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1 Corporate information
Entain plc (\u201cthe Company\u201d) is a company incorporated and domiciled in the Isle of Man on 5 January 2010 whose shares are traded publicly on the
London Stock Exchange. The principal activities of the Company and its subsidiaries (\u201cthe Group\u201d) are described in the Strategic Report. The
consolidated financial statements of the Group for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of
the Directors on 5 March 2026.
The nature of the Group\u2019s operations and its principal activities are set out in Note 5.
2 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards adopted
pursuant to Regulation (EC) No 1606/2002 as it applies to the European Union and in accordance with the requirements of the Isle of Man
Companies Act 2006 applicable to companies reporting under IFRSs. The accounting policies set out in this section as detailed have been applied
consistently year-on-year other than for the changes in accounting policies set out in Note 3.
The consolidated financial statements are presented in Pounds Sterling (\u00a3). All values are in millions (\u00a3m) rounded to one decimal place except where
otherwise indicated. The separately disclosed items have been included within the appropriate classifications in the consolidated income statement.
Further details are given in Note 6.
Going concern
In adopting the going concern basis of preparation in the financial statements, the Directors have undertaken a robust assessment of the Group\u2019s
ability to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements (the \u201cgoing
concern assessment period\u201d).
The assessment has considered the Group\u2019s current trading performance, financial position and principal risks and uncertainties. For the year ended
31 December 2025, the Group reported a statutory loss after tax of \u00a3681m. This loss primarily reflects non-cash impairment charges, fair value
movements and amortisation of acquired intangibles, and does not impact the Group\u2019s underlying cash generation. The Directors have considered
the nature of this loss as part of their going concern assessment.
As at 31 December 2025, the Group had gross borrowings of \u00a33,673m and adjusted net debt of \u00a33,644m. The Group\u2019s debt facilities comprise term
loans, senior secured notes and a revolving credit facility, with maturities extending to 2032. During the going concern assessment period, no
material debt maturities arise. The Group had available liquidity of \u00a3964m at 31 December 2025, comprising cash and cash equivalents of \u00a3554m
(which includes \u00a3204m restricted in respect of customers) and undrawn committed facilities of \u00a3410m.
The Directors have reviewed detailed financial projections covering the going concern assessment period, based on the Board-approved budget for
2026 and the three-year strategic plan. These forecasts incorporate assumptions regarding revenue, operating margins, working capital and capital
expenditure, taking account of current trading performance.
As part of their assessment, the Directors have considered severe but plausible downside scenarios, consistent with those described in the Viability
Statement. These scenarios include, impact to our technology platform, exposure to litigations, further gaming duties and licensing conditions and
severe data privacy or cybersecurity incidents. Under these downside scenarios, appropriate mitigating actions within management\u2019s control have
been modelled, including reductions in discretionary expenditure and capital investment.
The Directors have also assessed compliance with the financial covenants associated with the Group\u2019s borrowing facilities throughout the going
concern assessment period. Under both the base case and severe but plausible downside scenarios, the Group maintains adequate liquidity and
covenant headroom.
Having considered the Group\u2019s forecast cash flows, available liquidity, debt maturity profile and covenant compliance, the Directors have a
reasonable expectation that the Group and the Company will have adequate resources to continue in operational existence for the going concern
assessment period. Accordingly, the Directors consider it appropriate to adopt the going concern basis of preparation in the financial statements. The
Directors do not consider that there are any material uncertainties related to events or conditions that may cast significant doubt on the Group\u2019s or
the Company\u2019s ability to continue as a going concern.
3 Changes in accounting policies
From 1 January 2025, the Group has applied, for the first time, certain standards, interpretations and amendments. The adoption of the following
standards and amendments to standards did not have a material impact on the current period or any prior period upon transition:
4 IAS 21 The Effects of Changes in Foreign Exchange Rates, Lack of Exchangeability.
4 Summary of significant accounting policies
4.1 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group at 31 December each year. The consolidation has been
performed using the results to 31 December for all subsidiaries, using consistent accounting policies. With the exception of a small number of
immaterial subsidiaries, the financial statements of those subsidiaries are prepared to 31 December. Control is achieved where the Company is
exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect these returns through its power over
the investee.
All intragroup transactions, balances, income and expenses are eliminated on consolidation.
Subsidiaries are consolidated, using the acquisition method of accounting, from the date on which control is transferred to the Group and cease to be
consolidated from the date on which control is transferred from the Group. On acquisition, the assets and liabilities and contingent liabilities of a
subsidiary are measured at fair value at the date of acquisition. Any excess of the cost of acquisition over the fair values of the separately identifiable
net assets acquired is recognised as goodwill. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the
accounting policies used in line with those used by the Group.
4.2 Critical accounting estimates and judgements
The preparation of financial information requires the use of assumptions, estimates and judgements about future conditions. Use of available
information and application of judgement are inherent in the formation of estimates. Actual results in the future may differ from those reported.
Judgements
Management believes that the areas where judgement has been applied are:
4 separately disclosed items (Note 6); and
4 contingent liabilities (Note 31).
Separately disclosed items
To assist in understanding the underlying performance of the Group, management applies judgement to identify those items that are deemed to
warrant separate disclosure due to either their nature or size. Whilst not limited to, the following items of pre-tax income and expense are generally
disclosed separately:
4 amortisation of acquired intangibles resulting from IFRS 3 \u201cBusiness Combinations\u201d fair value exercises;
4 profits or losses on disposal, closure, or impairment of non-current assets or businesses;
4 corporate transaction and restructuring costs;
4 certain legal, regulatory and tax litigation;
4 changes in the fair value of contingent consideration; and
4 the related tax effect of these items.
Any other non-recurring items are considered individually for classification as separately disclosed by virtue of their nature or size.
The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis, together
with an understanding of the effect of non-recurring or large individual transactions upon the overall profitability of the Group.
The separately disclosed items have been included within the appropriate classifications in the consolidated income statement.
During 2025 the Group separately disclosed a net charge on continuing operations before tax of \u00a31,064.0m. Further details are given in Note 6.
Contingent liabilities
In the assessment of contingent liabilities, certain judgements are required to assess whether disclosure or provision is needed. If the criteria for
recognising a provision are not met, but the outflow of resources with economic benefits is not remote, such obligations are disclosed in the notes to
the consolidated financial statements as contingent liabilities (see Note 31). Contingent liabilities are only recognised as a provision if the obligations
are more certain, i.e. the outflow of resources with economic benefits has become probable and their amount can be reliably estimated.
Estimates
Included within the financial statements are a number of areas where estimation is required.
Management believes that the areas most notable where estimates have been applied are:
4 contingent consideration (Note 25);
4 impairment (Note 14); and
4 provisions (Note 23).
Contingent consideration
In the recognition of fair value of contingent consideration in business combinations and reassessment at each reporting date, management uses
estimates in the inputs and assumptions based on the latest financial forecasts and other relevant information for the businesses acquired.
Specifically, for the TAB NZ acquisition, the key estimates the Group has used are the post-tax discount rate and projected profit growth rates for the
forecast period. Further details are given in Note 25.
Impairment
On acquisition, any goodwill acquired is allocated to cash-generating units for the purpose of impairment testing. Where goodwill forms part of a
cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposal is included in the carrying
amount of the assets when determining the gain or loss on disposal.
An impairment review is performed for goodwill and other indefinite life assets on at least an annual basis. For all other non-current assets an
impairment review is performed where there are indicators of impairment. This requires an estimation of the recoverable amount which is the higher
of an asset\u2019s fair value less costs to sell and its value in use. Estimating a value in use amount requires management to make an estimate of the
expected future cash flows from each cash-generating unit and to discount cash flows by a suitable discount rate in order to calculate the present
value of those cashflows. Estimating an asset\u2019s fair value less costs to sell is determined using future cash flow and profit projections as well as
industry observed multiples and publicly observed share prices for similar betting and gaming companies. See Note 14 for details on sensitivity
analysis performed around these estimates.
Impairment losses are recognised in the consolidated income statement and during the current year, the Group has recognised an impairment
charge of \u00a3586.8m primarily against the Group\u2019s UK, Belgium and Republic of Ireland businesses. See Note 14 for further details.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are
discounted to present value where the effect is material using a pre-tax rate that reflects current market assessments of the time value of money and
the risks specific to the liability. The unwinding of the discount is recognised as a finance expense.
Specifically, the key estimate for the Group relate to the expected civil penalty liability from the AUSTRAC proceedings. See Note 23 for
further details.
4.3 Other accounting policies
Business combinations
For business combinations, the Group estimates the fair value of the consideration transferred, which can include assumptions about the future
business performance of the business acquired and an appropriate discount rate to determine the fair value of any contingent consideration.
The Group then estimates the fair value of assets acquired and liabilities assumed in the business combination. The area of most notable estimation
within the fair value exercise relates to separately identifiable intangible assets including brands, customer lists and licences. These estimates also
require inputs and assumptions to be applied within the relief from royalty calculation of fair values with the more significant assumptions relating to
future earnings, customer attrition rates and discount rates. The Group engages external experts to support the valuation process, where
appropriate. IFRS 3 \"Business Combinations\" allows the Group to recognise provisional fair values if the initial accounting for the business
combination is incomplete.
The fair value of contingent consideration recognised in business combinations is reassessed at each reporting date, using updated inputs and
assumptions based on the latest financial forecasts and other relevant information for the businesses acquired. Fair value movements and the
unwinding of the discounting is recognised within the income statement as a separately disclosed item. See Note 6 for further details.
Goodwill on acquisition is initially measured at cost, being the excess of the cost of the business combination over the Group\u2019s interest in the net fair
value of the separately identifiable assets, liabilities and contingent liabilities at the date of acquisition in accordance with IFRS 3 Business
Combinations. Goodwill is not amortised but reviewed for impairment at the first reporting period after acquisition and then annually thereafter. As
such it is stated at cost less any provision for impairment of value. Any impairment is recognised immediately in the consolidated income statement
and is not subsequently reversed.
On acquisition, any goodwill acquired is allocated to cash-generating units for the purpose of impairment testing. Where goodwill forms part of a
cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposal is included in the carrying
amount of the assets when determining the gain or loss on disposal. On acquisition any non-controlling interests where put options are in place are
recognised using the present access method where the Group assesses that the non-controlling shareholder has present access to the returns
associated with their equity interests.
\u201cPut\u201d options over the equity of subsidiary companies
The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial
liabilities. The amounts that may become payable under the option on exercise are initially recognised at the present value of the expected gross
obligation with the corresponding entry being recognised in retained earnings. Such options are subsequently measured using the effective interest
method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable. The present value
of the expected gross obligation is reassessed at the end of each reporting period and any changes are recorded in the income statement. In the
event that an option expires unexercised, the liability is derecognised with a corresponding adjustment to retained earnings.
Intangible assets
Intangible assets acquired separately are capitalised at cost and those acquired as part of a business combination are capitalised separately from
goodwill. The costs relating to internally generated intangible assets, principally software costs, are capitalised if the criteria for recognition as assets
are met. Other expenditure is charged in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at
cost less any accumulated amortisation and any accumulated impairment losses.
The useful lives of these intangible assets are assessed to be either finite or indefinite. Indefinite lived assets are not amortised and are subject to an
annual impairment review from the year of acquisition. Where amortisation is charged on assets with finite lives, this expense is taken to the
consolidated income statement through the \"operating expenses, depreciation and amortisation\" line item.
The useful lives applied to the Group\u2019s intangible assets are as follows:
Exclusive New Zealand licence
25\u2013year duration of licence
Other licences
Lower of 15 years, or duration of licence
Software \u2013 purchased & internally capitalised costs
2\u201315 years
Trademarks & brand names
10\u201325 years, or indefinite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each financial period end. Impairment testing is performed annually for intangible assets
which are not subject to systematic amortisation and where an indicator of impairment exists for all other intangible assets.
An intangible asset is derecognised on disposal, with any gain or loss arising (calculated as the difference between the net disposal proceeds and
the carrying amount of the item) included in the consolidated income statement in the year of disposal.
Pensions and other post-employment benefits
The Group\u2019s defined benefit pension plan holds assets separately from the Group. The pension cost relating to the plan is assessed in accordance
with the advice of independent qualified actuaries using the projected unit credit method.
