Entain FY25 Results:CEO Stella David Reports EBITDA £1.16B as BetMGM Revenue Surges 33%
Global betting and gaming operator Entain has reported solid financial results for the 2025 financial year, with EBITDA growth driven by strong online performance and continued expansion of its BetMGM joint venture in the United States, according to the company’s FY25 results press release.
For the year ended 31 December 2025, Entain recorded Group Net Gaming Revenue (NGR) growth of 7%, including its 50% share of BetMGM. Excluding the US, Group NGR increased 3% year-on-year as online operations remained the company’s primary growth driver.
Underlying EBITDA reached £1.16 billion, representing an 8% increase on a constant currency basis and exceeding earlier company guidance. Including Entain’s share of BetMGM earnings, total underlying EBITDA rose to £1.24 billion.
Despite the strong operational performance, the group reported a statutory loss after tax of £681 million, primarily due to impairment charges linked to higher UK gambling taxes.
Online Growth Drives Performance
Online NGR excluding the US increased 5%, supported by improved customer engagement, product innovation such as Racing Bet Builder across Ladbrokes and Coral, and stronger operational execution across key markets.
The UK and Ireland delivered particularly strong performance, with overall NGR rising 6% and online revenue increasing 15%. The growth was driven by higher player volumes and gains in market share.
Across international markets, performance remained broadly positive. Italy reported NGR growth of 6%, while regulated markets including Spain, Canada, Greece and New Zealand delivered double-digit online revenue growth. The company has also been strengthening its European presence, including developments such as the Bragg Gaming PAM extension supporting BetCity.nl in the Dutch regulated market.
The results highlight the importance of Entain’s diversified global footprint, which enables the company to balance growth across multiple regulated jurisdictions.
BetMGM Expansion Continues
BetMGM, Entain’s joint venture with MGM Resorts in the United States, was a major contributor to the group’s FY25 performance.
The platform generated $2.79 billion in net revenue during the year, representing 33% growth compared with FY24. BetMGM also achieved EBITDA of $220 million, marking a significant milestone as the business moves into sustained profitability.
The results reinforce the growing maturity of the US online betting and iGaming market, where operators are increasingly shifting focus from aggressive customer acquisition toward long-term profitability and operational efficiency. Recent betting data has also highlighted the scale of global engagement across Entain’s platforms, with the Grand National topping Entain’s global betting rankings for 2025.
Preparing for Regulatory Pressure
While Entain continues to benefit from its global scale, the company is preparing for regulatory and tax headwinds, particularly in the UK where gambling taxes are set to increase. Earlier warnings from leadership suggested the impact could be significant, with Entain’s CEO cautioning that tax hikes could force betting shop closures.
Looking ahead, the group expects online revenue excluding the US to grow between 5% and 7% in FY26. Online EBITDA margins are projected to remain within the range of 23–24%.
To mitigate the impact of higher taxes, Entain plans to implement group-wide optimisation initiatives designed to improve efficiency and protect profitability.
CEO Commentary
Commenting on the results, CEO Stella David said the company delivered strong strategic and operational progress during the year, as the group also continues to evolve its leadership team following Entain’s announcement of a new CFO appointment.
“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,” David said.
She added that Entain’s diversified global presence provides resilience against regulatory challenges.
“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,” she said.
Outlook
Looking ahead, Entain remains focused on strengthening cash generation and expanding its online operations.
The company reaffirmed its confidence in generating at least £500 million in annual adjusted cashflow by 2028, supported by continued revenue growth, operational efficiency initiatives and the long-term expansion of BetMGM.
More broadly, the FY25 results underline how major global operators are adapting to evolving regulatory environments while continuing to invest in scalable and sustainable digital growth.
Source: Entain plc
