Entain reports another heavy annual loss
The FTSE-listed gambling giant reported a major impairment linked to changes in British gambling tax.
UK.- London-listed Entain, owner of Ladbrokes, Coral, bwin and PartyPoker, has reported a post-tax loss of £681m for 2025. That’s a £220m deeper loss than in 2024, and it marks the company’s third straight year of heavy losses.
The figure includes a £488m impairment tied to the upcoming rise in British gambling taxation. Chancellor Rachel Reeves announced in November that remote gaming duty will rise from 21 to 40 per cent starting April 2026. Betting duty will rise in 2027. Entain has said that it aims to absorb much of the hit, meaning a challenge for its margins.
Entain’s trading performance in 2025 was relatively steady. Net gaming revenue (NGR) climbed 3 per cent to £5.33bn. Underlying EBITDA increased 7 per cent year-on-year, reaching $1.16bn.
UK and Ireland revenue was up 6 per cent to £2.19bn. Online betting and gaming revenue rose 15 per cent to £1.14bn while retail revenue slipped another 2 per cent to £1.05bn. Ladbrokes Coral saw declines in both gaming and sports betting.
As for international operations, revenue grew 2 per cent on a constant currency basis to $2.64bn. Italy delivered 6 per cent NGR growth, while Croatia boosted Entain CEE by 5 per cent. Brazil, however, saw a 1 per cent decline while Australian NGR fell 6 per cent due to unfavourable sports outcomes and regulatory pressures. BetMGM, Entain’s joint venture with MGM Resorts, generated $2.8bn, up 33 per cent year-on-year, with strong gains in both sports betting and igaming.
Looking ahead to 2026, Entain expects UK tax changes to weigh heavily but forecasts online NGR growth of 5 to 7 per cent (excluding the US) and an EBITDA margin of 23–24 per cent. It plans to offset about a quarter of the UK tax impact. BetMGM is projected to deliver $3.1–3.2bn in revenue and adjusted EBITDA of $300–350m.
CEO Stella David said: “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.”