Actuarial gains or losses are recognised in the consolidated statement of comprehensive income in the period in which they arise.
Any past service cost is recognised immediately. The retirement benefit asset recognised in the balance sheet represents the fair value of scheme
assets less the value of the defined benefit obligations.
There is a degree of estimation involved in predicting the ultimate benefits payable under defined benefit pension arrangements. The pension
scheme liabilities are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, mortality
rates and future pension increases. Due to the long-term nature of this plan, such estimates are subject to uncertainty. See Note 29 for details on
sensitivity analysis performed around these estimates.
In making these estimates and assumptions, management considers advice provided by external advisers, such as actuaries. Where actual
experience differs to these estimates, actuarial gains and losses are recognised directly in other comprehensive income. Refer to Note 29 for details
of the values of assets and obligations and key assumptions used. The Gala Coral Pension Plan has a net asset position when measured on an IAS
19 basis. Judgement is applied, based on legal, actuarial, and accounting guidance in IFRIC 14, regarding the amounts of net pension asset that is
recognised in the consolidated balance sheet. Further details are given in Note 29.
Although the Group anticipates that plan surplus will be utilised during the life of the plan to address member benefits, the Group recognises its
pension surplus in full on the basis that there are no substantive restrictions on the return of residual plan assets in the event of a winding up of the
plan after all member obligations have been met.
The Group\u2019s contributions to defined contribution scheme are charged to the consolidated income statement in the period to which the
contributions relate.
Investments in joint ventures
A joint venture is an entity in which the Group holds an interest on a long-term basis, and which is jointly controlled by the Group and one or more
other venturers under a contractual agreement.
Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control
the arrangement.
The Group\u2019s share of results of joint ventures is included in the Group consolidated income statement using the equity method of accounting.
Investments in joint ventures are carried in the Group consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net
assets of the entity less any impairment in value. The carrying value of investments in joint ventures includes acquired goodwill.
If the Group\u2019s share of losses in the joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further losses,
unless it has obligations to continue to provide financial support to the joint venture. Similarly if the dividends received from the joint venture are
greater than the cumulative share of gains recognised, the Group shall recognise this as deferred income.
Investments in associates
Associates are those businesses in which the Group has a long-term interest and is able to exercise significant influence over the financial and
operational policies but does not have control or joint control over those policies.
The Group\u2019s share of results of associates is included in the Group\u2019s consolidated income statement using the equity method of accounting.
Investments in associates are carried in the Group\u2019s consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net
assets of the entity less any impairment in value. The carrying value of investments in associates includes acquired goodwill. If the Group\u2019s share of
losses in the associate equals or exceed its investments in the associate, the Group does not recognise further losses, unless it has obligations to
continue to provide financial support to the associate.
Property, plant and equipment
Land is stated at cost less any impairment in value.
Buildings, plant and equipment are stated at cost less accumulated depreciation and any impairment in value.
Depreciation is applied using the straight-line method to specific classes of asset to reduce them to their residual value over their estimated useful
economic lives.
Land and building
Lower of 50 years, or estimated useful life of the building, or lease.
Indefinite lives are attached to any freehold land held and therefore it
is not depreciated.
Plant and equipment
3\u20135 years
Fixtures and fittings
3\u201310 years
Right-of-use (\u201cROU\u201d) assets arising under lease contracts are depreciated over the lease term (as defined in IFRS 16) being the period to the expiry
date of the lease, unless it is expected that a break clause will be exercised when the lease term is the period to the date of the break.
The carrying values of property, plant and equipment are reviewed for impairment where an indicator of impairment exists, being events or changes
in circumstances indicating that the carrying values may not be recoverable. If any such indication exists and where the carrying values exceed the
estimated recoverable amount, the assets or cash-generating units are written down to their recoverable amount.
The recoverable amount of property, plant and equipment is the greater of fair value less costs to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is
determined for the cash-generating unit to which the asset belongs.
An item of property, plant and equipment is derecognised upon disposal, with any gain or loss arising (calculated as the difference between the net
disposal proceeds and the carrying amount of the item) included in the consolidated income statement in the year of disposal.
Leases
The Group has applied IFRS 16 only to those contracts that were previously identified as a lease under IAS 17 Leases; any contracts not previously
identified as leases have not been reassessed for the purposes of adopting IFRS 16. Accordingly, the definition of a lease under IFRS 16 has only
been applied to contracts entered into on or after 1 January 2019.
Leases, other than those with a lease period of less than one year at inception, or where the original cost of the asset acquired would be a negligible
amount (see Note 21), are capitalised at inception at the present value of the minimum lease payments. Lease payments are apportioned between
the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance
charges are charged directly against income.
ROU assets are included within property, plant and equipment at cost and depreciated over their estimated useful lives, which normally equates to
the lives of the leases, after considering anticipated residual values.
ROU assets which are sub-leased to customers are classified as finance leases if the lease agreements transfer substantially all the risks and
rewards of usage to the lessee. All other sub-leases are classified as operating leases. When assets are subject to finance leases, the present value
of the sub-lease is recognised as a receivable, net of allowances for expected credit losses and the related ROU asset is derecognised. The difference
between the gross receivable and the present value of the receivable is recognised as unearned finance lease income.
Finance lease interest income is recognised over the term of the lease using the net investment method (before tax) so as to give a constant rate of
return on the net investment in sub-leases. Operating lease rental income is recognised on a straight-line basis over the life of the lease.
Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand, short-term deposits (including customer balances).
Financial assets
Financial assets are recognised when the Group becomes party to the contracts that give rise to them. The Group classifies financial assets at
inception as financial assets at amortised cost, financial assets at fair value through profit or loss or financial assets at fair value through other
comprehensive income.
Financial assets at amortised cost are recognised when the related business model\u2019s objective is to collect contractual cash flows which are solely
principal and interest. On initial recognition, financial assets at amortised cost are measured at fair value net of transaction costs.
Trade receivables are generally accounted for at amortised cost. Expected credit losses are recognised for financial assets recorded at amortised
cost, including trade receivables. Expected credit losses are calculated by using an appropriate probability of default, taking account of a range of
possible future scenarios and applying this to the estimated exposure of the Group at the point of default.
Financial assets at fair value through profit or loss include derivative financial instruments. Financial assets through profit or loss are measured
initially at fair value with transaction costs taken directly to the consolidated income statement. Subsequently, the fair values are remeasured, and
gains and losses are recognised in the consolidated income statement.
Financial assets at fair value through other comprehensive income comprise equity investments that are designated as such on acquisition. These
investments are measured initially at fair value. Subsequently, the fair values are remeasured, and gains and losses are recognised in the
consolidated statement of comprehensive income.
Financial liabilities
Financial liabilities comprise trade and other payables, interest-bearing loans and borrowings, contingent consideration, ante-post bets, guarantees
and derivative financial instruments. On initial recognition, financial liabilities are measured at fair value net of transaction costs where they are not
categorised as financial liabilities at fair value. Financial liabilities measured at fair value include contingent consideration, derivative financial
instruments and ante-post bets.
Financial liabilities at fair value are measured initially at fair value, with transaction costs taken directly to the consolidated income statement.
Subsequently, the fair values are remeasured and gains and losses from changes therein are recognised in the consolidated income statement.
Trade and other payables are held at amortised cost and include amounts due to clients representing customer deposits and winnings, which are
matched by an equal and opposite amount within cash and cash equivalents.
All interest-bearing loans and borrowings are initially recognised at fair value net of issue costs associated with the borrowing. After initial
recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method.
The Group has entered into financial guarantees where the Group guarantees payment in case of its joint venture defaulting on a debt. The Group
has reviewed and concluded that its arrangements meet the accounting definition of a financial instrument under IFRS 9 Financial Instruments. The
Group has elected to apply IFRS 9 Financial Instruments (rather than IFRS 17 Insurance Contracts) to all currently issued financial guarantees.
All financial liabilities are recorded as cash flows from financing activities.
Derecognition of financial assets and liabilities
Financial assets are derecognised when the right to receive cash flows from the assets has expired or when the Group has transferred its contractual
right to receive the cash flows from the financial assets or has assumed an obligation to pay the received cash flows in full without material delay to
a third party, and either:
4 substantially all the risks and rewards of ownership have been transferred; or
4 substantially all the risks and rewards have neither been retained nor transferred but control is not retained.
Financial liabilities are derecognised when the obligation is discharged, cancelled or expires.
Derivative financial instruments
The Group uses derivative financial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to hedge its risks
associated with interest rate and foreign currency fluctuations. Derivative financial instruments are recognised initially and subsequently at fair value.
The gains or losses on re-measurement are taken to the consolidated income statement.
Derivative financial instruments are classified as assets where their fair value is positive, or as liabilities where their fair value is negative. Derivative
assets and liabilities arising from different transactions are only offset if the transactions are with the same counterparty, a legal right of offset exists,
and the parties intend to settle the cash flows on a net basis.
Foreign currency translation
The presentational currency of Entain plc and the functional currencies of its UK subsidiaries is Pounds Sterling (\u00a3).
Other than Sterling the main functional currencies of subsidiaries are the Euro (\u20ac), the US Dollar ($), the Australian Dollar (AU$) and the New Zealand
Dollar (NZD). At the reporting date, the assets and liabilities of non-sterling subsidiaries are translated into Pounds Sterling (\u00a3) at the rate of exchange
ruling at the balance sheet date and their cash flows are translated at the weighted average exchange rates for the year. The post-tax exchange
differences arising on the retranslation are taken directly to other comprehensive income.
Transactions in foreign currencies are initially recorded in the subsidiary\u2019s functional currency and translated at the foreign currency rate ruling at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the foreign currency rate of exchange
ruling at the balance sheet date.
All foreign currency translation differences are taken to the consolidated income statement. Non-monetary items that are measured at historical cost
in a foreign currency are translated using the exchange rate at the date of the initial transaction. Non-monetary items measured at fair value in a
foreign currency are translated using the exchange rate at the date when the fair value was determined.
On disposal of a foreign entity, the deferred cumulative retranslation differences previously recognised in equity relating to that particular foreign
entity are recognised in the consolidated income statement as part of the profit or loss on disposal.
The following exchange rates were used in 2025 and 2024:
2025
2024
Currency
Average
Year end
Average
Year end
Euro (\u20ac)
1.168
1.146
1.179
1.206
US Dollar ($)
1.320
1.347
1.281
1.259
Australian Dollar (AU$)
2.048
2.016
1.931
2.014
NZ Dollars (NZD)
2.273
2.337
2.103
2.221
Income tax
Deferred tax is provided on all temporary differences at the balance sheet date, between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes except:
4 on the initial recognition of goodwill;
4 where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither the accounting profit nor the tax profit;
4 associated with investments in subsidiaries, joint ventures and associates, where the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and
4 where deferred tax assets or liabilities arise related to the global minimum level of taxation for multinational groups (\u201cPillar Two\u201d), in accordance
with the mandatory temporary recognition exception.
Deferred tax assets are recognised for all deductible temporary differences and carry forward of unused tax assets and unused tax losses, to the
extent that it is probable that taxable profit will be available against which the deductible temporary differences and carry forward of unused tax
assets and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Deferred
tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled,
based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax balances are
not discounted.
Income tax expenses are recognised within profit or loss except to the extent that they relate to items recognised in other comprehensive income or
directly in equity, in which case they are recognised in other comprehensive income or directly in equity.
Revenues, expenses and assets are recognised net of the amount of sales tax except:
4 where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax is
recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
4 receivables and payables are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated
balance sheet.
Accounting for uncertain tax positions
The Group is subject to various forms of tax in a number of jurisdictions. Given the nature of the industry within which the Group operates, the tax
and regulatory regimes are continuously changing and, as such, the Group is exposed to a small number of uncertain tax positions. Judgement is
applied to adequately provide for uncertain tax positions where it is believed that it is more likely than not that an economic outflow will arise. In
particular, judgement has been applied in the Group\u2019s accounting for Greek tax and further disclosure is given in Note 31.
Equity instruments and dividends
Equity instruments issued by the Company are recorded at the fair value of proceeds received net of direct issue costs.
