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Entain posted full-year 2025 underlying EBITDA of £1,160.1m, up 7% year-on-year in constant currency and ahead of its upgraded guidance range of £1,100m to £1,150m, as BetMGM’s inflection into profitability and strong UK online growth offset a £586.8m impairment charge that drove the group’s statutory loss after tax to £680.5m.
Group Financial Performance
Net gaming revenue for the year reached £5,325.4m, up 3% reported and 4% in constant currency against £5,161.9m in 2024. Online NGR grew 5% to £3,898.9m, while retail fell 1% to £1,451.3m. Online underlying EBITDA margin expanded to 25.7%, up from the prior year, reflecting operating leverage and tighter cost control despite absorbing 1.4 percentage points of incremental taxes.
Including Entain’s 50% share of BetMGM, total group underlying EBITDA reached £1,243.6m, up 28% in constant currency year-on-year. Adjusted cashflow came in at £150.7m, also ahead of expectations, supported by BetMGM’s first meaningful cash distribution to its parents.
The statutory loss of £680.5m was driven primarily by £586.8m in impairment charges. The largest portion, £487.7m, relates to Entain’s UK business following the UK government’s November 2025 decision to raise online gambling taxes, with further impairments recognised against Belgium (£76.9m) and the Republic of Ireland retail portfolio (£18.3m). Adjusted diluted EPS was 61.8p, up 107% year-on-year.
UK and Ireland
The UK and Ireland segment delivered NGR of £2,185.2m, up 6% year-on-year, with online growth of 15% in constant currency offsetting a 2% decline in retail. Online gaming NGR grew 18% while sports NGR rose 7%, with Entain citing product improvements, stronger UX and consistent double-digit volume growth across all four quarters. UK online underlying EBITDA reached £310.5m, up 37% year-on-year, contributing to total UK and Ireland underlying EBITDA of £531.9m, a £94.6m improvement on 2024.
With the UK’s increased Remote Gaming Duty and General Betting Duty taking effect from 1 April 2026, Entain upgraded its previously stated mitigation target. The group now expects to offset more than 50% of the incremental UK tax burden through efficiency initiatives from 2027, improving on its prior guidance of approximately 25%.
BetMGM Turns Profitable
BetMGM reported net revenue of $2,796m for FY25, up 33% in constant currency and ahead of its own upgraded guidance of at least $2.75bn. EBITDA reached $220m, a $464m swing from the prior-year loss, enabling a $270m cash distribution split between Entain and MGM Resorts. Online sports net revenue grew 63% in constant currency as product and UX improvements gained traction, while iGaming net revenue rose 24%.
BetMGM launched in Missouri on day one in December, bringing its online sports footprint to 30 legalised states. The group confirmed FY26 guidance for BetMGM of $3.1bn to $3.2bn in revenue and $300m to $350m in adjusted EBITDA, with a stated path to $500m adjusted EBITDA in 2027.
“2025 has been a successful year for Entain. We are continuing to drive strong underlying momentum and I am immensely proud of our strategic and operational progress and the results it is delivering.”
— Stella David, CEO, Entain
This result continues a trend of improving profitability across major US operators. BetMGM separately reported record FY25 revenue of $2.8bn, confirming the figures Entain disclosed today at the joint venture level.
International and CEE
International segment NGR was broadly flat at £2,643.3m, up 2% in constant currency, with performances in Spain (+35%cc online), Georgia (+14%cc), New Zealand (+19%cc online) and Canada delivering double-digit growth, offsetting declines in Australia (-6%cc), Belgium and Germany. Brazil finished the full year broadly flat in constant currency after strong H1 growth was cancelled out by customer-friendly sports results in H2 and the absorption of £54m in new taxes following the country’s regulated market launch on 1 January 2025. International underlying EBITDA fell to £564.8m, down from £594.0m in 2024.
Entain CEE, covering Croatia and Poland, grew NGR 7% to £521.7m, with underlying EBITDA up 7% to £183.7m. SuperSport maintained its number-one position in Croatia and STS retained market leadership in Poland.
Balance Sheet and Dividend
Adjusted net debt at 31 December 2025 stood at £3,644.2m, representing a leverage ratio of 3.1x, down 0.7x year-on-year on a look-through basis. Available liquidity was £964m. The board proposed a total dividend for 2025 of 19.6p per share, up 5% year-on-year, with the second interim payment of £63m due on 24 April 2026.
CFO Rob Wood steps down effective 6 March 2026 after 13 years with the group, succeeded by Michael Snape, who joined as CFO designate on 2 February 2026. Wood remains with Entain until June 2026 to oversee the transition.
Outlook
Entain guided FY26 online NGR growth of 5% to 7% in constant currency, with online underlying EBITDA margin expected in the 23% to 24% range. The group remains comfortable with the market consensus for FY26 group underlying EBITDA of £1,126m. The long-term target of generating at least £500m in annual adjusted cashflow from 2028 was reaffirmed, even accounting for the UK tax increase. A Q1 2026 trading update is scheduled for 16 April.
For context on how European operators are managing the broader tax environment, see Evoke’s Q4 results, where the William Hill owner reported gaming growth offsetting a betting revenue decline against the same UK backdrop. Evolution’s parallel reporting season has also highlighted margin pressure at the supplier level, with Evolution Q4 EBITDA margin declining amid EU regulatory headwinds.
Source: Entain plc
