Entain has met guidance and market consensus for full-year 2025 trading, with the company’s leadership setting a new marker of generating £500m in cash flow by 2028.
The operator reported net gaming revenue (NGR) of £5.33bn, up 3% on 2024 comparatives of £5.16bn. Group revenues rose by 7% to £6.4bn when factoring the NGR contribution of the BetMGM US joint venture.
Entain attributed its £3.2bn in gross profits to improved headline metrics, a measure that it noted is a reflection of revenue after cost of sales, the majority of which has been driven by an improved online gaming performance.
Underlying EBITDA reached £1.16bn, exceeding the company’s previously guided range of £1.1bn–£1.15bn, while group EBITDA – including the BetMGM JV – rose by 28% to £1.24bn.
Yet for a third consecutive year, Entain declared statutory losses, reporting a £680m loss after tax (FY2024: £460m). The deficit reflects £488m booked in pre-emptive impairment charges tied to the UK’s forthcoming increase in Remote Gaming Duty to 40% from 1 April 2026.
Stella David, Group Chief Executive Officer of Entain, stated: “2025 has been a successful year for Entain. We are continuing to drive strong underlying momentum and I am immensely proud of the strategic and operational progress we have delivered.”
Online fuels development
Operationally, the group highlighted strong momentum in its online business. Online NGR, excluding the US, rose 5% year-on-year to approximately £3.9bn, reflecting continued growth despite customer-friendly sports results that had an impact on year-end performance.
Across its largest market, UK & Ireland NGR increased 6% to £2.19bn (2024: £2.05bn), with accounts detailing a 15% growth in online performance to £1.14bn (2024: £985m).
Home market results were supported by double-digit increases in both sportsbook and gaming activity. Gaming proved particularly strong, with NGR for the vertical grew by 18% to £849.9m (2024: £721.3m),
Online sports NGR increased 8% to £282m (2024: £262m). Total online contribution increased to £492m, up 21% from £401m in 2024.
Entain highlighted that its online growth in UK brands reflects ‘improved marketing efficiency and higher player value generated from product enhancements and UX engagement across the flagship brands Ladbrokes and Coral‘.
However, its performance across the UK retail space remained broadly stable as Ladbrokes and Coral estate NGR stood at £1.05bn (2024: £1.07bn). Retail sports revenue remained stagnant while gaming declined marginally.
Sports NGR on estates stood at £513.9m, while gaming NGR fell to £517.7m from £531.6m. Despite the modest revenue decline, retail profitability improved, with underlying EBITDA rising to £221.4m from £211.2m, reflecting gains from estate cost controls and operational efficiencies.
A mixed bag for international markets
A breakdown of international markets produced mixed results. Total International NGR remained flat at £2.64bn, equivalent to 2% growth on a constant currency basis.
Italy delivered one of the stronger performances, with NGR rising 6% year-on-year, supported by demand across its omnichannel retail and online operations. Australia saw NGR decline 6%, reflecting customer-friendly sports outcomes and softer wagering conditions.
In Brazil, where the regulated betting regime launched on 1 January 2025, Entain reported NGR declines of 1% year-on-year, as strong player volumes were offset by margin pressure and the absorption of £54m in new gambling taxes introduced alongside regulation.
David added: “Entain’s diverse and globally scaled portfolio of podium positions is more important than ever. The business has never been in better shape and we are well positioned not only to navigate the tax and regulatory challenges facing our industry, but to seize them as opportunities.”
Looking ahead
Looking ahead, Entain has forecast online NGR growth of 5–7% in FY2026, reiterating its confidence in generating at least £500m of annual adjusted cashflow by 2028.
Leadership believes that the group will offset more than half of the impact of the UK’s increased gambling taxes from 2027 onwards – a plan it hopes to achieve through group-wide efficiencies and optimisation initiatives.
In the US, Entain continues to back BetMGM as its primary growth engine. The joint venture is forecast to exceed $3bn in revenue and generate EBITDA of $300–$350m in 2026, while maintaining its longer-term target of $500m EBITDA by 2027.