Final dividends proposed by the Board of Directors and unpaid at the year end are not recognised in the financial statements until they have been
approved by shareholders at the Annual General Meeting. Interim dividends are recognised when paid.
Revenue
The Group reports the gains and losses on all betting and gaming activities as revenue, which is measured at the fair value of the consideration
received or receivable from customers less free bets, promotions, bonuses and other fair value adjustments. Revenue is net of VAT/GST. The Group
considers betting and gaming revenue to be out of the scope of IFRS 15 Revenue, and accounts for those revenues within the scope of IFRS 9
Financial Instruments.
For Licensed Betting Offices (\u201c LBOs\u201d), on course betting, Core Telephone Betting, mobile betting and Digital businesses (including Sportsbook,
betting exchange, casino, games, other number bets), revenue represents gains and losses, being the amounts staked and fees received, less total
payouts recognised on the settlement of the sporting event or casino gaming machine roulette or slots spin. Open betting positions (\u201cante-post\u201d) are
carried at fair value and gains and losses arising on these positions are recognised in revenue. See Note 25 for details of ante-post positions at the
year end.
The following forms of revenue, which are not significant in the context of Group revenue, are accounted for within the scope of IFRS 15 Revenue.
Revenue from the online poker business reflects the net income (rake) earned from poker hands completed by the year end.
The group also partners with external parties and records B2B revenue relating to betting and gaming activities for which the Group doesn\u2019t control
the business or player related services, with agreements covering sports betting, gaming and poker revenues. Affiliate commission income is also
recorded as income relating to the services the Group provides to external parties. In the case of the revenue relating to venues such as greyhound
stadia, revenue represents income arising from broadcasting rights, admission fees and sales of refreshments, net of VAT. Given the nature of these
revenue streams they are not considered to be subject to judgement over the performance obligations, amount received or timing of recognition.
Cost of sales
Cost of sales consists primarily of gaming duties, payment processing fees, chargebacks, revenue share payments relating to commission and
royalties payable to third parties, all of which are recognised on an accruals basis. The Group has reviewed and concluded that its revenue share
contracts meet the accounting definition of principal arrangements under IFRS 15 Revenue from Contracts with Customers.
Finance expense and income
Finance expense and income arising on interest-bearing financial instruments carried at amortised cost are recognised in the consolidated income
statement using the effective interest rate method. Finance expense includes the amortisation of fees that are an integral part of the effective finance
cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the
redemption price. All finance expenses are recognised over the availability period.
Share-based payment transactions
Certain employees (including Directors) of the Group receive remuneration in the form of equity settled share-based payment transactions, whereby
employees render services in exchange for shares or rights over shares (equity settled transactions).
The cost of equity settled transactions is measured by reference to the fair value at the date on which they are granted, further details of which are
given in Note 30. In valuing equity settled transactions, no account is taken of any performance conditions, other than conditions linked to the price of
the shares of Entain plc (market conditions).
The cost of equity settled transactions is recognised in the consolidated income statement, with a corresponding credit in equity, over the period in
which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (vesting date).
The cumulative expense recognised for equity settled transactions at each reporting date until the vesting date reflects the extent to which the
vesting period has expired and the number of awards that, in the opinion of the Directors of the Group at that date, based on the best available
estimate of the number of equity instruments, will ultimately vest.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are
treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance conditions are satisfied.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share as shown in Note 12.
4.4 Future accounting developments
The International Accounting Standards Board (\u201cIASB\u201d) has issued the following new or revised standards with an effective date for financial periods
beginning on or after the dates disclosed below. These standards have not yet been adopted by the Group. The IASB has also issued a number of
minor amendments to standards as part of their Annual Improvements to IFRS.
The Group is currently assessing the impact of the revised presentation and disclosure requirements for financial statements from IFRS 18. It is not
anticipated that any of the other below unadopted new standards will have a material impact on the Group\u2019s results or financial position.
IFRS 7
Financial Instruments: Disclosures
Amendments to the classification and measurement of
1 January 2026
financial instruments
IFRS 9
Financial Instruments
IFRS 10
Consolidated Financial Statements
Amendments regarding the sale or contribution of assets
1 January 2026
between an investor and its associate or joint venture
IFRS 1
First-time adoption of International Financial Annual improvements to IFRS Accounting Standards 1 January 2026
Reporting Standards Volume 11. These amendments, clarifications,
IFRS 7
Financial Instruments: Disclosures simplifications, corrections and changes aimed at improving
IFRS 9
Financial Instruments the consistency of several IFRS Accounting Standards.
IFRS 10
Consolidated Financial Statements
IAS 7
Statement of Cash flows
IFRS 18
Presentation and Disclosure in Financial
New accounting standard
1 January 2027
Statements
IFRS 19
Subsidiaries without Public Accountability
New accounting standard
1 January 2027
IAS 21
The Effects of Changes in Foreign Exchange Amendments regarding the translation of foreign operations 1 January 2027
Rates from a non-hyperinflationary functional currency into a
hyperinflationary presentation currency
IAS 28
Investments in Associates and Joint Ventures
IFRS S1
General Requirements for Disclosure of General Requirements for Disclosure of Sustainability Awaiting UK
Sustainability-related Financial Information related Financial Information and Climate-related endorsement
IFRS S2
Climate-related Disclosures Disclosures
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "1 Corporate information Entain plc (\u201cthe Company\u201d) is a company incorporated and domiciled in the Isle of Man on 5 January 2010 whose shares are traded publicly on the London Stock Exchange. The principal activities of the Company and its subsidiaries (\u201cthe Group\u201d) are described in the Strategic Report. The consolidated financial statements of the Group for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Directors on 5 March 2026. The nature of the Group\u2019s operations and its principal activities are set out in Note 5. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Entain plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Isle of Man", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "Isle of Man", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "2 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies to the European Union and in accordance with the requirements of the Isle of Man Companies Act 2006 applicable to companies reporting under IFRSs. The accounting policies set out in this section as detailed have been applied consistently year-on-year other than for the changes in accounting policies set out in Note 3. The consolidated financial statements are presented in Pounds Sterling (\u00a3). All values are in millions (\u00a3m) rounded to one decimal place except where otherwise indicated. The separately disclosed items have been included within the appropriate classifications in the consolidated income statement. Further details are given in Note 6. Going concern In adopting the going concern basis of preparation in the financial statements, the Directors have undertaken a robust assessment of the Group\u2019s ability to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements (the \u201cgoing concern assessment period\u201d). The assessment has considered the Group\u2019s current trading performance, financial position and principal risks and uncertainties. For the year ended 31 December 2025, the Group reported a statutory loss after tax of \u00a3681m. This loss primarily reflects non-cash impairment charges, fair value movements and amortisation of acquired intangibles, and does not impact the Group\u2019s underlying cash generation. The Directors have considered the nature of this loss as part of their going concern assessment. As at 31 December 2025, the Group had gross borrowings of \u00a33,673m and adjusted net debt of \u00a33,644m. The Group\u2019s debt facilities comprise term loans, senior secured notes and a revolving credit facility, with maturities extending to 2032. During the going concern assessment period, no material debt maturities arise. The Group had available liquidity of \u00a3964m at 31 December 2025, comprising cash and cash equivalents of \u00a3554m (which includes \u00a3204m restricted in respect of customers) and undrawn committed facilities of \u00a3410m. The Directors have reviewed detailed financial projections covering the going concern assessment period, based on the Board-approved budget for 2026 and the three-year strategic plan. These forecasts incorporate assumptions regarding revenue, operating margins, working capital and capital expenditure, taking account of current trading performance. As part of their assessment, the Directors have considered severe but plausible downside scenarios, consistent with those described in the Viability Statement. These scenarios include, impact to our technology platform, exposure to litigations, further gaming duties and licensing conditions and severe data privacy or cybersecurity incidents. Under these downside scenarios, appropriate mitigating actions within management\u2019s control have been modelled, including reductions in discretionary expenditure and capital investment. The Directors have also assessed compliance with the financial covenants associated with the Group\u2019s borrowing facilities throughout the going concern assessment period. Under both the base case and severe but plausible downside scenarios, the Group maintains adequate liquidity and covenant headroom. Having considered the Group\u2019s forecast cash flows, available liquidity, debt maturity profile and covenant compliance, the Directors have a reasonable expectation that the Group and the Company will have adequate resources to continue in operational existence for the going concern assessment period. Accordingly, the Directors consider it appropriate to adopt the going concern basis of preparation in the financial statements. The Directors do not consider that there are any material uncertainties related to events or conditions that may cast significant doubt on the Group\u2019s or the Company\u2019s ability to continue as a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies to the European Union and in accordance with the requirements of the Isle of Man Companies Act 2006 applicable to companies reporting under IFRSs. The accounting policies set out in this section as detailed have been applied consistently year-on-year other than for the changes in accounting policies set out in Note 3. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "Going concern In adopting the going concern basis of preparation in the financial statements, the Directors have undertaken a robust assessment of the Group\u2019s ability to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements (the \u201cgoing concern assessment period\u201d). The assessment has considered the Group\u2019s current trading performance, financial position and principal risks and uncertainties. For the year ended 31 December 2025, the Group reported a statutory loss after tax of \u00a3681m. This loss primarily reflects non-cash impairment charges, fair value movements and amortisation of acquired intangibles, and does not impact the Group\u2019s underlying cash generation. The Directors have considered the nature of this loss as part of their going concern assessment. As at 31 December 2025, the Group had gross borrowings of \u00a33,673m and adjusted net debt of \u00a33,644m. The Group\u2019s debt facilities comprise term loans, senior secured notes and a revolving credit facility, with maturities extending to 2032. During the going concern assessment period, no material debt maturities arise. The Group had available liquidity of \u00a3964m at 31 December 2025, comprising cash and cash equivalents of \u00a3554m (which includes \u00a3204m restricted in respect of customers) and undrawn committed facilities of \u00a3410m. The Directors have reviewed detailed financial projections covering the going concern assessment period, based on the Board-approved budget for 2026 and the three-year strategic plan. These forecasts incorporate assumptions regarding revenue, operating margins, working capital and capital expenditure, taking account of current trading performance. As part of their assessment, the Directors have considered severe but plausible downside scenarios, consistent with those described in the Viability Statement. These scenarios include, impact to our technology platform, exposure to litigations, further gaming duties and licensing conditions and severe data privacy or cybersecurity incidents. Under these downside scenarios, appropriate mitigating actions within management\u2019s control have been modelled, including reductions in discretionary expenditure and capital investment. The Directors have also assessed compliance with the financial covenants associated with the Group\u2019s borrowing facilities throughout the going concern assessment period. Under both the base case and severe but plausible downside scenarios, the Group maintains adequate liquidity and covenant headroom. Having considered the Group\u2019s forecast cash flows, available liquidity, debt maturity profile and covenant compliance, the Directors have a reasonable expectation that the Group and the Company will have adequate resources to continue in operational existence for the going concern assessment period. Accordingly, the Directors consider it appropriate to adopt the going concern basis of preparation in the financial statements. The Directors do not consider that there are any material uncertainties related to events or conditions that may cast significant doubt on the Group\u2019s or the Company\u2019s ability to continue as a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "3 Changes in accounting policies From 1 January 2025, the Group has applied, for the first time, certain standards, interpretations and amendments. The adoption of the following standards and amendments to standards did not have a material impact on the current period or any prior period upon transition: 4 IAS 21 The Effects of Changes in Foreign Exchange Rates, Lack of Exchangeability. 4.4 Future accounting developments The International Accounting Standards Board (\u201cIASB\u201d) has issued the following new or revised standards with an effective date for financial periods beginning on or after the dates disclosed below. These standards have not yet been adopted by the Group. The IASB has also issued a number of minor amendments to standards as part of their Annual Improvements to IFRS. The Group is currently assessing the impact of the revised presentation and disclosure requirements for financial statements from IFRS 18. It is not anticipated that any of the other below unadopted new standards will have a material impact on the Group\u2019s results or financial position.
