Entain plc has reported its Full-Year 2025 results, with the iGaming and sports betting group delivering growth in net gaming revenue and underlying EBITDA, supported by online performance and contributions from its BetMGM joint venture.
Total group net gaming revenue (NGR), including Entain’s 50 percent share of BetMGM, increased by seven percent, year-on-year, reflecting continued expansion across iGaming and sports betting markets.
Excluding the U.S., group NGR rose three percent, while online NGR grew five percent on a constant currency basis.
Underlying EBITDA for the FTSE100 group reached £1.16 billion (US$1.55bn), up eight percent, year-on-year, on a constant currency basis and ahead of prior guidance.
Including the contribution from BetMGM, jointly owned with Vegas-based MGM Resorts International, total underlying EBITDA stood at £1.244 billion (US$1.65bn) — a significant 28 percent rise on FY2024.
BetMGM Entains But International Uneven
BetMGM reported net revenue of $2.8 billion (£2.09bn), up 33 percent year-on-year, with growth across both online sports betting and iGaming.
The joint venture delivered EBITDA of US$220 million (£164.5bn), marking a shift to profitability and enabling a cash distribution of US$270 million (£201.96m) to its parent companies.
And Entain highlighted BetMGM’s pathway towards US$500 million in adjusted EBITDA by 2027 as a key component of its medium-term iGaming strategy.
Regionally, Entain’s UK and Ireland vertical recorded NGR growth of six percent, with iGaming revenue increasing 15 percent on a so-called constant currency basis; although retail performance in the region declined by two percent — broadly in line with market trends.
International performance was mixed, with overall NGR flat year-on-year but modest growth recorded in online iGaming and retail segments.
Markets including Italy, Spain, Georgia and Canada delivered positive online growth, while Brazil and Australia were impacted by sports margin fluctuations, despite volume increases.
All CEE’d Up
Central and Eastern Europe recorded five percent NGR growth, with iGaming expanding but retail dipping.
Across the group, digital gambling continued to offset softer retail performance, with retail NGR down, marginally, by one percent year-on-year.
Nevertheless, despite operational growth, Entain reported a statutory loss after tax of £681 million (US$911.64m) — primarily driven by a £488 million (US$653.81m) impairment linked to changes in UK gambling tax policy. But adjusted diluted earnings-per-share increased to 61.8p, reflecting underlying profitability improvements across iGaming and sports betting activities.
Exceeding expectations, Entain Group generated adjusted cashflow of £151 million (US$202.53m), supported by both EBITDA performance and distributions from BetMGM.
Net debt stood at £3.6 billion (US$4.82bn) at FY25 end, with leverage, the company claiming, “improving year-on-year”.
Dividends and EBITDA
Looking ahead, the brand owner of Ladbrokes Coral, Ladbrokes Australia, STS, Sportingbet, SuperSport, et al, expects online NGR growth of between five and seven percent and reaffirmed its target of generating at least £500 million (US$670.91m) in annual adjusted cashflow from 2028.
Dividend payments, totalling £125 million (US$167.7m) for FY25, increased by five percent.
Affirmed Entain CEO Stella David: “2025 has been a successful year for [us].
“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 position, 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.”
