British risen-from-the-dead iGaming giant Entain is looking to join the £500 million club, following a superb FY25, which has seen growth in revenue and earnings across its global portfolio.
Now under the steely stewardship of Stella David, after years of being rocked by major corruption and money laundering scandals, Entain has reported Net Gaming Revenue of £5.33 billion (US$7.11bn) in its full Financial Year 2025, ending December 31 – an increase of three percent compared with the previous year.
And shares in the Isle-of-Man-headquartered company––home of storied gamblings brands such as Ladbrokes Coral, BetMGM, STS, SuperSport and Sportingbet–surged by some six percent on the London Stock Exchange today on the news.
Entain’s underlying Group EBITDA reached £1.16 billion (US$1.54bn), representing an increase of eight percent on a constant currency basis and exceeding the company’s previous guidance.
When including Entain’s share of its joint U.S. sportsbook and iGaming offering with MGM Resorts, EBITDA rose to £1.24 billion (US$1.65bn) – a growth of 28 percent compared with FY24.
And Entain’s 360 iGaming operations continued to prosper, with revenue, in the United States, for example, rising by five percent, year-on-year.
Based on FY25 results, Entain has reaffirmed its long-term ambition of generating at least £500 million (US$667.79m) in Annual Adjusted Cash Flow by 2028.
Momentum
Affirmed CEO David: “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.
“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.
“And I am confident in Entain’s ability to deliver at least £500m of Annual Adjusted Cashflow from 2028.”
Entain’s base UK and Ireland division reported Net Gaming Revenue (NGR) growth of six percent in 2025.
Online Net Gaming Revenue in the region surged by an impressive 15 percent year-on-year, although retail flatlined.
Growth
International markets recorded a two percent rise in NGR, with varying performance across different jurisdictions, such as Brazil, Australia and Italy.
In Central and Eastern Europe, Entain reported NGR growth of five percent.
Turning to Entain’s premier BetMGM, the Vegas-based joint-venture reported Net Revenue of US$2.8 billion (£2.09bn) in FY2025, marking spectacular growth of 33 percent, y-o-y.
BetMGM generated EBITDA of US$220 million (£164.71m), the profitability enabling a cash distribution of US$270 million (£202.16m) to its parent companies.
Despite the operational growth, Entain reported a statutory loss after tax of £681 million (US$909.39m).
The result included a £488 million (US$651.69m) Impairment Charge related to higher UK gambling taxes announced in November 2025, alongside finance charges and other separately disclosed items.
The group declared a final dividend of 9.8p per share, bringing the total dividend for 2025 to 19.6p per share, representing a year-on-year increase of five percent.
Entain reported Net Debt of £3.64 billion (US$4.85bn) at the end of the year, with available cash of more than £900 million (US$1.2bn).