IFRS 7
Financial Instruments: Disclosures
Amendments to the classification and measurement of
1 January 2026
financial instruments
IFRS 9
Financial Instruments
IFRS 10
Consolidated Financial Statements
Amendments regarding the sale or contribution of assets
1 January 2026
between an investor and its associate or joint venture
IFRS 1
First-time adoption of International Financial Annual improvements to IFRS Accounting Standards 1 January 2026
Reporting Standards Volume 11. These amendments, clarifications,
IFRS 7
Financial Instruments: Disclosures simplifications, corrections and changes aimed at improving
IFRS 9
Financial Instruments the consistency of several IFRS Accounting Standards.
IFRS 10
Consolidated Financial Statements
IAS 7
Statement of Cash flows
IFRS 18
Presentation and Disclosure in Financial
New accounting standard
1 January 2027
Statements
IFRS 19
Subsidiaries without Public Accountability
New accounting standard
1 January 2027
IAS 21
The Effects of Changes in Foreign Exchange Amendments regarding the translation of foreign operations 1 January 2027
Rates from a non-hyperinflationary functional currency into a
hyperinflationary presentation currency
IAS 28
Investments in Associates and Joint Ventures
IFRS S1
General Requirements for Disclosure of General Requirements for Disclosure of Sustainability Awaiting UK
Sustainability-related Financial Information related Financial Information and Climate-related endorsement
IFRS S2
Climate-related Disclosures Disclosures
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "From 1 January 2025, the Group has applied, for the first time, certain standards, interpretations and amendments. The adoption of the following standards and amendments to standards did not have a material impact on the current period or any prior period upon transition: 4 IAS 21 The Effects of Changes in Foreign Exchange Rates, Lack of Exchangeability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "4.1 Basis of consolidation The consolidated financial statements comprise the financial statements of the Group at 31 December each year. The consolidation has been performed using the results to 31 December for all subsidiaries, using consistent accounting policies. With the exception of a small number of immaterial subsidiaries, the financial statements of those subsidiaries are prepared to 31 December. Control is achieved where the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect these returns through its power over the investee. All intragroup transactions, balances, income and expenses are eliminated on consolidation. Subsidiaries are consolidated, using the acquisition method of accounting, from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred from the Group. On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at fair value at the date of acquisition. Any excess of the cost of acquisition over the fair values of the separately identifiable net assets acquired is recognised as goodwill. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-544": { "value": "4.2 Critical accounting estimates and judgements The preparation of financial information requires the use of assumptions, estimates and judgements about future conditions. Use of available information and application of judgement are inherent in the formation of estimates. Actual results in the future may differ from those reported. Judgements Management believes that the areas where judgement has been applied are: 4 separately disclosed items (Note 6); and 4 contingent liabilities (Note 31). Separately disclosed items To assist in understanding the underlying performance of the Group, management applies judgement to identify those items that are deemed to warrant separate disclosure due to either their nature or size. Whilst not limited to, the following items of pre-tax income and expense are generally disclosed separately: 4 amortisation of acquired intangibles resulting from IFRS 3 \u201cBusiness Combinations\u201d fair value exercises; 4 profits or losses on disposal, closure, or impairment of non-current assets or businesses; 4 corporate transaction and restructuring costs; 4 certain legal, regulatory and tax litigation; 4 changes in the fair value of contingent consideration; and 4 the related tax effect of these items. Any other non-recurring items are considered individually for classification as separately disclosed by virtue of their nature or size. The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis, together with an understanding of the effect of non-recurring or large individual transactions upon the overall profitability of the Group. The separately disclosed items have been included within the appropriate classifications in the consolidated income statement. During 2025 the Group separately disclosed a net charge on continuing operations before tax of \u00a31,064.0m. Further details are given in Note 6. Estimates Included within the financial statements are a number of areas where estimation is required. Management believes that the areas most notable where estimates have been applied are: 4 contingent consideration (Note 25); 4 impairment (Note 14); and 4 provisions (Note 23). ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "4.2 Critical accounting estimates and judgements The preparation of financial information requires the use of assumptions, estimates and judgements about future conditions. Use of available information and application of judgement are inherent in the formation of estimates. Actual results in the future may differ from those reported. Judgements Management believes that the areas where judgement has been applied are: 4 separately disclosed items (Note 6); and 4 contingent liabilities (Note 31). Separately disclosed items To assist in understanding the underlying performance of the Group, management applies judgement to identify those items that are deemed to warrant separate disclosure due to either their nature or size. Whilst not limited to, the following items of pre-tax income and expense are generally disclosed separately: 4 amortisation of acquired intangibles resulting from IFRS 3 \u201cBusiness Combinations\u201d fair value exercises; 4 profits or losses on disposal, closure, or impairment of non-current assets or businesses; 4 corporate transaction and restructuring costs; 4 certain legal, regulatory and tax litigation; 4 changes in the fair value of contingent consideration; and 4 the related tax effect of these items. Any other non-recurring items are considered individually for classification as separately disclosed by virtue of their nature or size. The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis, together with an understanding of the effect of non-recurring or large individual transactions upon the overall profitability of the Group. The separately disclosed items have been included within the appropriate classifications in the consolidated income statement. During 2025 the Group separately disclosed a net charge on continuing operations before tax of \u00a31,064.0m. Further details are given in Note 6. Contingent liabilities In the assessment of contingent liabilities, certain judgements are required to assess whether disclosure or provision is needed. If the criteria for recognising a provision are not met, but the outflow of resources with economic benefits is not remote, such obligations are disclosed in the notes to the consolidated financial statements as contingent liabilities (see Note 31). Contingent liabilities are only recognised as a provision if the obligations are more certain, i.e. the outflow of resources with economic benefits has become probable and their amount can be reliably estimated. Estimates Included within the financial statements are a number of areas where estimation is required. Management believes that the areas most notable where estimates have been applied are: 4 contingent consideration (Note 25); 4 impairment (Note 14); and 4 provisions (Note 23). Contingent consideration In the recognition of fair value of contingent consideration in business combinations and reassessment at each reporting date, management uses estimates in the inputs and assumptions based on the latest financial forecasts and other relevant information for the businesses acquired. Specifically, for the TAB NZ acquisition, the key estimates the Group has used are the post-tax discount rate and projected profit growth rates for the forecast period. Further details are given in Note 25. Impairment On acquisition, any goodwill acquired is allocated to cash-generating units for the purpose of impairment testing. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposal is included in the carrying amount of the assets when determining the gain or loss on disposal. An impairment review is performed for goodwill and other indefinite life assets on at least an annual basis. For all other non-current assets an impairment review is performed where there are indicators of impairment. This requires an estimation of the recoverable amount which is the higher of an asset\u2019s fair value less costs to sell and its value in use. Estimating a value in use amount requires management to make an estimate of the expected future cash flows from each cash-generating unit and to discount cash flows by a suitable discount rate in order to calculate the present value of those cashflows. Estimating an asset\u2019s fair value less costs to sell is determined using future cash flow and profit projections as well as industry observed multiples and publicly observed share prices for similar betting and gaming companies. See Note 14 for details on sensitivity analysis performed around these estimates. Impairment losses are recognised in the consolidated income statement and during the current year, the Group has recognised an impairment charge of \u00a3586.8m primarily against the Group\u2019s UK, Belgium and Republic of Ireland businesses. See Note 14 for further details. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance expense. Specifically, the key estimate for the Group relate to the expected civil penalty liability from the AUSTRAC proceedings. See Note 23 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-562": { "value": "Separately disclosed items To assist in understanding the underlying performance of the Group, management applies judgement to identify those items that are deemed to warrant separate disclosure due to either their nature or size. Whilst not limited to, the following items of pre-tax income and expense are generally disclosed separately: 4 amortisation of acquired intangibles resulting from IFRS 3 \u201cBusiness Combinations\u201d fair value exercises; 4 profits or losses on disposal, closure, or impairment of non-current assets or businesses; 4 corporate transaction and restructuring costs; 4 certain legal, regulatory and tax litigation; 4 changes in the fair value of contingent consideration; and 4 the related tax effect of these items. Any other non-recurring items are considered individually for classification as separately disclosed by virtue of their nature or size. The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis, together with an understanding of the effect of non-recurring or large individual transactions upon the overall profitability of the Group. The separately disclosed items have been included within the appropriate classifications in the consolidated income statement. During 2025 the Group separately disclosed a net charge on continuing operations before tax of \u00a31,064.0m. Further details are given in Note 6. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "Contingent liabilities In the assessment of contingent liabilities, certain judgements are required to assess whether disclosure or provision is needed. If the criteria for recognising a provision are not met, but the outflow of resources with economic benefits is not remote, such obligations are disclosed in the notes to the consolidated financial statements as contingent liabilities (see Note 31). Contingent liabilities are only recognised as a provision if the obligations are more certain, i.e. the outflow of resources with economic benefits has become probable and their amount can be reliably estimated. Contingent consideration In the recognition of fair value of contingent consideration in business combinations and reassessment at each reporting date, management uses estimates in the inputs and assumptions based on the latest financial forecasts and other relevant information for the businesses acquired. Specifically, for the TAB NZ acquisition, the key estimates the Group has used are the post-tax discount rate and projected profit growth rates for the forecast period. Further details are given in Note 25. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "Impairment On acquisition, any goodwill acquired is allocated to cash-generating units for the purpose of impairment testing. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposal is included in the carrying amount of the assets when determining the gain or loss on disposal. An impairment review is performed for goodwill and other indefinite life assets on at least an annual basis. For all other non-current assets an impairment review is performed where there are indicators of impairment. This requires an estimation of the recoverable amount which is the higher of an asset\u2019s fair value less costs to sell and its value in use. Estimating a value in use amount requires management to make an estimate of the expected future cash flows from each cash-generating unit and to discount cash flows by a suitable discount rate in order to calculate the present value of those cashflows. Estimating an asset\u2019s fair value less costs to sell is determined using future cash flow and profit projections as well as industry observed multiples and publicly observed share prices for similar betting and gaming companies. See Note 14 for details on sensitivity analysis performed around these estimates. Impairment losses are recognised in the consolidated income statement and during the current year, the Group has recognised an impairment charge of \u00a3586.8m primarily against the Group\u2019s UK, Belgium and Republic of Ireland businesses. See Note 14 for further details. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "Business combinations For business combinations, the Group estimates the fair value of the consideration transferred, which can include assumptions about the future business performance of the business acquired and an appropriate discount rate to determine the fair value of any contingent consideration. The Group then estimates the fair value of assets acquired and liabilities assumed in the business combination. The area of most notable estimation within the fair value exercise relates to separately identifiable intangible assets including brands, customer lists and licences. These estimates also require inputs and assumptions to be applied within the relief from royalty calculation of fair values with the more significant assumptions relating to future earnings, customer attrition rates and discount rates. The Group engages external experts to support the valuation process, where appropriate. IFRS 3 \"Business Combinations\" allows the Group to recognise provisional fair values if the initial accounting for the business combination is incomplete. The fair value of contingent consideration recognised in business combinations is reassessed at each reporting date, using updated inputs and assumptions based on the latest financial forecasts and other relevant information for the businesses acquired. Fair value movements and the unwinding of the discounting is recognised within the income statement as a separately disclosed item. See Note 6 for further details. Goodwill on acquisition is initially measured at cost, being the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the separately identifiable assets, liabilities and contingent liabilities at the date of acquisition in accordance with IFRS 3 Business Combinations. Goodwill is not amortised but reviewed for impairment at the first reporting period after acquisition and then annually thereafter. As such it is stated at cost less any provision for impairment of value. Any impairment is recognised immediately in the consolidated income statement and is not subsequently reversed. On acquisition, any goodwill acquired is allocated to cash-generating units for the purpose of impairment testing. