Entain reported higher group NGR and adjusted EBITDA for 2025, with NGR up 7% and adjusted EBITDA up 8% year on year. In Italy, NGR rose 6% to £551.3 million in revenue; online NGR increased 5% and retail NGR 7%.
The results show how Entain’s online and retail operations contributed to performance in Italy and other markets.
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MGM may be preparing another attempt to acquire Entain, according to an unconfirmed report. The report says Apollo Global Management and CVC Capital may be working with MGM, while also considering a separate bid; no offer or agreement is confirmed.
BetMGM reported 2025 net revenue of $2.8bn, compared with $2.1bn in 2024, and said quarterly net income reached $60m. Annual iGaming revenue was $1.8bn and online sports betting revenue was $903m; chief executive Adam Greenblatt said both businesses posted record results.
An analyst at Rothschild & Co Redburn said anticipated UK gambling tax increases could encourage consolidation and make Entain a potential acquisition target for MGM Resorts. The analyst’s base case assumes gaming tax rates of 25% to 30%; the report says the scenario could reduce Entain’s pre-mitigation EBITDA by 12% to 22%, while no new MGM bid has been announced.
BetMGM reported third-quarter net revenue of $710 million, up 7% year on year, and adjusted EBITDA of $86 million, up 112%, according to the company update. It reaffirmed full-year 2026 guidance of $2.9 billion to $3.1 billion in net revenue and $300 million to $350 million in adjusted EBITDA. The update also reported a 3% decline in monthly active customers to 878,000.
BetMGM reported revenue of $696m for Q1 2026, up 6% year on year, and said it accrued its first parent fees to MGM Resorts and Entain. The operator recorded $3m in fees, while adjusted EBITDA rose to $25m from $22m a year earlier. BetMGM lowered its 2026 revenue forecast to $2.9bn-$3.1bn and retained its adjusted EBITDA target of $300m-$350m, with expectations at the lower end.