Entain delivered FY2025 Underlying EBITDA of £1,160m, beating its £1,100-1,150m guidance range, with adjusted diluted EPS surging 107% to 61.8p. Total Group NGR including BetMGM rose 8% on a constant currency basis to ~£6.4 billion. Shares jumped nearly 8% on the day of the announcement as investors cheered the EBITDA beat and upgraded UK tax mitigation targets.
About Entain
Entain plc (LSE: ENT) is one of the world’s largest sports betting and gaming groups, operating both online and through retail channels across more than 30 regulated territories. The company was originally incorporated in Luxembourg in 2004 as Gaming VC Holdings S.A. and re-domiciled to the Isle of Man in 2010 before rebranding to Entain in 2020. It is a FTSE 100 constituent headquartered operationally in London.
Entain owns a portfolio of iconic brands including Ladbrokes, Coral, bwin, Sportingbet, Eurobet, Partypoker, and Foxy Bingo among others. The company also operates a 50/50 joint venture with MGM Resorts International – BetMGM – which has become a leader in U.S. sports betting and iGaming.
| Metric | Value |
| Ticker | ENT (LSE), GMVHY (OTC) |
| Market Cap | ~£3.74 billion |
| Enterprise Value | ~£7.76 billion |
| Forward P/E | 9.10 |
| Dividend Yield | 3.39% |
| Employees | ~28,957 |
| EV/EBITDA | 7.40 |
| Shares Outstanding | 639.60 million |
Top Financial Highlights
- Total Group NGR (including 50% share of BetMGM): up +7% reported, +8% cc year-on-year
- Group Revenue (exc. US): £5,259.4m, up +3% (+4% cc) vs £5,089.2m in FY24
- Net Gaming Revenue (exc. US): £5,325.4m, up +3% (+4% cc) vs £5,161.9m
- Gross Profit: £3,200.1m (gross margin ~60.9%), up +3% vs £3,118.1m
- Group Underlying EBITDA: £1,160.1m, up +7% (+8% cc), ahead of the £1,100–1,150m guidance range
- Total Group Underlying EBITDA (inc. 50% BetMGM): £1,244m, up +28% cc YoY
- Online Underlying EBITDA: £1,004m (+9% cc), with margin expanding to 25.7%
- Underlying Operating Profit: £861.2m, up a notable +40% vs £616.6m
- Adjusted Diluted EPS: 61.8p, more than doubling from 29.9p (+107% YoY)
- Statutory Loss After Tax: -£680.5m (vs -£461m in FY24), including a £488m impairment related to UK Gambling tax increases
- Adjusted Cashflow: £151m, swinging from an outflow in FY24 and beating expectations
- Net Debt: £3,644m, with leverage at 3.1x (look-through 3.6x, improved 0.7x YoY)
- Available Cash: Over £900m as at 31 December 2025
- BetMGM Net Revenue: $2,796m (+33% cc), with EBITDA of $220m (up $464m YoY), distributing $270m cash to parents
- FY26 Guidance: Online NGR (exc. US) growth of 5–7% cc; comfortable with consensus FY26 Group EBITDA of £1,126m; upgraded UK tax mitigation to >50% from 2027
Beat or Miss?
Entain beat its own FY25 EBITDA guidance and delivered results ahead of market expectations across several metrics. The £1,160m Underlying EBITDA exceeded the top end of the £1,100–1,150m guidance range introduced in August 2025. Adjusted cashflow of £151m also significantly outperformed the previously guided “broadly neutral” target for the year, which had been upgraded to ~£75m by Q3.
| Metric | Reported (FY25) | Guidance / Expectation | Difference / Analysis |
| Group Underlying EBITDA | £1,160m | £1,100–1,150m (own guidance) | Beat – exceeded top end by £10m |
| Online EBITDA Margin | 25.70% | 25–26% (guided) | In line – at upper end of range |
| Adjusted Cashflow | £151m | ~£75m (upgraded Q3 guidance) | Significant beat – doubled revised expectations |
| Online NGR Growth (cc) | 6% | ~7% (guidance) | Slightly below – impacted by Q4 sports margin drag |
| Adjusted Diluted EPS | 61.8p | Consensus N/A | Strong – +107% YoY, more than doubled |
| BetMGM EBITDA | $220m | ~$200m (upgraded guidance) | Beat – exceeded upgraded target |
| FY26 EBITDA Consensus | — | £1,126m (12 analysts) | Market comfortable per management |
What Leadership Is Saying?