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposal is included in the carrying amount of the assets when determining the gain or loss on disposal. On acquisition any non-controlling interests where put options are in place are recognised using the present access method where the Group assesses that the non-controlling shareholder has present access to the returns associated with their equity interests. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "\u201cPut\u201d options over the equity of subsidiary companies The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amounts that may become payable under the option on exercise are initially recognised at the present value of the expected gross obligation with the corresponding entry being recognised in retained earnings. Such options are subsequently measured using the effective interest method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable. The present value of the expected gross obligation is reassessed at the end of each reporting period and any changes are recorded in the income statement. In the event that an option expires unexercised, the liability is derecognised with a corresponding adjustment to retained earnings. Financial liabilities Financial liabilities comprise trade and other payables, interest-bearing loans and borrowings, contingent consideration, ante-post bets, guarantees and derivative financial instruments. On initial recognition, financial liabilities are measured at fair value net of transaction costs where they are not categorised as financial liabilities at fair value. Financial liabilities measured at fair value include contingent consideration, derivative financial instruments and ante-post bets. Financial liabilities at fair value are measured initially at fair value, with transaction costs taken directly to the consolidated income statement. Subsequently, the fair values are remeasured and gains and losses from changes therein are recognised in the consolidated income statement. Trade and other payables are held at amortised cost and include amounts due to clients representing customer deposits and winnings, which are matched by an equal and opposite amount within cash and cash equivalents. All interest-bearing loans and borrowings are initially recognised at fair value net of issue costs associated with the borrowing. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. The Group has entered into financial guarantees where the Group guarantees payment in case of its joint venture defaulting on a debt. The Group has reviewed and concluded that its arrangements meet the accounting definition of a financial instrument under IFRS 9 Financial Instruments. The Group has elected to apply IFRS 9 Financial Instruments (rather than IFRS 17 Insurance Contracts) to all currently issued financial guarantees. All financial liabilities are recorded as cash flows from financing activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-545": { "value": "Intangible assets Intangible assets acquired separately are capitalised at cost and those acquired as part of a business combination are capitalised separately from goodwill. The costs relating to internally generated intangible assets, principally software costs, are capitalised if the criteria for recognition as assets are met. Other expenditure is charged in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of these intangible assets are assessed to be either finite or indefinite. Indefinite lived assets are not amortised and are subject to an annual impairment review from the year of acquisition. Where amortisation is charged on assets with finite lives, this expense is taken to the consolidated income statement through the \"operating expenses, depreciation and amortisation\" line item. The useful lives applied to the Group\u2019s intangible assets are as follows:
Exclusive New Zealand licence
25\u2013year duration of licence
Other licences
Lower of 15 years, or duration of licence
Software \u2013 purchased & internally capitalised costs
2\u201315 years
Trademarks & brand names
10\u201325 years, or indefinite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each financial period end. Impairment testing is performed annually for intangible assets which are not subject to systematic amortisation and where an indicator of impairment exists for all other intangible assets. An intangible asset is derecognised on disposal, with any gain or loss arising (calculated as the difference between the net disposal proceeds and the carrying amount of the item) included in the consolidated income statement in the year of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "Intangible assets Intangible assets acquired separately are capitalised at cost and those acquired as part of a business combination are capitalised separately from goodwill. The costs relating to internally generated intangible assets, principally software costs, are capitalised if the criteria for recognition as assets are met. Other expenditure is charged in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of these intangible assets are assessed to be either finite or indefinite. Indefinite lived assets are not amortised and are subject to an annual impairment review from the year of acquisition. Where amortisation is charged on assets with finite lives, this expense is taken to the consolidated income statement through the \"operating expenses, depreciation and amortisation\" line item. The useful lives applied to the Group\u2019s intangible assets are as follows:
Exclusive New Zealand licence
25\u2013year duration of licence
Other licences
Lower of 15 years, or duration of licence
Software \u2013 purchased & internally capitalised costs
2\u201315 years
Trademarks & brand names
10\u201325 years, or indefinite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each financial period end. Impairment testing is performed annually for intangible assets which are not subject to systematic amortisation and where an indicator of impairment exists for all other intangible assets. An intangible asset is derecognised on disposal, with any gain or loss arising (calculated as the difference between the net disposal proceeds and the carrying amount of the item) included in the consolidated income statement in the year of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "Intangible assets Intangible assets acquired separately are capitalised at cost and those acquired as part of a business combination are capitalised separately from goodwill. The costs relating to internally generated intangible assets, principally software costs, are capitalised if the criteria for recognition as assets are met. Other expenditure is charged in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of these intangible assets are assessed to be either finite or indefinite. Indefinite lived assets are not amortised and are subject to an annual impairment review from the year of acquisition. Where amortisation is charged on assets with finite lives, this expense is taken to the consolidated income statement through the \"operating expenses, depreciation and amortisation\" line item. The useful lives applied to the Group\u2019s intangible assets are as follows:
Exclusive New Zealand licence
25\u2013year duration of licence
Other licences
Lower of 15 years, or duration of licence
Software \u2013 purchased & internally capitalised costs
2\u201315 years
Trademarks & brand names
10\u201325 years, or indefinite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each financial period end. Impairment testing is performed annually for intangible assets which are not subject to systematic amortisation and where an indicator of impairment exists for all other intangible assets. An intangible asset is derecognised on disposal, with any gain or loss arising (calculated as the difference between the net disposal proceeds and the carrying amount of the item) included in the consolidated income statement in the year of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "Pensions and other post-employment benefits The Group\u2019s defined benefit pension plan holds assets separately from the Group. The pension cost relating to the plan is assessed in accordance with the advice of independent qualified actuaries using the projected unit credit method. Actuarial gains or losses are recognised in the consolidated statement of comprehensive income in the period in which they arise. Any past service cost is recognised immediately. The retirement benefit asset recognised in the balance sheet represents the fair value of scheme assets less the value of the defined benefit obligations. There is a degree of estimation involved in predicting the ultimate benefits payable under defined benefit pension arrangements. The pension scheme liabilities are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, mortality rates and future pension increases. Due to the long-term nature of this plan, such estimates are subject to uncertainty. See Note 29 for details on sensitivity analysis performed around these estimates. In making these estimates and assumptions, management considers advice provided by external advisers, such as actuaries. Where actual experience differs to these estimates, actuarial gains and losses are recognised directly in other comprehensive income. Refer to Note 29 for details of the values of assets and obligations and key assumptions used. The Gala Coral Pension Plan has a net asset position when measured on an IAS 19 basis. Judgement is applied, based on legal, actuarial, and accounting guidance in IFRIC 14, regarding the amounts of net pension asset that is recognised in the consolidated balance sheet. Further details are given in Note 29. Although the Group anticipates that plan surplus will be utilised during the life of the plan to address member benefits, the Group recognises its pension surplus in full on the basis that there are no substantive restrictions on the return of residual plan assets in the event of a winding up of the plan after all member obligations have been met. The Group\u2019s contributions to defined contribution scheme are charged to the consolidated income statement in the period to which the contributions relate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "Investments in joint ventures A joint venture is an entity in which the Group holds an interest on a long-term basis, and which is jointly controlled by the Group and one or more other venturers under a contractual agreement. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. The Group\u2019s share of results of joint ventures is included in the Group consolidated income statement using the equity method of accounting. Investments in joint ventures are carried in the Group consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity less any impairment in value. The carrying value of investments in joint ventures includes acquired goodwill. If the Group\u2019s share of losses in the joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further losses, unless it has obligations to continue to provide financial support to the joint venture. Similarly if the dividends received from the joint venture are greater than the cumulative share of gains recognised, the Group shall recognise this as deferred income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "Investments in joint ventures A joint venture is an entity in which the Group holds an interest on a long-term basis, and which is jointly controlled by the Group and one or more other venturers under a contractual agreement. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. The Group\u2019s share of results of joint ventures is included in the Group consolidated income statement using the equity method of accounting. Investments in joint ventures are carried in the Group consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity less any impairment in value. The carrying value of investments in joint ventures includes acquired goodwill. If the Group\u2019s share of losses in the joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further losses, unless it has obligations to continue to provide financial support to the joint venture. Similarly if the dividends received from the joint venture are greater than the cumulative share of gains recognised, the Group shall recognise this as deferred income. Investments in associates Associates are those businesses in which the Group has a long-term interest and is able to exercise significant influence over the financial and operational policies but does not have control or joint control over those policies. The Group\u2019s share of results of associates is included in the Group\u2019s consolidated income statement using the equity method of accounting. Investments in associates are carried in the Group\u2019s consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity less any impairment in value. The carrying value of investments in associates includes acquired goodwill. If the Group\u2019s share of losses in the associate equals or exceed its investments in the associate, the Group does not recognise further losses, unless it has obligations to continue to provide financial support to the associate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "Investments in associates Associates are those businesses in which the Group has a long-term interest and is able to exercise significant influence over the financial and operational policies but does not have control or joint control over those policies. The Group\u2019s share of results of associates is included in the Group\u2019s consolidated income statement using the equity method of accounting. Investments in associates are carried in the Group\u2019s consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity less any impairment in value. The carrying value of investments in associates includes acquired goodwill. If the Group\u2019s share of losses in the associate equals or exceed its investments in the associate, the Group does not recognise further losses, unless it has obligations to continue to provide financial support to the associate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "Property, plant and equipment Land is stated at cost less any impairment in value. Buildings, plant and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is applied using the straight-line method to specific classes of asset to reduce them to their residual value over their estimated useful economic lives.
Land and building
Lower of 50 years, or estimated useful life of the building, or lease.
Indefinite lives are attached to any freehold land held and therefore it
is not depreciated.
Plant and equipment
3\u20135 years
Fixtures and fittings
3\u201310 years
Right-of-use (\u201cROU\u201d) assets arising under lease contracts are depreciated over the lease term (as defined in IFRS 16) being the period to the expiry date of the lease, unless it is expected that a break clause will be exercised when the lease term is the period to the date of the break. The carrying values of property, plant and equipment are reviewed for impairment where an indicator of impairment exists, being events or changes in circumstances indicating that the carrying values may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets or cash-generating units are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An item of property, plant and equipment is derecognised upon disposal, with any gain or loss arising (calculated as the difference between the net disposal proceeds and the carrying amount of the item) included in the consolidated income statement in the year of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "Property, plant and equipment Land is stated at cost less any impairment in value. Buildings, plant and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is applied using the straight-line method to specific classes of asset to reduce them to their residual value over their estimated useful economic lives.
Land and building
Lower of 50 years, or estimated useful life of the building, or lease.
Indefinite lives are attached to any freehold land held and therefore it
is not depreciated.
