Entain Reports £681 Million Loss For 2025

Entain reported a group loss after tax of £681 million for 2025. Financial results reflect impairment charges tied to new United Kingdom gambling tax rules scheduled to take effect in April 2026.

Good to Know

• Entain recorded a £681 million loss after tax for 2025
• United Kingdom online gambling tax will increase from 21 percent to 40 percent in April 2026
• Net gaming revenue still increased 3 percent to £5.33 billion

The loss includes a £488 million impairment linked to the incoming UK tax changes. Overall losses rose by £220 million compared with results recorded in 2024.

The tax adjustment formed part of the Autumn Statement announced last November by Chancellor of the Exchequer Rachel Reeves. Online gambling tax in the United Kingdom will rise sharply from 21 percent to 40 percent, creating pressure on operator margins across the sector.

Online Growth Continues Despite Tax Pressure

Operational performance still showed moderate growth during the year. Net gaming revenue increased 3 percent to £5.33 billion compared with £5.16 billion during 2024.

Group revenue also increased 3 percent to £5.25 billion. Underlying EBITDA rose 7 percent year on year, climbing from $1.08 billion to $1.16 billion.

Performance in the United Kingdom and Ireland relied heavily on digital wagering. Revenue across those markets increased 6 percent to £2.19 billion compared with £2.05 billion a year earlier.

Online betting and gaming produced the strongest gains. Net gaming revenue from online products increased 15 percent to £1.14 billion compared with £985 million in the previous year.

Retail betting operations showed weaker activity. Revenue from physical betting shops declined 2 percent to £1.05 billion from £1.07 billion.

Within the Ladbrokes Coral estate, gaming revenue dropped 1 percent while sports betting revenue declined 3 percent.

Industry data from the UK Gambling Commission has highlighted falling participation in retail betting. Quarterly gross gaming yield reports and the Gambling Survey for Great Britain both indicate declining consumer engagement with physical betting locations.

Higher online taxes may also affect decisions about shop closures as operators reconsider cost structures between digital and retail channels.

International Markets And BetMGM Growth

International operations recorded modest expansion. Revenue outside the United Kingdom and Ireland increased 2 percent on a constant currency basis to $2.64 billion.

Italy delivered one of the strongest performances among European markets. Net gaming revenue there increased 6 percent after introduction of a re regulated market in November 2025.

Croatia also supported regional growth, contributing to a 5 percent increase in net gaming revenue across Central and Eastern European operations.

Conditions proved more difficult in other regions. Net gaming revenue in Brazil declined 1 percent year on year. The country introduced regulated betting in January 2025, yet discussions around tax policy have intensified rapidly.

Australia also produced weaker results. Net gaming revenue declined 6 percent during the year as sports outcomes favored bettors and wagering conditions softened. Political pressure on gambling operators in the country has also increased.

The United States remains an important growth driver for Entain through a 50 percent stake in BetMGM.

BetMGM generated net revenue of $2.8 billion during 2025, representing year on year growth of 33 percent. Online sports betting revenue increased 63 percent while iGaming revenue rose 24 percent.

Entain forecasts online net gaming revenue growth of between 5 percent and 7 percent on a constant currency basis during 2026, excluding the United States market.

The company also expects an underlying online EBITDA margin between 23 percent and 24 percent as it works to offset roughly 25 percent of the financial impact from the upcoming United Kingdom tax changes.

Stella David, Chief Executive Officer of Entain, said:

“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.”

David added:

“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 cash flow from 2028.”

Company leadership also reported that group underlying EBITDA, revenue across the United Kingdom and Ireland, and adjusted cashflow of £151 million exceeded expectations.

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