Entain EBITDA Climbs 25% to £1.24B as BetMGM Flips to Profit
Group net gaming revenue, including the US, reached £6.4 billion, up 7% year-on-year, according to the company’s results published on March 5. Group EBITDA climbed 25% to £1.24 billion. Adjusted diluted earnings per share more than doubled to 61.8p.
BetMGM posted $2.8 billion in net revenue, a 33% jump, and swung from a $291 million net loss in 2024 to $175 million in profit. Adjusted EBITDA hit $220 million. CEO Adam Greenblatt called it “a record year” and said the refined strategy was “coming together at scale.” BetMGM distributed $270 million in cash to its parent companies in Q4 alone.
The iGaming side of BetMGM grew 24% to $1.83 billion while online sports revenue surged 63% to $903 million. The venture now holds a 13% GGR market share across 30 legalized states, broken down as 21% in iGaming and 8% in online sports.
Outside the US, Entain’s online business posted seven consecutive quarters of growth. The UK and Ireland led with a 15% annual increase. Adjusted cash flow recovered to £151 million from an outflow of £22 million the year before, which points to real progress on cost discipline under CEO Stella David, who took over in April 2025.
For operators competing in US online markets, BetMGM’s profitability shift changes the competitive picture. A venture that was burning cash for years can now reinvest from earnings rather than parent capital. Suppliers working with BetMGM should expect procurement conversations to shift from “build market share” toward margin optimization. Affiliates driving US traffic will want to watch whether BetMGM’s 2026 EBITDA target of $300-350 million leads to tighter acquisition economics.
TGJ Take
BetMGM going from -$291 million to +$175 million in a single year isn’t just a turnaround. It validates the thesis that US online gambling can produce real returns and not just revenue growth funded by permanent losses. Entain’s 2026 guidance of 5-7% online revenue growth looks modest by comparison, but that’s the point. The company is signaling margin over volume now. The $500 million BetMGM EBITDA target for FY27 is the number that will determine whether this story holds.