Plant and equipment
3\u20135 years
Fixtures and fittings
3\u201310 years
Right-of-use (\u201cROU\u201d) assets arising under lease contracts are depreciated over the lease term (as defined in IFRS 16) being the period to the expiry date of the lease, unless it is expected that a break clause will be exercised when the lease term is the period to the date of the break. The carrying values of property, plant and equipment are reviewed for impairment where an indicator of impairment exists, being events or changes in circumstances indicating that the carrying values may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets or cash-generating units are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An item of property, plant and equipment is derecognised upon disposal, with any gain or loss arising (calculated as the difference between the net disposal proceeds and the carrying amount of the item) included in the consolidated income statement in the year of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "Leases The Group has applied IFRS 16 only to those contracts that were previously identified as a lease under IAS 17 Leases; any contracts not previously identified as leases have not been reassessed for the purposes of adopting IFRS 16. Accordingly, the definition of a lease under IFRS 16 has only been applied to contracts entered into on or after 1 January 2019. Leases, other than those with a lease period of less than one year at inception, or where the original cost of the asset acquired would be a negligible amount (see Note 21), are capitalised at inception at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income. ROU assets are included within property, plant and equipment at cost and depreciated over their estimated useful lives, which normally equates to the lives of the leases, after considering anticipated residual values. ROU assets which are sub-leased to customers are classified as finance leases if the lease agreements transfer substantially all the risks and rewards of usage to the lessee. All other sub-leases are classified as operating leases. When assets are subject to finance leases, the present value of the sub-lease is recognised as a receivable, net of allowances for expected credit losses and the related ROU asset is derecognised. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance lease income. Finance lease interest income is recognised over the term of the lease using the net investment method (before tax) so as to give a constant rate of return on the net investment in sub-leases. Operating lease rental income is recognised on a straight-line basis over the life of the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "Cash and cash equivalents Cash and cash equivalents consist of cash at bank and in hand, short-term deposits (including customer balances). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "Financial assets Financial assets are recognised when the Group becomes party to the contracts that give rise to them. The Group classifies financial assets at inception as financial assets at amortised cost, financial assets at fair value through profit or loss or financial assets at fair value through other comprehensive income. Financial assets at amortised cost are recognised when the related business model\u2019s objective is to collect contractual cash flows which are solely principal and interest. On initial recognition, financial assets at amortised cost are measured at fair value net of transaction costs. Trade receivables are generally accounted for at amortised cost. Expected credit losses are recognised for financial assets recorded at amortised cost, including trade receivables. Expected credit losses are calculated by using an appropriate probability of default, taking account of a range of possible future scenarios and applying this to the estimated exposure of the Group at the point of default. Financial assets at fair value through profit or loss include derivative financial instruments. Financial assets through profit or loss are measured initially at fair value with transaction costs taken directly to the consolidated income statement. Subsequently, the fair values are remeasured, and gains and losses are recognised in the consolidated income statement. Financial assets at fair value through other comprehensive income comprise equity investments that are designated as such on acquisition. These investments are measured initially at fair value. Subsequently, the fair values are remeasured, and gains and losses are recognised in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "Financial assets Financial assets are recognised when the Group becomes party to the contracts that give rise to them. The Group classifies financial assets at inception as financial assets at amortised cost, financial assets at fair value through profit or loss or financial assets at fair value through other comprehensive income. Financial assets at amortised cost are recognised when the related business model\u2019s objective is to collect contractual cash flows which are solely principal and interest. On initial recognition, financial assets at amortised cost are measured at fair value net of transaction costs. Trade receivables are generally accounted for at amortised cost. Expected credit losses are recognised for financial assets recorded at amortised cost, including trade receivables. Expected credit losses are calculated by using an appropriate probability of default, taking account of a range of possible future scenarios and applying this to the estimated exposure of the Group at the point of default. Financial assets at fair value through profit or loss include derivative financial instruments. Financial assets through profit or loss are measured initially at fair value with transaction costs taken directly to the consolidated income statement. Subsequently, the fair values are remeasured, and gains and losses are recognised in the consolidated income statement. Financial assets at fair value through other comprehensive income comprise equity investments that are designated as such on acquisition. These investments are measured initially at fair value. Subsequently, the fair values are remeasured, and gains and losses are recognised in the consolidated statement of comprehensive income. Financial liabilities Financial liabilities comprise trade and other payables, interest-bearing loans and borrowings, contingent consideration, ante-post bets, guarantees and derivative financial instruments. On initial recognition, financial liabilities are measured at fair value net of transaction costs where they are not categorised as financial liabilities at fair value. Financial liabilities measured at fair value include contingent consideration, derivative financial instruments and ante-post bets. Financial liabilities at fair value are measured initially at fair value, with transaction costs taken directly to the consolidated income statement. Subsequently, the fair values are remeasured and gains and losses from changes therein are recognised in the consolidated income statement. Trade and other payables are held at amortised cost and include amounts due to clients representing customer deposits and winnings, which are matched by an equal and opposite amount within cash and cash equivalents. All interest-bearing loans and borrowings are initially recognised at fair value net of issue costs associated with the borrowing. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. The Group has entered into financial guarantees where the Group guarantees payment in case of its joint venture defaulting on a debt. The Group has reviewed and concluded that its arrangements meet the accounting definition of a financial instrument under IFRS 9 Financial Instruments. The Group has elected to apply IFRS 9 Financial Instruments (rather than IFRS 17 Insurance Contracts) to all currently issued financial guarantees. All financial liabilities are recorded as cash flows from financing activities. Derecognition of financial assets and liabilities Financial assets are derecognised when the right to receive cash flows from the assets has expired or when the Group has transferred its contractual right to receive the cash flows from the financial assets or has assumed an obligation to pay the received cash flows in full without material delay to a third party, and either: 4 substantially all the risks and rewards of ownership have been transferred; or 4 substantially all the risks and rewards have neither been retained nor transferred but control is not retained. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. Derivative financial instruments The Group uses derivative financial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. Derivative financial instruments are recognised initially and subsequently at fair value. The gains or losses on re-measurement are taken to the consolidated income statement. Derivative financial instruments are classified as assets where their fair value is positive, or as liabilities where their fair value is negative. Derivative assets and liabilities arising from different transactions are only offset if the transactions are with the same counterparty, a legal right of offset exists, and the parties intend to settle the cash flows on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "Derecognition of financial assets and liabilities Financial assets are derecognised when the right to receive cash flows from the assets has expired or when the Group has transferred its contractual right to receive the cash flows from the financial assets or has assumed an obligation to pay the received cash flows in full without material delay to a third party, and either: 4 substantially all the risks and rewards of ownership have been transferred; or 4 substantially all the risks and rewards have neither been retained nor transferred but control is not retained. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-546": { "value": "Derivative financial instruments The Group uses derivative financial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. Derivative financial instruments are recognised initially and subsequently at fair value. The gains or losses on re-measurement are taken to the consolidated income statement. Derivative financial instruments are classified as assets where their fair value is positive, or as liabilities where their fair value is negative. Derivative assets and liabilities arising from different transactions are only offset if the transactions are with the same counterparty, a legal right of offset exists, and the parties intend to settle the cash flows on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "Derivative financial instruments The Group uses derivative financial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. Derivative financial instruments are recognised initially and subsequently at fair value. The gains or losses on re-measurement are taken to the consolidated income statement. Derivative financial instruments are classified as assets where their fair value is positive, or as liabilities where their fair value is negative. Derivative assets and liabilities arising from different transactions are only offset if the transactions are with the same counterparty, a legal right of offset exists, and the parties intend to settle the cash flows on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "Foreign currency translation The presentational currency of Entain plc and the functional currencies of its UK subsidiaries is Pounds Sterling (\u00a3). Other than Sterling the main functional currencies of subsidiaries are the Euro (\u20ac), the US Dollar ($), the Australian Dollar (AU$) and the New Zealand Dollar (NZD). At the reporting date, the assets and liabilities of non-sterling subsidiaries are translated into Pounds Sterling (\u00a3) at the rate of exchange ruling at the balance sheet date and their cash flows are translated at the weighted average exchange rates for the year. The post-tax exchange differences arising on the retranslation are taken directly to other comprehensive income. Transactions in foreign currencies are initially recorded in the subsidiary\u2019s functional currency and translated at the foreign currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the foreign currency rate of exchange ruling at the balance sheet date. All foreign currency translation differences are taken to the consolidated income statement. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rate at the date when the fair value was determined. On disposal of a foreign entity, the deferred cumulative retranslation differences previously recognised in equity relating to that particular foreign entity are recognised in the consolidated income statement as part of the profit or loss on disposal. The following exchange rates were used in 2025 and 2024:
2025
2024
Currency
Average
Year end
Average
Year end
Euro (\u20ac)
1.168
1.146
1.179
1.206
US Dollar ($)
1.320
1.347
1.281
1.259
Australian Dollar (AU$)
2.048
2.016
1.931
2.014
NZ Dollars (NZD)
2.273
2.337
2.103
2.221
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "The presentational currency of Entain plc and the functional currencies of its UK subsidiaries is Pounds Sterling (\u00a3). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "Income tax Deferred tax is provided on all temporary differences at the balance sheet date, between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes except: 4 on the initial recognition of goodwill; 4 where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor the tax profit; 4 associated with investments in subsidiaries, joint ventures and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and 4 where deferred tax assets or liabilities arise related to the global minimum level of taxation for multinational groups (\u201cPillar Two\u201d), in accordance with the mandatory temporary recognition exception. Deferred tax assets are recognised for all deductible temporary differences and carry forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and carry forward of unused tax assets and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Income tax expenses are recognised within profit or loss except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case they are recognised in other comprehensive income or directly in equity. Revenues, expenses and assets are recognised net of the amount of sales tax except: 4 where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and 4 receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated balance sheet. Accounting for uncertain tax positions The Group is subject to various forms of tax in a number of jurisdictions. Given the nature of the industry within which the Group operates, the tax and regulatory regimes are continuously changing and, as such, the Group is exposed to a small number of uncertain tax positions. Judgement is applied to adequately provide for uncertain tax positions where it is believed that it is more likely than not that an economic outflow will arise. In particular, judgement has been applied in the Group\u2019s accounting for Greek tax and further disclosure is given in Note 31. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "Income tax Deferred tax is provided on all temporary differences at the balance sheet date, between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes except: 4 on the initial recognition of goodwill; 4 where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor the tax profit; 4 associated with investments in subsidiaries, joint ventures and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and 4 where deferred tax assets or liabilities arise related to the global minimum level of taxation for multinational groups (\u201cPillar Two\u201d), in accordance with the mandatory temporary recognition exception. Deferred tax assets are recognised for all deductible temporary differences and carry forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and carry forward of unused tax assets and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Income tax expenses are recognised within profit or loss except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case they are recognised in other comprehensive income or directly in equity. Revenues, expenses and assets are recognised net of the amount of sales tax except: 4 where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and 4 receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated balance sheet. Accounting for uncertain tax positions The Group is subject to various forms of tax in a number of jurisdictions. Given the nature of the industry within which the Group operates, the tax and regulatory regimes are continuously changing and, as such, the Group is exposed to a small number of uncertain tax positions. Judgement is applied to adequately provide for uncertain tax positions where it is believed that it is more likely than not that an economic outflow will arise. In particular, judgement has been applied in the Group\u2019s accounting for Greek tax and further disclosure is given in Note 31. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "Equity instruments and dividends Equity instruments issued by the Company are recorded at the fair value of proceeds received net of direct issue costs. Final dividends proposed by the Board of Directors and unpaid at the year end are not recognised in the financial statements until they have been approved by shareholders at the Annual General Meeting. Interim dividends are recognised when paid. ", "dimensions": { "concept": "entainplc:DescriptionOfAccountingPolicyForEquityInstrumentsAndDividends", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "Equity instruments and dividends Equity instruments issued by the Company are recorded at the fair value of proceeds received net of direct issue costs. Final dividends proposed by the Board of Directors and unpaid at the year end are not recognised in the financial statements until they have been approved by shareholders at the Annual General Meeting. Interim dividends are recognised when paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "Revenue The Group reports the gains and losses on all betting and gaming activities as revenue, which is measured at the fair value of the consideration received or receivable from customers less free bets, promotions, bonuses and other fair value adjustments. Revenue is net of VAT/GST. The Group considers betting and gaming revenue to be out of the scope of IFRS 15 Revenue, and accounts for those revenues within the scope of IFRS 9 Financial Instruments. For Licensed Betting Offices (\u201c LBOs\u201d), on course betting, Core Telephone Betting, mobile betting and Digital businesses (including Sportsbook, betting exchange, casino, games, other number bets), revenue represents gains and losses, being the amounts staked and fees received, less total payouts recognised on the settlement of the sporting event or casino gaming machine roulette or slots spin. Open betting positions (\u201cante-post\u201d) are carried at fair value and gains and losses arising on these positions are recognised in revenue. See Note 25 for details of ante-post positions at the year end. The following forms of revenue, which are not significant in the context of Group revenue, are accounted for within the scope of IFRS 15 Revenue. Revenue from the online poker business reflects the net income (rake) earned from poker hands completed by the year end. The group also partners with external parties and records B2B revenue relating to betting and gaming activities for which the Group doesn\u2019t control the business or player related services, with agreements covering sports betting, gaming and poker revenues. Affiliate commission income is also recorded as income relating to the services the Group provides to external parties. In the case of the revenue relating to venues such as greyhound stadia, revenue represents income arising from broadcasting rights, admission fees and sales of refreshments, net of VAT. Given the nature of these revenue streams they are not considered to be subject to judgement over the performance obligations, amount received or timing of recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "Cost of sales Cost of sales consists primarily of gaming duties, payment processing fees, chargebacks, revenue share payments relating to commission and royalties payable to third parties, all of which are recognised on an accruals basis. The Group has reviewed and concluded that its revenue share contracts meet the accounting definition of principal arrangements under IFRS 15 Revenue from Contracts with Customers. ", "dimensions": { "concept": "entainplc:DescriptionOfAccounitngPolicyForCostOfSales", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-547": { "value": "Finance expense and income Finance expense and income arising on interest-bearing financial instruments carried at amortised cost are recognised in the consolidated income statement using the effective interest rate method. Finance expense includes the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All finance expenses are recognised over the availability period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "Finance expense and income Finance expense and income arising on interest-bearing financial instruments carried at amortised cost are recognised in the consolidated income statement using the effective interest rate method. Finance expense includes the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All finance expenses are recognised over the availability period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "Finance expense and income Finance expense and income arising on interest-bearing financial instruments carried at amortised cost are recognised in the consolidated income statement using the effective interest rate method. Finance expense includes the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All finance expenses are recognised over the availability period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "Share-based payment transactions Certain employees (including Directors) of the Group receive remuneration in the form of equity settled share-based payment transactions, whereby employees render services in exchange for shares or rights over shares (equity settled transactions). The cost of equity settled transactions is measured by reference to the fair value at the date on which they are granted, further details of which are given in Note 30. In valuing equity settled transactions, no account is taken of any performance conditions, other than conditions linked to the price of the shares of Entain plc (market conditions). The cost of equity settled transactions is recognised in the consolidated income statement, with a corresponding credit in equity, over the period in which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (vesting date). The cumulative expense recognised for equity settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the number of awards that, in the opinion of the Directors of the Group at that date, based on the best available estimate of the number of equity instruments, will ultimately vest. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share as shown in Note 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "4.4 Future accounting developments The International Accounting Standards Board (\u201cIASB\u201d) has issued the following new or revised standards with an effective date for financial periods beginning on or after the dates disclosed below. These standards have not yet been adopted by the Group. The IASB has also issued a number of minor amendments to standards as part of their Annual Improvements to IFRS. The Group is currently assessing the impact of the revised presentation and disclosure requirements for financial statements from IFRS 18. It is not anticipated that any of the other below unadopted new standards will have a material impact on the Group\u2019s results or financial position.
