Entain reports 2025 financial results as BetMGM turns profitable

Entain has published its financial results for the year ending 31 December 2025, presenting a mixed but broadly resilient financial picture. The international sports betting and gaming group reported growth in Group Net Gaming Revenue and underlying earnings, supported by improving online performance outside the United States and a major milestone for its US joint venture BetMGM, which reached profitability during the year.

Despite these operational gains, the company recorded a statutory loss after tax of £681 million. This result was largely influenced by a significant impairment charge linked to forthcoming increases in UK gambling taxes. Management nevertheless reaffirmed confidence in the long term financial outlook and stated that the group continues to target at least £500 million in annual adjusted cashflow by 2028.

The results reflect a period of strategic transition for Entain, with the company balancing regulatory changes in several markets while continuing to expand digital operations and strengthen partnerships.

Group financial performance in 2025

Entain reported total Group underlying EBITDA of approximately £1.16 billion for the full year. The result exceeded earlier company guidance and demonstrated continued stability in the core business.

Group Net Gaming Revenue including Entain’s share of BetMGM increased during the year, with online operations representing the largest contributor to earnings. Retail betting shops also recorded modest growth compared with the previous year, indicating that the land based segment continues to play a supporting role in the company’s broader business model.

Operational momentum was driven largely by digital channels, which benefited from strong customer engagement across several regulated markets. However the fourth quarter presented a more challenging environment for sports margins, particularly as customer friendly sports outcomes affected sportsbook profitability.

When Entain’s 50 percent share of BetMGM is included, Group underlying EBITDA expanded at a faster rate than the company’s core operations. This improvement was largely due to the joint venture’s transition into profitability.

Online business outside the United States

Entain’s online segment outside the United States continued to demonstrate steady growth in 2025. Net Gaming Revenue from these markets increased by approximately 5 percent on a reported basis and by about 6 percent when measured on a constant currency basis.

Growth was primarily supported by increasing player volumes and strong engagement across several established markets. Management noted that customer activity remained healthy despite tougher comparisons with the previous year.

The United Kingdom and Ireland represented one of the strongest performing regions within the group’s online portfolio. The company reported double digit Net Gaming Revenue growth in this segment along with gains in market share. These results were achieved despite the increasingly complex regulatory environment in the UK gambling sector.

Retail operations in the UK and Ireland remained broadly stable on a like for like basis. This stability suggests that physical betting shops continue to maintain a loyal customer base even as digital channels expand.

International online revenue also contributed to overall growth, although performance varied across different territories.

Performance across international markets

Several international markets delivered positive results for Entain during 2025. Notable growth was recorded in Georgia Spain Canada Greece and New Zealand where customer demand remained strong.

These gains were partly offset by weaker trends in Brazil and Australia. In both markets sports betting margins were affected by outcomes that favored customers which reduced profitability for operators. Such fluctuations are not uncommon in sportsbook operations and typically reflect the unpredictable nature of sporting events.

In Central and Eastern Europe Entain recorded mid single digit Net Gaming Revenue growth. Strong digital performance in Croatia helped support regional expansion although sports margin comparisons were less favorable than the previous year.

Overall the company’s international diversification continues to provide resilience by balancing strong markets against regions experiencing temporary challenges.

BetMGM reaches profitability milestone

One of the most significant developments in Entain’s 2025 results was the performance of BetMGM, the joint venture with MGM Resorts International in the United States.

BetMGM reported net revenue of approximately $2.8 billion for the year which represented growth in the low thirties on a constant currency basis. Both online sports betting and iGaming operations contributed to this increase.

The joint venture achieved EBITDA of $220 million during 2025, marking its first year of profitability. This milestone represents an important step in the company’s long term strategy in the US market which has become one of the most competitive online gaming environments in the world.

BetMGM also distributed $270 million in cash to its parent companies. This payment signaled a shift from investment phase to cash generation and reinforced the venture’s trajectory toward higher profitability.

Management has indicated that BetMGM continues to pursue ambitious financial targets and expects further growth in the coming years.

Statutory loss linked to UK tax changes

Although operational performance improved in several areas, Entain reported a statutory loss after tax of £681 million for the year.

The loss was largely attributed to an impairment charge associated with anticipated increases in UK gambling taxes. Regulatory changes in the United Kingdom have created additional financial pressures for operators across the sector.

The company emphasized that the impairment represents an accounting adjustment reflecting future expectations rather than a deterioration in current operating performance.

