Entain
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Entain (ENT) investor relations material

Entain Status update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Status update summary4 Feb, 2026

Financial performance highlights

  • FY 2025 net revenue reached $2.8 billion, up 33% year-on-year, with Q4 revenue of $780 million, up 39% year-on-year; iGaming net revenue was $1.83 billion (+24%) and Online Sports $903 million (+63%).

  • Full-year EBITDA was $220 million, a nearly $500 million year-on-year increase, with $71 million in Q4; $270 million in cash was distributed to parent companies.

  • Ended 2025 with over $100 million in unrestricted cash and a $150 million undrawn credit line for liquidity.

  • Achieved a 13% GGR market share in active markets, including 21% in iGaming and 8% in Online Sports.

  • 2026 guidance: net revenue of $3.1–$3.2 billion and adjusted EBITDA of $300–$350 million; path to $500 million adjusted EBITDA by 2027.

Strategic and operational developments

  • iGaming net revenue grew 24% in 2025, with strong player acquisition, retention, and a library expanded to over 7,000 titles; exclusive content and live dealer offerings strengthened the portfolio.

  • Online sports betting net revenue rose 63% in 2025, with margin improvement of 170 bps, handle per active up 26%, and focus on higher-value players.

  • Launched in Missouri (30th jurisdiction) and preparing for Alberta launch in 2026; omnichannel integration in Nevada drove digital and retail handle up 26%.

  • Real-time integration with MGM Resorts' loyalty program and collaboration with MGM properties enhanced player management and omnichannel experiences.

  • Enhanced player engagement and retention through gamified tools, cross-sell initiatives, and product improvements.

Market and segment performance

  • iGaming average monthly actives up 24% in 2025; players engaged 14% more days per month; average monthly actives overall up 4%.

  • Online sports active player days up 6%, average bets per player up 12%, and NGR per active up 77%.

  • 60% of online sports players also played casino during the NFL season.

  • Nevada contributed 5% of full-year net revenue and over 10% in Q4; average monthly actives in Nevada up 19%.

  • Cross-sell and live dealer initiatives drove engagement and growth in both iGaming and OSB.

Clarify Parent Fees' impact on cash flow to parents
Assess replicability of Nevada omnichannel success
Sustain Online Sports NGR margin improvement?
What is the growth potential for Nevada omni-channel?
Prediction markets: current and future OSB impact?
Why is 2026 EBITDA flow-through lower than normal?
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Frequently asked questions

Entain PLC, operates as a sports-betting and gaming company in the United Kingdom. It provides online betting and gaming services through an online platform to customers in the UK. The company offers fixed odds betting service, casino games, sport betting services, live casino games, instant win games, jackpot prizes competitions, lottery services, and poker. It makes sports bets via the Internet; and provides its fixed odds betting products comprising accumulator bets; fixed odds betting; odds comparison tools; football tips and previews; cricket tips and previews; horse racing tips and previews; greyhound racing tips and previews; offers various cash bet tools to place money on bets that are already made into market as well as accumulator bets further on selected events.

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