Entain PLC has reported its financial results for the year ended 31 December 2025, with the iGaming and sports betting giant recording notable growth in both revenue and earnings across its extensive global operations.
The company confirmed that total group net gaming revenue (NGR), which includes its 50 percent share of BetMGM, increased by seven percent year-on-year, or eight percent on a constant currency basis.
Revenue and EBITDA Breakthroughs
For the full year, Entain generated a total net gaming revenue of £5.33bn, representing a three percent increase compared with the previous year. Group underlying EBITDA reached £1.16bn, an increase of eight percent on a constant currency basis, which exceeded the company’s previous guidance.
When including Entain’s share of the BetMGM joint venture, total group underlying EBITDA rose to £1.24bn, reflecting a significant growth of 28 percent compared with the prior year.
Online operations remained a critical driver of the group’s activity. Online NGR excluding the United States increased by five percent, or six percent on a constant currency basis. This performance was supported by continued growth in wagering volumes, despite sports margins being affected by customer-friendly results in the fourth quarter.
Regional Performance and BetMGM Success
The UK and Ireland division reported NGR growth of six percent on a constant currency basis, with online performance in the region particularly strong at 15 percent year-on-year growth. International markets recorded two percent NGR growth, with varied performances in jurisdictions such as Brazil, Australia, and Italy.
BetMGM, focusing on the U.S. market, reported net revenue of $2.8bn, growing 33 percent on a constant currency basis. The business recorded an EBITDA of $220m for the year, marking a successful shift to profitability and enabling a cash distribution of $270m to its parent companies.
Looking Toward 2026 and Beyond
Despite operational growth, Entain reported a statutory loss after tax of £681m in its financial results, which included a £488m impairment charge related to higher UK gambling taxes announced in late 2025. The group declared a final dividend of 9.8p per share, bringing the total for 2025 to 19.6p.
Looking ahead, Entain expects online NGR excluding the U.S. to grow between five and seven percent in 2026. The company reaffirmed its long-term objective of generating at least £500m in annual adjusted cash flow by 2028.
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. The business has never been in better shape and is well positioned to not only navigate tax and regulatory challenges, but to seize them as opportunities. I am confident in Entain’s ability to deliver at least £500m of annual adjusted cashflow from 2028.”
