Entain has reported a 9 percent rise in group net gaming revenue for the first quarter of 2025, driven by strong online earnings in the UK and Ireland – but the Ladbrokes owner is blaming AGCs for its poor retail performance. 

Speaking during an analyst call, newly appointed CEO Stella David described the results as “optimistic but prudent”. She added that the year had “started well” but emphasised the importance of maintaining momentum “in the right direction”.

UK and Ireland online revenue grew 22 percent, outpacing market averages, while total online NGR rose 10 percent. Retail saw a modest 2 percent increase, aided by improved sports margins, though this was partially offset by a 1 percent dip in UK&I retail revenue, attributed to “lighter volume”. CFO Rob Wood said he suspects the AGC sector is taking market share from Entain’s retail estate.

“AGCs have flown under the radar and don’t have the same approach to monitoring players,” he commented, appearing to blame the firm’s declining retail revenues on a regulatory disparity between AGCs and bookmakers. 

However, since the maximum stake on FOBTs was reduced to £2, the playing field has largely been levelled for AGCs and bookmakers. At the time, many analysts anticipated that a significant percentage of high street players would migrate to AGCs arguing that they offer a safer form of retail entertainment, a diverse range of games and machines, and a stronger link to the community for players – so it would seem, according to the Entain chief, that they may have been on the right track.