Adam Roarty Editor
Adam Roarty is a journalist covering sports betting, regulation, and industry innovation for CasinoBeats. His coverage includes tax increases in the UK, covering breaking stories in the ever-evolving landscape of US betting such as the...
Read Full BioGambling group Entain saw its stock price rise after reporting better-than-expected results for the full year 2025. The company’s price is now 610 GBX, up 5.5% from Wednesday’s close of 578 GBX.
In a press release, 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.”
BetMGM Drives Revenue Increase
Total net gaming revenue was up around 3% year-on-year, rising to £5.33 billion ($7.12 billion). BetMGM was the driver of the increase, with the segment’s revenue reaching $2.8 billion, 33% more than in 2024. Entain owns 50% of the online betting company along with MGM Resorts.
BetMGM saw its online sports betting revenue increase 63%, while igaming revenue rose 24%. This led to EBITDA of $220 million, up $464 million from the previous year.
The joint venture distributed $270 million to its owners in 2025 and is targeting EBITDA of $500 million for 2027. When reporting its Q4 results, BetMGM CEO Adam Greenblatt stated, “2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale.”
UK Tax Increase Triggers Losses
Despite posting favorable numbers in the US, Entain suffered losses of £681 million ($909.1 million). The company attributed £488 million of this to an impairment related to UK Gambling tax increases announced in November.
The new taxes will come into force in April, with online casinos targeted at a 40% rate, almost double the current 21%. Online sports betting will also see a tax increase from next year, up from 15% to 25%.
Entain strongly opposed the tax increase, claiming it will drive users to unregulated gambling platforms. David said, “It is very well proven that every time you increase tax, the black market increases in size.”
Ahead of the rise, revenue in the UK was up 6%, with online betting up 15%. In addition to co-owning BetMGM, Entain operates flagship UK brands Ladbrokes and Coral.
Global Portfolio Well-Positioned
Other brands in its international portfolio include bwin, Sportingbet, Betboo, and Sports Interaction. Revenue increased in Italy, Georgia, Spain, Canada, Greece, and New Zealand, but fell in Australia and Brazil.
David added, “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.”
The company has an adjusted cash flow of £151 million ($201.6 million), but is aiming to increase that to £500 million ($667 million) by 2028.
Excluding the US, the company said it expects growth of 5-7% on a constant-currency basis this year and “remains comfortable with market expectations.”
David said, “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.”