CEO – Stella David
“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.”
Outgoing CFO – Rob Wood
“With EBITDA beats from both Entain and BetMGM, total group EBITDA was £1.24 billion, which was up a very strong 28% on the prior year. That EBITDA growth led to equally impressive EPS growth, which more than doubled to £0.62. … £151 million [adjusted cashflow] is comfortably ahead of expectations and was driven by both the Entain EBITDA beats and higher than expected cash from BetMGM.”
Historical Performance
FY2025 vs FY2024
| Category | FY2025 | FY2024 | Change (%) |
| Net Gaming Revenue (exc. US) | £5,325.4m | £5,161.9m | +3% (+4% cc) |
| Revenue | £5,259.4m | £5,089.2m | +3% (+4% cc) |
| Gross Profit | £3,200.1m | £3,118.1m | +3% |
| Underlying EBITDA | £1,160.1m | £1,088.8m | +7% (+8% cc) |
| Underlying Operating Profit | £861.2m | £616.6m | +40% |
| Statutory Loss After Tax | -£680.5m | -£461.0m | Widened (£488m UK tax impairment) |
| Adjusted Diluted EPS | 61.8p | 29.9p | +107% |
| Dividend Per Share | 9.8p | 9.3p | +5% |
| Net Debt | £3,644m | £3,339m | +9% (leverage stable at 3.1x) |
Competitor Comparison (FY2025)
| Metric | Entain (FY2025) | Flutter Entertainment (FY2025) | DraftKings (FY2025) | Evoke (FY2025E) |
| Revenue | £5,259m | $16.38B (~£12.0B) | $6.06B (~£4.4B) | ~£1,786m |
| Revenue Growth (YoY) | +3% | +16.6% | +27% | +2% |
| Adj. EBITDA | £1,160m | $2.85B (~£2.1B) | $620m (~£455m) | £355–360m |
| EBITDA Growth (YoY) | +7% | +27% (Group) | +242% | +14–15% |
| Net Income | -£681m (statutory) | Negative ($-1.75 EPS) | $3.7m (first profit) | Pre-tax loss (est.) |
| US Exposure | Via BetMGM (50% JV) | FanDuel (owned) | DraftKings (owned) | Exited US B2C |
Key Insights Summary
- Flutter Entertainment remains the global market leader by revenue, with its FanDuel U.S. operation generating $6.97 billion in revenue and $922 million in adjusted EBITDA during 2025. Flutter’s international segment also grew 19% in Q4.
- DraftKings delivered its first-ever full-year net income in 2025 and saw explosive EBITDA growth, though its revenue base remains primarily U.S. focused. FY2026 guidance of $6.5-6.9 billion in revenue signals continued expansion.
- Evoke (formerly 888 Holdings, owner of William Hill) continued its turnaround with improving EBITDA margins but saw a 22% overall revenue decline as it restructured and exited the US B2C market.
- bet365, a privately held competitor, reported £4 billion in revenue for the 52 weeks ending March 2025 (+9%) but saw pre-tax profit drop 44% to £348.7 million amid heavy investment in new market launches.
How the Market Reacted?
Entain shares surged nearly 8% on 5 March 2026 following the announcement of its FY25 results, reflecting strong investor sentiment around the EBITDA beat and the upgraded UK tax mitigation strategy. The stock opened at 605p and traded as high as 624.20p before settling at 584.80p by close – still well above the prior session’s close of 567.60p on 4 March.
Morgan Stanley, which rates Entain ‘overweight’ with a 1,150p price target, described the stock’s valuation at 6.6x 2026 EV/EBITDA as “attractive given improving momentum across both the U.S. and international businesses” and expected upward revisions to 2027 consensus forecasts. The positive reaction reflects relief that Entain can absorb the UK’s dramatic tax increases while maintaining its £500m adjusted cashflow target from 2028, with BetMGM’s inflection to profitability serving as a powerful earnings catalyst
