Entain has reported FY25 results for the year ended 31 December 2025, with group underlying EBITDA of £1.16bn ($1.55bn), up 8% on a constant-currency basis year-on-year and ahead of its guidance.
Total group net gaming revenue, including a 50% share of BetMGM, rose 8% on a constant currency basis. Entain’s own NGR was up 4% on a constant currency basis, while BetMGM increased 33% on a constant currency basis.
Online NGR excluding the US rose 6% on a constant currency basis, while retail NGR excluding the US fell 1% on a constant currency basis. Entain said its online underlying EBITDA margin expanded to 25.7%, with online underlying EBITDA of £1bn, up 9% on a constant currency basis.
Adjusted cashflow was £151m, which Entain said was supported by BetMGM cash distribution and higher-than-anticipated underlying EBITDA. Entain also reported a statutory loss after tax of £681m, including separately disclosed items. This included a £488m impairment related to UK gambling tax increases.
BetMGM reported FY25 EBITDA of $220m, which Entain said reflected an inflection to profitability and supported a $270m cash distribution to parents Entain and MGM Resorts. Entain said this reinforced BetMGM’s pathway to delivering $500m adjusted EBITDA in 2027.
Entain CEO Stella David said: “I am confident in Entain's ability to deliver at least £500m of annual adjusted cashflow from 2028.”
For FY26, Entain guided to online NGR growth excluding the US of 5% to 7% on a constant currency basis and said it remains comfortable with market expectations for FY26 group underlying EBITDA. It also said online underlying EBITDA margin is expected to be 23% to 24% in 2026, which includes its expectation to mitigate around 25% of the impact of the increased UK online gambling tax from 1 April 2026.
Entain confirmed CFO succession plans previously announced in December 2025. Michael Snape joined as Group CFO designate on 2 February 2026 and is due to be appointed Group CFO and Executive Director on 6 March. Rob Wood is due to step down after 13 years and remain until June 2026 to support the transition.
Entain expanded its exclusive live casino content in February with the launch of Fishin’ Frenzy roulette live, developed with Playtech and Blueprint Gaming and rolled out across its online platforms.
Entain expects its second interim dividend of £63m to be paid on 24 April 2026
