Entain reported a strong 2025 performance, with total group net gaming revenue including its BetMGM stake up 7% and group underlying EBITDA rising 8% in constant currency, ahead of guidance.

Online operations were the main growth driver, pushing online EBITDA margins above 25%, while BetMGM delivered 33% constant-currency revenue growth, swung to a $220m EBITDA profit, and paid $270m in cash to its parents, even as the group posted a statutory loss after tax due to a large UK tax-related impairment.

The group generated adjusted cashflow of £151m, beat expectations, reduced leverage to 3.1x, and increased its final dividend by 5%, underscoring management’s renewed focus on cash generation.

Despite the headwind from higher UK gambling taxes, Entain upgraded its outlook on offsetting more than half of the incremental tax burden from 2027, guided to mid‑single‑digit online revenue growth ex‑US for 2026, and reaffirmed confidence in delivering at least £500m of annual adjusted cashflow from 2028, signalling resilience and long‑term commitment to shareholders.