Entain reported full-year 2025 results on 5 March 2026, posting Group Net Gaming Revenue (NGR) of £5,325.4m, up 3% year-on-year (4% on a constant currency basis). Underlying EBITDA reached £1,160.1m, up 7% (8% cc), beating upgraded guidance of £1,100m to £1,150m. A statutory loss after tax of £681m reflects a non-cash impairment charge of £487.7m against the UK business, triggered by the government’s decision in November 2025 to increase Remote Gaming Duty to 40% and General Betting Duty to 25%.
Behind those Group-level numbers lies a fragmented performance story: strong online growth in the UK, recovery in New Zealand, resilience in Croatia and Poland, pressure in Australia and the Benelux, and a transformational year for BetMGM in the US. Here is how each brand and region performed.
UK and Ireland: Ladbrokes, Coral, Foxy Bingo, Gala, PartyCasino, Partypoker
The UK and Ireland division delivered NGR of £2,185.2m, up 6% year-on-year. Online was the standout, growing 15% on a constant currency basis to £1,136.5m. Retail declined 2% cc to £1,048.7m, though it was flat on a like-for-like basis after adjusting for shop closures.
Ladbrokes and Coral, the two flagship UK retail and sportsbook brands, drove sports NGR growth of 7% cc and maintained their omnichannel positioning through BetStation terminals and Kascada gaming cabinets. Sports wagers grew 8% in UK&I Online. Gaming NGR online grew 18% cc, powered by Gala, Foxy Bingo, PartyCasino, and Partypoker — with Entain citing improvements to its gaming offering and content as the driver of increased player values and engagement.
Underlying EBITDA for the UK&I segment reached £531.9m, up £94.6m from 2024, with Online EBITDA up 37% to £310.5m. Sports margin was 0.5pp lower year-on-year at the full-year level, with a sharper 2.6pp drag in Q4 due to customer-friendly results. Entain reported 8% NGR growth in the first half, and momentum continued into H2 despite the tougher comparators from 2024’s improving performance.
The UK impairment of £487.7m against goodwill reflects reduced forecast profitability following the April 2026 tax implementation. Entain had estimated a £200m annual impact from the UK duty increases when they were announced in November 2025. The Group now expects to offset over 50% of that incremental burden from 2027 through Group-wide optimisation initiatives.
“2025 has been a successful year for Entain. 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.” — Stella David, CEO
Australia: Ladbrokes and Neds
Australia was the weakest market in the International division. Online NGR fell 6% on a constant currency basis, with sports margin 1.0pp lower than 2024 due to unfavourable results at major events through the year. Full-year volumes, however, were broadly flat cc, reflecting improving player engagement under new local management.
Ladbrokes and Neds both face a product-led competitive market. Entain acknowledged H2 showed positive volume trends, up 3% cc, and cited the TAB NZ partnership and the betcha brand’s traction in New Zealand as supporting evidence of a strategic reset gaining traction. An impairment of £3.9m was also recorded against the Full House Group (FHG) business in Australia ahead of its disposal.
New Zealand: betcha and TAB NZ
New Zealand was a standout recovery story. Online NGR grew 19% cc for the full year, accelerating from 12% cc in H1 to 17% cc in H2 after the New Zealand government introduced legislation restricting offshore unlicensed operators from offering racing and sports betting to local customers.
The betcha brand performed well among returning onshore customers. Retail NGR was up 1% cc. Entain flagged ongoing progress on the online casino regulation bill as a future growth opportunity.
Italy: Eurobet and GiocoDigitale
Italy delivered NGR growth of 6% cc, with Online up 5% cc and Retail up 7% cc. Eurobet and GiocoDigitale broadly maintained market share in a market Entain describes as competitive and recently consolidated, where omnichannel operators — those with physical points of sale driving online acquisition — continue to outperform online-only peers.
The Group sees Italy as well placed for 2026 following the implementation of a new online licensing regime in November 2025, which saw 52 active permits issued to operators.
Brazil: Sportingbet
Brazil was the most volatile international market. Sportingbet posted full-year Online NGR down 1% cc, masking a 21% cc H1 surge followed by an 18% cc H2 decline driven by customer-friendly sports results (sports margin 3.3pp lower than 2024 in H2). Sports wager volumes grew 13% cc for the full year.
