Entain (ENT) Status update summary

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.