online Sports, our refined player targeting and management capabilities have driven strong engagement and player KPIs across the board. BetMGM is healthier than it has ever been, a testament to the hard work of our teams and colleagues across the business. Our stronger than expected performance through 1H 2025 positions us well for the rest of the year, reinforcing our confidence in the future and the many opportunities ahead.”