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Entain PLC’s BetMGM business in the US saw a ‘record year’ in 2025, helped by a fourth quarter revenue surge amid a ‘particularly strong December’. Shares in Ladbrokes Coral owner Entain shot up 5.6% to 619.13 pence in London on Wednesday afternoon. Entain owns 50% of BetMGM, with MGM Resorts International holding the remainder. MGM was up 0.4% at $34.30 each in pre-market dealings in New York. BetMGM’s 2025 performance ‘exceeded expectations’. Net revenue jumped by a third to $2.80 billion, helping the joint-venture swing to a net income of $175 million, from a loss of $291 million in 2023. Earnings before interest, tax, depreciation and amortisation amounted to $220 million, swinging from a loss of $244 million. In the final quarter alone, BetMGM achieved net income of $60 million, swinging from a loss of $124 million. It flipped to an Ebitda of $71 million from a loss of $106 million. Revenue was 39% higher at $780 million from $560 million. BetMGM Chief Executive Officer Adam Greenblatt said: ‘2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale. Q4 2025 saw record performances, completing a year where both iGaming and Online Sports achieved step change results, reflecting robust engagement, improved player economics, sharper player management, and continued platform and product enhancements. BetMGM’s meaningfully improved profitability and material Ebitda generation now sees us returning cash to our parent companies and marks a clear inflection in our growth trajectory. ‘Looking ahead to 2026 and beyond, the strong underlying metrics and health of the business continue to reinforce our confidence in our outlook as we enter the next phase of growth. As the industry continues to evolve, we will continue to focus on winning the BetMGM way.’ BetMGM returned $270 million in cash to its parents in the final quarter. ‘From Q1 2026 onwards, total cash to parents will consist of two components: Parent fees and excess cash generated by the business As per the joint venture agreement that formed BetMGM, having reached sustainable profitability, BetMGM commences payment of parent fees for the provisioning of licenses and services by MGM and Entain to BetMGM,’ it added. BetMGM’s fourth quarter was supported by a ‘particularly strong December’. It saw ‘increased player engagement as well as favourable sports results lapping a soft prior year comparator’. Looking to 2026, net revenue between $3.1 billion and $3.2 billion is expected, with an adjusted Ebitda between $300 million and $350 million. It has ‘confidence in the pathway’ to a $500 million adjusted Ebitda in 2027. Entain itself releases annual results on March 5. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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