Entain has reported strong financial results for the year ended 31 December 2025, with underlying EBITDA exceeding expectations and group net gaming revenue continuing to grow.
The operator recorded £5.3bn in total NGR, representing a 7% year-on-year increase, or 8% growth on a constant currency basis. Growth was supported by strong online performance and continued momentum from its joint venture BetMGM, which saw revenue rise 33% year-on-year.
Excluding the United States, Entain’s online NGR increased 5% (6% constant currency) in 2025, driven by higher player volumes and improved operational execution. Group underlying EBITDA reached £1.16bn, up 8% year-on-year, while total EBITDA including Entain’s 50% share of BetMGM climbed to £1.24bn, representing a 28% increase compared to 2024. The company also reported £151m in adjusted cash flow, exceeding expectations thanks to stronger EBITDA performance and cash distribution from BetMGM.
Despite the strong operational performance, Entain posted a statutory loss after tax of £681m, largely due to a £488m impairment charge linked to upcoming UK gambling tax increases announced in late 2025. Nevertheless, the company continues to see strong momentum across key markets, particularly in the UK and Ireland, where online NGR rose 15%, helping the group gain additional market share.
Stella David, CEO of Entain, commented:
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. Entain’s diverse and globally scaled portfolio of podium positions, is more important than ever to ensure we are a long-term winner in our industry. The business has never been in better shape and is well positioned to not only navigate the tax and regulatory challenges facing our industry, but to seize them as opportunities. I am excited about the future as we evolve our strategic priorities, accelerate our performance, and maintain our focus on sustainable growth and cash generation. I am confident in Entain’s ability to deliver at least £500m of annual adjusted cashflow7 from 2028.
FY25 Trading performance:
Looking ahead, Entain expects online NGR growth of 5–7% in FY2026 (excluding the US) and remains confident in meeting market expectations for group EBITDA. The company is also expanding its cost-saving initiatives to offset more than 50% of the increased UK tax burden by 2027, while maintaining its long-term target of generating at least £500m in annual adjusted cash flow by 2028.
Meanwhile, BetMGM continues its transition to profitability. The joint venture reported $2.8bn in revenue for FY2025, with EBITDA reaching $220m, marking a significant improvement year-on-year. BetMGM expects revenue to reach $3.1–$3.2bn in 2026, with EBITDA projected at $300–$350m, supporting its long-term goal of $500m EBITDA by 2027.
FY25 summary: 1 January 2025 to 31 December 2025
Q4 2025 Trading performance:
FY25 Trading performance:
Entain also confirmed changes to its executive leadership team. Michael Snape will take over as Group Chief Financial Officer in March 2026, succeeding Rob Wood, who will remain with the company until June to support the transition.
The board has proposed a total dividend of 19.6p per share for 2025, representing a 5% increase year-on-year, with the second interim dividend scheduled for payment in April 2026.