IFRS 7
Financial Instruments: Disclosures
Amendments to the classification and measurement of
1 January 2026
financial instruments
IFRS 9
Financial Instruments
IFRS 10
Consolidated Financial Statements
Amendments regarding the sale or contribution of assets
1 January 2026
between an investor and its associate or joint venture
IFRS 1
First-time adoption of International Financial Annual improvements to IFRS Accounting Standards 1 January 2026
Reporting Standards Volume 11. These amendments, clarifications,
IFRS 7
Financial Instruments: Disclosures simplifications, corrections and changes aimed at improving
IFRS 9
Financial Instruments the consistency of several IFRS Accounting Standards.
IFRS 10
Consolidated Financial Statements
IAS 7
Statement of Cash flows
IFRS 18
Presentation and Disclosure in Financial
New accounting standard
1 January 2027
Statements
IFRS 19
Subsidiaries without Public Accountability
New accounting standard
1 January 2027
IAS 21
The Effects of Changes in Foreign Exchange Amendments regarding the translation of foreign operations 1 January 2027
Rates from a non-hyperinflationary functional currency into a
hyperinflationary presentation currency
IAS 28
Investments in Associates and Joint Ventures
IFRS S1
General Requirements for Disclosure of General Requirements for Disclosure of Sustainability Awaiting UK
Sustainability-related Financial Information related Financial Information and Climate-related endorsement
IFRS S2
Climate-related Disclosures Disclosures
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "
5 Segment information
The Group\u2019s operating segments are based on the reports reviewed by the Executive management team, which is collectively considered to be the
Chief Operating Decision Maker (\"CODM\") to make strategic decisions and allocate resources.
IFRS 8 requires segment information to be presented on the same basis as that used by the CODM for assessing performance and allocating
resources, and the Group\u2019s operating segments.
The group results are now aggregated into the four reportable segments.
4 UK&I: comprises betting, gaming and retail activities from online and mobile operations, and activities in the shop estates within Great Britain,
Northern Ireland, Jersey, and Republic of Ireland.
4 International: comprises betting, gaming and retail activities in the shop estates in the rest of the world apart from UK&I and CEE.
4 CEE: comprises betting, gaming and retail activities in Croatia and Poland for brands SuperSport and STS.
4 Corporate: includes costs associated with Group functions including Group executive, legal, Group finance, US joint venture, tax and treasury.
The Executive management team of the Group have chosen to assess the performance of operating segments based on a measure of net revenue,
EBITDA and operating profit with finance costs and taxation considered for the Group as a whole. Transfer prices between operating segments are
on an arm\u2019s-length basis in a manner similar to transactions with third parties.
The segment results for the year ended 31 December were as follows:
Elimination
of internal Total
UK&I
International
CEE
Corporate
revenue Group
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
NGR
1
2,185.2
2,643.3
521.7
\u2013
(24.8)
5,325.4
VAT/GST
(5.1)
(60.9)
\u2013
\u2013
\u2013
(66.0)
Revenue
2,180.1
2,582.4
521.7
\u2013
(24.8)
5,259.4
Gross profit
1,489.0
1,406.8
304.3
\u2013
\u2013
3,200.1
Contribution
2
1,250.9
1,044.0
273.8
\u2013
\u2013
2,568.7
Operating costs excluding marketing costs
(719.0)
(479.2)
(90.1)
(120.3)
\u2013
(1,408.6)
Underlying EBITDA before separately disclosed items
531.9
564.8
183.7
(120.3)
\u2013
1,160.1
Share-based payments
(1.6)
(2.0)
\u2013
(8.5)
\u2013
(12.1)
Depreciation and amortisation
(144.0)
(186.8)
(20.0)
(2.1)
\u2013
(352.9)
Share of joint ventures and associates
\u2013
(1.1)
\u2013
67.2
\u2013
66.1
Operating profit/(loss) before separately disclosed items
386.3
374.9
163.7
(63.7)
\u2013
861.2
Separately disclosed items (Note 6)
(510.0)
(250.3)
(164.3)
(130.6)
\u2013
(1,055.2)
Group operating (loss)/profit
(123.7)
124.6
(0.6)
(194.3)
\u2013
(194.0)
Net finance expense
 (362.8)
Loss before tax
 (556.8)
Income tax
 (123.7)
Loss for the year
 (680.5)
1. Included within NGR are amounts of \u00a3216.7m (2024: \u00a3218.8m) in relation to revenue recognised under IFRS 15 Revenue including online poker services, B2B income, venue sales and
content streaming.
2. Contribution represents gross profit less marketing costs and is a key performance metric used by the Group.
Elimination
of internal Total
UK&I
International
CEE
Corporate
revenue Group
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
NGR
2,053.4
2,640.4
488.0
\u2013
(19.9)
5,161.9
VAT/GST
(4.3)
(68.4)
\u2013
\u2013
\u2013
(72.7)
Revenue
2,049.1
2,572.0
488.0
\u2013
(19.9)
5,089.2
Gross profit
1,395.8
1,443.4
278.9
\u2013
\u2013
3,118.1
Contribution
1,169.4
1,062.0
249.1
\u2013
\u2013
2,480.5
Operating costs excluding marketing costs
(732.1)
(468.0)
(78.2)
(113.4)
\u2013
(1,391.7)
Underlying EBITDA before separately disclosed items
437.3
594.0
170.9
(113.4)
\u2013
1,088.8
Share-based payments
(5.9)
(3.9)
\u2013
(3.5)
\u2013
(13.3)
Depreciation and amortisation
(145.8)
(180.0)
(18.0)
(0.9)
\u2013
(344.7)
Share of joint ventures and associates
\u2013
(3.1)
\u2013
(111.1)
\u2013
(114.2)
Operating profit/(loss) before separately disclosed items
285.6
407.0
152.9
(228.9)
\u2013
616.6
Separately disclosed items (Note 6)
(3.8)
(524.0)
(243.9)
(95.0)
\u2013
(866.7)
Group operating profit/(loss)
281.8
(117.0)
(91.0)
(323.9)
\u2013
(250.1)
Net finance expense
 (107.3)
Loss before tax
 (357.4)
Income tax
 (103.6)
Loss for the year
 (461.0)
Further analysis on the channel split for the year ended 31 December were as follows:
Elimination
of internal
Total
UK&I International
CEE
Corporate
revenue
Group
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Online NGR
1,136.5
2,325.0
437.4
\u2013
(24.8)
3,874.1
Retail NGR
1,048.7
318.3
84.3
\u2013
\u2013
1,451.3
Total NGR
2,185.2
2,643.3
521.7
\u2013
(24.8)
5,325.4
Online Underlying EBITDA
310.5
516.7
176.4
\u2013
\u2013
1,003.6
Retail Underlying EBITDA
221.4
48.1
7.3
\u2013
\u2013
276.8
Corporate Underlying EBITDA
\u2013
\u2013
\u2013
(120.3)
\u2013
(120.3)
Total Underlying EBITDA
531.9
564.8
183.7
(120.3)
\u2013
1,160.1
Elimination
of internal
Total
UK&I International
CEE
Corporate
revenue
Group
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Online NGR
984.6
2,330.8
404.9
\u2013
(19.9)
3,700.4
Retail NGR
1,068.8
309.6
83.1
\u2013
\u2013
1,461.5
Total NGR
2,053.4
2,640.4
488.0
\u2013
(19.9)
5,161.9
Online Underlying EBITDA
226.1
553.7
161.2
\u2013
\u2013
941.0
Retail Underlying EBITDA
211.2
40.3
9.7
\u2013
\u2013
261.2
Corporate Underlying EBITDA
\u2013
\u2013
\u2013
(113.4)
\u2013
(113.4)
Total Underlying EBITDA
437.3
594.0
170.9
(113.4)
\u2013
1,088.8
Assets and liabilities information is reported internally in total and not by reportable segment and, accordingly, no information is provided in this note
on assets and liabilities split by reportable segment.
Geographical information
Revenue by destination and non-current assets on a geographical basis for the Group, are as follows:
2025
2024
Revenue
Non-current
Revenue
Non-current
assets
3
assets
3
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom and Ireland
2,179.8
2,517.9
2,048.5
2,855.6
Australia and New Zealand
541.3
1,076.5
573.9
1,160.7
Italy
551.3
555.9
518.1
505.8
Rest of Europe
1
1,426.8
3,238.6
1,382.0
3,506.7
Rest of the world
2
560.2
249.5
566.7
263.0
Total
5,259.4
7,638.4
5,089.2
8,291.8
1. Rest of Europe is predominantly driven by markets in Croatia, Poland, Belgium, Netherlands and Georgia.
2. Rest of the world is predominantly driven by the markets in Brazil and Canada.
3. Non-current assets excluding derivative financial instruments, deferred tax assets and retirement benefit assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "The group results are now aggregated into the four reportable segments. 4 UK&I: comprises betting, gaming and retail activities from online and mobile operations, and activities in the shop estates within Great Britain, Northern Ireland, Jersey, and Republic of Ireland. 4 International: comprises betting, gaming and retail activities in the shop estates in the rest of the world apart from UK&I and CEE. 4 CEE: comprises betting, gaming and retail activities in Croatia and Poland for brands SuperSport and STS. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "Geographical information Revenue by destination and non-current assets on a geographical basis for the Group, are as follows:
2025
2024
Revenue
Non-current
Revenue
Non-current
assets
3
assets
3
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom and Ireland
2,179.8
2,517.9
2,048.5
2,855.6
Australia and New Zealand
541.3
1,076.5
573.9
1,160.7
Italy
551.3
555.9
518.1
505.8
Rest of Europe
1
1,426.8
3,238.6
1,382.0
3,506.7
Rest of the world
2
560.2
249.5
566.7
263.0
Total
5,259.4
7,638.4
5,089.2
8,291.8
1. Rest of Europe is predominantly driven by markets in Croatia, Poland, Belgium, Netherlands and Georgia. 2. Rest of the world is predominantly driven by the markets in Brazil and Canada. 3. Non-current assets excluding derivative financial instruments, deferred tax assets and retirement benefit assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "
6 Separately disclosed items
2025 2024
Tax impact Tax impact
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Impairment loss
586.8
38.0
476.4
\u2013
Amortisation of acquired intangibles
258.1
(48.9)
286.8
(23.6)
Restructuring costs
49.4
(8.1)
49.6
(10.8)
Movement in fair value of contingent consideration and put option
62.9
(7.3)
43.3
(24.1)
Finance costs
8.8
(0.3)
9.1
\u2013
Provision for civil penalty
53.7
0.9
\u2013
\u2013
Legal and onerous contract provisions
41.3
(2.2)
10.6
(2.5)
Tax/one-off legislative impacts
\u2013
\u2013
\u2013
25.7
Loss on disposal of property, plant and equipment
3.0
\u2013
\u2013
\u2013
Total
1,064.0
(27.9)
875.8
(35.3)
Separately disclosed items for the year after tax
1,036.1
840.5
The items above reflect incomes and expenditures which are either exceptional in nature or size or are associated with the amortisation of acquired
intangibles. The Directors believe that each of these items warrants separate disclosure as they do not form part of the day-to-day underlying trade
of the Group.
