Entain FY25 – Improved NGR & BetMGM Profit But Losses Widen

Stella David CEO of Entain

Entain’s financial results for FY 2025 reveal a growth trajectory, with total net gaming revenue (NGR) rising by 7%. This growth includes a significant contribution from BetMGM, a joint venture with MGM Resorts, which has been a success in the U.S. market. The company’s branded net gaming revenue increased by 3%, reaching £5.32 billion, while BetMGM’s revenues surged by an impressive 33% on a constant-currency basis, totalling $2.79 billion.

Several factors have contributed to Entain’s financial performance in FY 2025. The company’s strategic focus on expanding its online presence and enhancing customer engagement has played a crucial role. The growth in online NGR, which increased by 5% excluding U.S. operations, reflects the sustained momentum in digital gaming.

Expansion of BetMGM

BetMGM’s return to profitability has been a significant milestone for Entain. The joint venture’s success in the U.S. market has not only bolstered revenue but also enabled cash distributions to Entain’s parent companies. This positive trend reinforces the company’s pathway to achieving $500 million in adjusted EBITDA by 2027.

Entain’s adjusted cash flow of £151 million exceeded expectations, driven by stronger-than-anticipated EBITDA and distributions from BetMGM.

Challenges Faced

Despite the positive financial results, Entain faced challenges during FY 2025. The company reported a statutory loss after tax of £681 million, widening from the previous year’s loss of £461 million. This loss was primarily attributed to impairment charges linked to increased gambling taxes in the UK.

Impact of UK Gambling Taxes

The higher tax burden in the UK has posed challenges for Entain and the broader gaming industry. However, the company has proactively addressed this issue by upgrading its outlook on mitigating the impact of these tax changes. Entain now expects to offset more than half of the incremental burden from FY 2027 onwards.

Stella David, CEO of Entain, commented: “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.

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 cashflow7 from 2028.”