Entain plc (LSE:ENT) reported a strong performance in 2025, with total group net gaming revenue—including its share of the BetMGM joint venture—rising 7%. Group underlying EBITDA increased 8% at constant currency, exceeding prior guidance.
Online operations were the primary contributor to growth, with online EBITDA margins surpassing 25%. The company’s U.S. joint venture, BetMGM, delivered particularly strong results, recording revenue growth of 33% at constant currency and achieving an EBITDA profit of $220m. BetMGM also distributed $270m in cash to its parent companies.
Despite these operational gains, Entain reported a statutory loss after tax for the year, largely due to a significant impairment linked to changes in UK gambling tax rules.
The group generated adjusted cash flow of £151m, outperforming expectations, and reduced leverage to 3.1 times EBITDA. Reflecting improved financial performance, the board increased the final dividend by 5%, highlighting management’s renewed emphasis on cash generation and shareholder returns.
Looking ahead, Entain acknowledged the headwind from higher UK gambling taxes but expects to offset more than half of the additional tax burden from 2027 through operational measures. For 2026, the company guided toward mid-single-digit online revenue growth outside the United States and reiterated its long-term objective of generating at least £500m in annual adjusted cash flow by 2028.
While the company’s outlook is supported by revenue growth and strategic initiatives, challenges remain. Profitability pressures and valuation concerns continue to weigh on the investment case, while technical indicators suggest bearish share price momentum. In addition, regulatory risks—particularly those linked to tax increases in key markets—introduce further uncertainty.
More about Entain plc
Entain plc is an international sports betting and gaming operator listed on the London Stock Exchange. The company manages a portfolio of online and retail betting brands across multiple regions, including the UK and Ireland, Central and Eastern Europe and other international markets. It also holds a 50% stake in the U.S.-focused BetMGM venture, which provides sports betting and online gaming services across regulated American markets.
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