The UK Gambling Commission (UKGC) has opened discussions on potentially regulating cryptocurrency payments for licensed gambling operators.On February 26, 2026, UKGC’s...
Entain reports 7% revenue growth and strong 2025 results
Entain‘s financial results for 2025 show growth across both online and international operations, even as UK gambling tax changes reduced the overall profit.
The group made £5.33 billion in net gaming revenue, higher by 3% in comparison to 2024. If we include its 50% share of BetMGM and the joint venture with MGM Resorts in the US, total revenue growth sums up to 7% (or 8% on a constant currency basis).
Before interest, tax, depreciation, and amortization (EBITDA), Entain earned £1.16 billion from its main business, beating their initial forecasts for the year. After including its share of BetMGM, the total goes up 28%, reaching £1.24 billion. BetMGM alone reported net revenue of $2.8 billion, an increase of 33%, and made $220 million in EBITDA, turning profitable and allowing a cash distribution of $270 million to its parent companies, Entain and MGM Resorts.
Online operations and regional performance
Online operations continued to lead the 2025 yearly growth for Entain. Outside the US, online net gaming revenue rose by 5%, backed by higher betting volumes, although sports margins were hit in the final quarter due to customer-friendly outcomes.
In the UK and Ireland, online revenue of Entain grew by 15% compared 2024, offsetting a small decline in retail operations, as the operator focused on digital gaming and sports betting.
International markets, on the other hand, recorded a more humble revenue growth of 2% on a constant currency basis, with varying performance, including growth in Italy, stable volumes in Brazil, with strong wagering volumes offset by weaker sports margins in H2, and a slight 6% decline in Australia due to customer-friendly sports results throughout H2.
Financial impact of UK gambling tax
Even with strong operational performance throughout the year, Entain reported a statutory loss after tax of £681 million. The main influencing factor behind the loss was a £488 million impairment charge, coming from higher UK gambling taxes that came into effect in November of 2025.
The board declared a final dividend of 9.8p per share, taking the total for the year to 19.6p, up by 5% from 2024. The company closed the year 2025 with £3.64 billion in net debt and over £900 million in cash on hand.
Entain’s future outlook
Looking ahead, Entain expects online revenue outside the US to grow 5-7% in 2026 and forecasts online EBITDA margins to stay stable, in the 23-24% range, even with higher UK online gambling taxes coming into effect in April.
Stella David, CEO of Entain, commented on the future plans of the group:
“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. I am confident in Entain’s ability to deliver at least £500m of annual adjusted cashflow from 2028.”
2025 leadership updates
The group also confirmed a major strategic change in leadership in its finance department, with Michael Snape taking over as Group Chief Financial Officer and Executive Director of Entain on 6 March of 2026, succeeding Rob Wood after his transition period.
Reflecting on the year behind, Stella David shared:
“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.
Entain’s diverse and globally scaled portfolio of podium positions, 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.”
Entain continues its expansion efforts in regulated markets for both its online and retail platforms, while also managing tax and regulatory pressures across the global gaming sector.
Stella David, the Chief Executive Officer of Entain, has become the largest figure by far to join the debate of banning unlicensed gambling sponsorships in British sport.
...
