Entain Plc shares sparked on Wednesday after it said that BetMGM, its joint venture with MGM Resorts, performed ahead of expectations in 2025.
The performance reflected the benefit of a full year of strategic initiatives, which drove strong underlying growth in both iGaming and Online Sports, Entain said.
Net revenue grew 33% on the year to $2.8bn, with iGaming net revenue up 24% and Online Sports net revenue 63% higher.
Earnings before interest, tax, depreciation and amortisation came in at $220m, versus a loss of $244m a year earlier.
For 2026, Entain expects net revenue of between $3.1bn and $3.2bn and adjusted EBITDA of between $300m and $350m. The company also said it was confident it will achieve $500m of adjusted EBITDA in FY 2027.
Adam Greenblatt, chief executive of BetMGM, 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."
At 1230 GMT, Entain shares were up 6.6% at 625.20p.