Entain absorbed £54m in new Brazilian taxes following the January 2025 regulated market launch. Despite that, Brazil was profitable at the EBITDA line. The Sportingbet brand reinvigoration and a sponsorship deal with Palmeiras are Entain’s stated long-term anchors in what it calls the fastest-growing regulated market outside the US.
Spain, Georgia, Greece, Canada: Double-digit Online Growth Markets
Four markets delivered double-digit Online NGR growth on a constant currency basis: Spain (+35% cc), Georgia (+14% cc via Crystalbet), Greece, and Canada. Entain does not break out these markets as individual segments, but they sit within the International division’s 2% cc online growth figure — their contribution partially offsetting the drag from Australia and the Benelux.
Crystalbet maintained market leadership in Georgia, posting sports NGR up 9% cc and gaming NGR up 15% cc. In Spain, Entain’s multi-brand operation grew 37% online in reported terms.
Belgium and Netherlands: BetCity
BetCity is the primary brand across Belgium and the Netherlands, and both markets were under pressure. Belgium Online NGR fell 7% cc and retail declined 9% cc, driven by regulatory headwinds and the impact of retail closures on online acquisition. The Group recorded a non-cash impairment of £76.9m against the Belgium CGU.
Netherlands NGR was down 25% cc on 2024, reflecting the October 2024 introduction of deposit limits and a higher gaming tax rate. Entain noted some improvement in Belgian and Dutch online NGR trends in H2.
Germany: bwin
Germany NGR fell 12% cc for the full year, though the underlying volumes trajectory improved through the year, reaching -3% cc in Q4. bwin is the primary German-facing brand and has operated under Germany’s restrictive sports-only online licence framework. A provision of €15m has been recognised for German player claims — cases where customers seek return of gambling losses from periods when Entain held a Gibraltarian or Maltese licence rather than a local German one.
Baltics and Nordics: Optibet
The Baltics and Nordics segment, primarily represented by Optibet, posted NGR growth of 10% cc, with inflationary pressures easing and what Entain described as a content leadership strategy gaining traction in those markets.
CEE: SuperSport (Croatia) and STS (Poland)
Entain CEE, comprising Croatia and Poland, posted NGR of £521.7m, up 7% reported (5% cc). Online grew 8% cc (6% cc) and Retail 1% cc.
SuperSport in Croatia grew NGR 7% cc, with Online up 9% cc and gaming NGR up an impressive 15% cc. Retail declined 5% cc as the market prepares for new regulations restricting shop locations in 2026.
STS in Poland grew NGR 3% cc in a market facing aggressive promotional competition ahead of a potential iGaming liberalisation. STS maintained its number-one market position in this sports-only licensed environment. Operating costs for the CEE segment rose 15% in reported terms, partly due to a reclassification of certain costs from cost of sales, but Underlying EBITDA still grew 7% to £183.7m.
BetMGM (US): Sports Interaction (Canada)
BetMGM, the 50/50 joint venture with MGM Resorts, posted net revenue of $2,796m, up 33% cc, exceeding its upgraded guidance of at least $2.75bn. EBITDA reached $220m, up $464m year-on-year, marking the JV’s inflection into sustainable profitability. BetMGM distributed $270m in cash to its parent companies.
Online Sports grew 63% cc, driven by product improvements and a sharpened focus on premium-mass customers. iGaming grew 24% cc. BetMGM launched on day one in Missouri in December 2025, extending its Online Sports footprint to 30 legalised US states. BetMGM had already raised its full-year guidance multiple times through 2025.
Sports Interaction, Entain’s Canadian brand acquired as part of the Deis Ltd purchase in 2022, contributed to double-digit Canada online NGR growth. The Alberta iGaming market launch in 2026 is flagged as the next growth milestone for the brand.
Outlook for 2026
Entain expects Online NGR (excluding the US) to grow 5-7% on a constant currency basis in 2026. Online Underlying EBITDA margin is guided to 23-24%, lower than the 25.7% recorded in 2025 as the April 2026 UK tax changes take effect. From 2027, the Group targets offsetting over 50% of the incremental UK tax burden through efficiency measures, returning EBITDA to a year-on-year growth trajectory. BetMGM is targeting $300-350m EBITDA in 2026 and $500m in 2027. Entain reaffirms confidence in generating at least £500m in annual adjusted cashflow from 2028.
Source: Entain plc
