- Entain
- 05 March 2026 07:42:31
Source: Sharecast
Entain said total net gaming revenue was up 7%, including its 50% share of BetMGM, with Entain‑branded net gaming revenue rising 3% to £5.32bn and BetMGM revenues surging 33% on a constant‑currency basis to $2.79bn. Excluding its US operations, online NGR, grew 5%, supported by solid volumes and sustained momentum, while retail NGR was down 1% year-on-year.
Group underlying earnings came to £1.16bn, up 8% on a constant‑currency basis and ahead of guidance, while total underlying earnings, including BetMGM, stood at £1.24bn, up 28% year‑on‑year.
Entain said BetMGM's return to profitability in FY25 enabled cash distributions to its parent companies and reinforced its pathway to delivering $500m of adjusted EBITDA in 2027. Group adjusted cashflow of £151m also beat expectations, helped by stronger‑than‑anticipated EBITDA and BetMGM distributions.
However, Entain still booked a statutory loss after tax of £681m in FY25, widening from FY24's £461m loss, reflecting impairment charges linked to higher UK gambling taxes. Underlying pre-tax profits slipped 2% to £507.2m.
Looking ahead, Entain expects FY26 online NGR, excluding the US, to grow 5–7% on a constant‑currency basis and said it remains comfortable with market expectations for FY26 underlying EBITDA.
Entain also upgraded its outlook on mitigating the impact of UK tax changes, now expecting to offset more than half of the incremental burden from FY27, and reaffirmed its confidence in generating at least £500m of annual adjusted cashflow from FY28.
Reporting by Iain Gilbert at Sharecast.com