Executives also highlighted that the group’s diversified international footprint and strong digital capabilities provide a foundation for long term resilience despite regulatory shifts in individual markets.

Outlook for 2026

Looking ahead to 2026, Entain expects continued growth in its online business outside the United States. The company has guided for Net Gaming Revenue growth of approximately 5 to 7 percent in these markets on a constant currency basis.

Management also stated that it remains comfortable with current market expectations for Group underlying EBITDA.

The company believes its scale brand portfolio and established presence in regulated markets will remain key competitive advantages. Entain operates a wide range of well known betting and gaming brands which allows the group to adapt to local market conditions and regulatory frameworks.

In the United States BetMGM has provided guidance indicating expected revenue of between $3.1 billion and $3.2 billion in 2026. Adjusted EBITDA is projected to reach between $300 million and $350 million.

Over the longer term the joint venture has outlined a pathway to approximately $500 million in adjusted EBITDA by 2027 which would further strengthen the financial contribution from the US market.

Leadership transition within Entain

Alongside the financial results Entain confirmed an upcoming change in financial leadership.

Michael Snape is scheduled to assume the role of Group Chief Financial Officer and will join the company’s Board in March 2026. His appointment forms part of the company’s broader effort to strengthen leadership as it navigates a rapidly evolving regulatory and commercial environment.

Rob Wood who previously held the CFO position will remain with the organization until June 2026. His continued presence during the transition period is intended to ensure operational continuity and provide support during the handover process.

The company indicated that additional updates regarding performance and strategy will be shared in its first quarter 2026 trading statement as well as in subsequent interim financial reports later in the year.

Long term strategy and financial targets

Despite the accounting loss reported for 2025, Entain continues to express confidence in its long term financial strategy.

The group reaffirmed its expectation of generating at least £500 million in annual adjusted cashflow by 2028 even after accounting for the higher tax burden expected in the United Kingdom.

Management believes that several factors will support this objective including continued digital growth expansion in regulated markets and increasing profitability from BetMGM.

The company has also emphasized the importance of responsible gaming practices regulatory compliance and sustainable growth. These elements are increasingly central to the strategic priorities of major international gaming operators.

Conclusion

Entain’s 2025 financial results illustrate the complexities of operating in the global betting and gaming industry. The company achieved meaningful operational progress during the year with growth in Net Gaming Revenue, improved digital performance outside the United States and a landmark profitability milestone for BetMGM.

At the same time regulatory developments particularly in the United Kingdom created accounting pressures that resulted in a statutory loss. While this headline figure may attract attention, the broader financial picture indicates that Entain’s underlying operations remain stable and capable of generating long term value.

The company’s diversified international presence combined with continued digital investment provides a platform for future growth. Meanwhile the transition of BetMGM from investment phase to profit generation may represent one of the most important drivers of shareholder value in the coming years.

As Entain moves into 2026 the focus will remain on expanding regulated market opportunities strengthening operational efficiency and adapting to evolving regulatory landscapes. If these efforts continue to deliver results the group may be well positioned to achieve its target of substantial adjusted cashflow by 2028 while maintaining its position as a major global player in the online gaming industry.

FAQs

What were Entain’s key financial results for 2025?
Entain reported Group underlying EBITDA of £1.16 billion with growth in Net Gaming Revenue including its share of BetMGM.

Why did Entain report a statutory loss in 2025?
The statutory loss of £681 million was mainly due to an impairment charge related to expected increases in UK gambling taxes.

How did Entain’s online business perform outside the United States?
Online Net Gaming Revenue outside the United States increased by about 5 percent supported by strong customer activity across several markets.

Which markets showed strong growth for Entain in 2025?
Markets such as Georgia Spain Canada Greece and New Zealand reported strong online performance during the year.

What challenges did Entain face in certain markets?
Brazil and Australia experienced weaker sports betting margins due to customer friendly sporting outcomes.

What milestone did BetMGM achieve in 2025?
BetMGM reached profitability and generated EBITDA of $220 million during the year.

How much revenue did BetMGM generate in 2025?
The joint venture reported net revenue of approximately $2.8 billion.

What are BetMGM’s projections for 2026?
BetMGM expects revenue of $3.1 to $3.2 billion and adjusted EBITDA between $300 million and $350 million.

Who will become Entain’s new Chief Financial Officer?
Michael Snape will take over as Group Chief Financial Officer and join the Board in March 2026.

What is Entain’s long term financial target?
The company aims to generate at least £500 million in annual adjusted cashflow by 2028.