Impairment loss
Relates to non-cash impairments with the current year charge recorded against the UK business of \u00a3487.7m, the Belgium business of \u00a376.9m, an
impairment of the Group\u2019s ROI retail portfolio of \u00a318.3m and \u00a33.9m on the FHG business in Australia prior to its disposal. Further details are provided
in Note 14.
Amortisation of acquired intangibles
Amortisation charges in relation to acquired intangible assets arising from acquisitions. The majority of the charge is from recent acquisitions,
including SuperSport, BetCity, STS, and TAB NZ.
Restructuring costs
The Group has incurred \u00a349.4m (2024: \u00a349.6m) of costs relating to restructuring costs, primarily related to Project Romer, which is the previously
communicated 3 year restructuring program centred on simplifying the organisation. In both the current and previous year, this includes redundancy
costs, contract termination fees and professional fees relating to the project.
Movement in fair value of contingent consideration and put option
The charge of \u00a362.9m (2024: \u00a343.3m) reflects the movement in the fair value of contingent consideration and put option arrangements on recent
acquisitions, as well as the associated discount unwind. Further details of contingent consideration liabilities are provided in Note 25.
Finance costs
The charge of \u00a38.8m (2024: \u00a39.1m) primarily relates to a non-cash write-off of capitalised fees on loan facilities as a result of the refinancing
activities during the year (see Note 22).
Provision for civil penalty
During the year the Group has recognised a provision of \u00a349.5m plus fees in relation to the civil penalty proceedings commenced by the Australian
Transaction Reports and Analysis Centre (\u201cAUSTRAC\u201d). See Note 23 for further information.
Legal and onerous contract provisions
The group has incurred \u00a341.3m in relation to a small number of litigation and regulatory claims. These primarily include a \u00a319.8m charge in relation to
the discount unwind on the original liability for our commitments in respect of the DPA and the associated shareholder litigation as described in Note
31. In addition, a provision of \u00a313.0m for Germany player claim settlements was recognised during the year (see Note 31), as well as \u00a36.9m relating
to a settlement of historic tax positions.
Loss on disposal of assets
A loss on disposal of \u00a33.0m has been recognised in the year (2024: \u00a3nil). This primarily relates to the disposal of assets associated with the closure of
a number of smaller divisions in the group.
", "dimensions": { "concept": "entainplc:DisclosureOfSeparatelyDisclosedItems", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "
7 Operating costs
Profit before tax, net finance expense and separately disclosed items has been arrived at after charging:
2025
2024
\u00a3m
\u00a3m
Betting and gaming taxes and duties
1,309.4
1,194.3
Revenue share arrangements (including content providers)
533.9
554.7
Software royalties
176.3
182.7
Other cost of sales
39.7
39.4
Cost of sales
2,059.3
1,971.1
Salaries and payroll-related expenses (Note 9)
883.1
843.1
Property expenses
119.4
131.5
Content and levy expenses
145.7
150.3
Marketing expenses
631.4
637.6
Depreciation and amortisation \u2013 owned assets
280.0
281.5
Depreciation and amortisation \u2013 leased assets
72.9
63.2
Other operating expenses
272.5
280.1
Administrative costs
2,405.0
2,387.3
Separately disclosed items before tax and finance expense (Note 6)
1,055.2
866.7
Total
5,519.5
5,225.1
Fees payable to KPMG were as follows:
2025
2024
\u00a3m
\u00a3m
Audit and audit-related services:
Audit of the parent Company and Group financial statements
1.0
0.9
Audit of the Company\u2019s subsidiaries
4.2
3.0
Audit-related assurance services
0.7
0.7
Total fees
5.9
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-548": { "value": "7 Operating costs Profit before tax, net finance expense and separately disclosed items has been arrived at after charging:
2025
2024
\u00a3m
\u00a3m
Betting and gaming taxes and duties
1,309.4
1,194.3
Revenue share arrangements (including content providers)
533.9
554.7
Software royalties
176.3
182.7
Other cost of sales
39.7
39.4
Cost of sales
2,059.3
1,971.1
Salaries and payroll-related expenses (Note 9)
883.1
843.1
Property expenses
119.4
131.5
Content and levy expenses
145.7
150.3
Marketing expenses
631.4
637.6
Depreciation and amortisation \u2013 owned assets
280.0
281.5
Depreciation and amortisation \u2013 leased assets
72.9
63.2
Other operating expenses
272.5
280.1
Administrative costs
2,405.0
2,387.3
Separately disclosed items before tax and finance expense (Note 6)
1,055.2
866.7
Total
5,519.5
5,225.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "7 Operating costs Profit before tax, net finance expense and separately disclosed items has been arrived at after charging:
2025
2024
\u00a3m
\u00a3m
Betting and gaming taxes and duties
1,309.4
1,194.3
Revenue share arrangements (including content providers)
533.9
554.7
Software royalties
176.3
182.7
Other cost of sales
39.7
39.4
Cost of sales
2,059.3
1,971.1
Salaries and payroll-related expenses (Note 9)
883.1
843.1
Property expenses
119.4
131.5
Content and levy expenses
145.7
150.3
Marketing expenses
631.4
637.6
Depreciation and amortisation \u2013 owned assets
280.0
281.5
Depreciation and amortisation \u2013 leased assets
72.9
63.2
Other operating expenses
272.5
280.1
Administrative costs
2,405.0
2,387.3
Separately disclosed items before tax and finance expense (Note 6)
1,055.2
866.7
Total
5,519.5
5,225.1
Fees payable to KPMG were as follows:
2025
2024
\u00a3m
\u00a3m
Audit and audit-related services:
Audit of the parent Company and Group financial statements
1.0
0.9
Audit of the Company\u2019s subsidiaries
4.2
3.0
Audit-related assurance services
0.7
0.7
Total fees
5.9
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-549": { "value": "Fees payable to KPMG were as follows:
2025
2024
\u00a3m
\u00a3m
Audit and audit-related services:
Audit of the parent Company and Group financial statements
1.0
0.9
Audit of the Company\u2019s subsidiaries
4.2
3.0
Audit-related assurance services
0.7
0.7
Total fees
5.9
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "
8 Finance expense and income
2025
2024
\u00a3m
\u00a3m
Interest on term loans, bonds and bank facilities
(246.2)
(264.6)
Interest on lease liabilities
1
(18.3)
(15.7)
Finance costs (Note 6)
(8.8)
(9.1)
Total finance expense
(273.3)
(289.4)
Interest receivable
12.8
16.1
(Losses)/gains arising from financial derivatives
(216.5)
145.0
Gains arising on foreign exchange on debt instruments
114.2
21.0
Net finance expense
(362.8)
(107.3)
1. Interest on lease liabilities of \u00a318.3m (2024: \u00a315.7m) is net of \u00a30.1m of sub-let interest receivable (2024: \u00a30.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-568": { "value": "8 Finance expense and income
2025
2024
\u00a3m
\u00a3m
Interest on term loans, bonds and bank facilities
(246.2)
(264.6)
Interest on lease liabilities
1
(18.3)
(15.7)
Finance costs (Note 6)
(8.8)
(9.1)
Total finance expense
(273.3)
(289.4)
Interest receivable
12.8
16.1
(Losses)/gains arising from financial derivatives
(216.5)
145.0
Gains arising on foreign exchange on debt instruments
114.2
21.0
Net finance expense
(362.8)
(107.3)
1. Interest on lease liabilities of \u00a318.3m (2024: \u00a315.7m) is net of \u00a30.1m of sub-let interest receivable (2024: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-567": { "value": "8 Finance expense and income
2025
2024
\u00a3m
\u00a3m
Interest on term loans, bonds and bank facilities
(246.2)
(264.6)
Interest on lease liabilities
1
(18.3)
(15.7)
Finance costs (Note 6)
(8.8)
(9.1)
Total finance expense
(273.3)
(289.4)
Interest receivable
12.8
16.1
(Losses)/gains arising from financial derivatives
(216.5)
145.0
Gains arising on foreign exchange on debt instruments
114.2
21.0
Net finance expense
(362.8)
(107.3)
1. Interest on lease liabilities of \u00a318.3m (2024: \u00a315.7m) is net of \u00a30.1m of sub-let interest receivable (2024: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-563": { "value": "8 Finance expense and income
2025
2024
\u00a3m
\u00a3m
Interest on term loans, bonds and bank facilities
(246.2)
(264.6)
Interest on lease liabilities
1
(18.3)
(15.7)
Finance costs (Note 6)
(8.8)
(9.1)
Total finance expense
(273.3)
(289.4)
Interest receivable
12.8
16.1
(Losses)/gains arising from financial derivatives
(216.5)
145.0
Gains arising on foreign exchange on debt instruments
114.2
21.0
Net finance expense
(362.8)
(107.3)
1. Interest on lease liabilities of \u00a318.3m (2024: \u00a315.7m) is net of \u00a30.1m of sub-let interest receivable (2024: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-550": { "value": "8 Finance expense and income
2025
2024
\u00a3m
\u00a3m
Interest on term loans, bonds and bank facilities
(246.2)
(264.6)
Interest on lease liabilities
1
(18.3)
(15.7)
Finance costs (Note 6)
(8.8)
(9.1)
Total finance expense
(273.3)
(289.4)
Interest receivable
12.8
16.1
(Losses)/gains arising from financial derivatives
(216.5)
145.0
Gains arising on foreign exchange on debt instruments
114.2
21.0
Net finance expense
(362.8)
(107.3)
1. Interest on lease liabilities of \u00a318.3m (2024: \u00a315.7m) is net of \u00a30.1m of sub-let interest receivable (2024: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "8 Finance expense and income
2025
2024
\u00a3m
\u00a3m
Interest on term loans, bonds and bank facilities
(246.2)
(264.6)
Interest on lease liabilities
1
(18.3)
(15.7)
Finance costs (Note 6)
(8.8)
(9.1)
Total finance expense
(273.3)
(289.4)
Interest receivable
12.8
16.1
(Losses)/gains arising from financial derivatives
(216.5)
145.0
Gains arising on foreign exchange on debt instruments
114.2
21.0
Net finance expense
(362.8)
(107.3)
1. Interest on lease liabilities of \u00a318.3m (2024: \u00a315.7m) is net of \u00a30.1m of sub-let interest receivable (2024: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "
9 Employee staff costs
The average monthly number of employees (including Executive Directors):
2025 2024
Number Number
UK&I
18,582
18,708
International
6,525
6,913
CEE
2,714
2,195
Corporate
1,046
1,208
28,867
29,024
The number of people employed by the Group at 31 December 2025 was 28,413 (2024: 28,957).
2025
2024
\u00a3m
\u00a3m
Wages and salaries
759.9
727.9
Redundancy costs
1
19.7
31.3
Social security costs
87.7
77.4
Other pension costs
19.8
18.9
Share-based payments (Note 30)
12.1
13.3
899.2
868.8
1. Included within redundancy costs are \u00a316.1m (2024: \u00a325.7m) which are included within separately disclosed items.
In addition to salary, employees may qualify for various benefit schemes operated by the Group. Eligibility for benefits is normally determined
according to an employee\u2019s length of service and level of responsibility.
Benefits may include insured benefits that can cover private healthcare for the employee and their immediate family, long-term disability, personal
accident and death in service cover. Company cars, including fuel benefits, are provided predominantly to meet job requirements but also to
certain Executives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "
10 Income tax
Analysis of expense for the year:
2025
2024
\u00a3m
\u00a3m
Current income tax:
\u2013 current tax charge
176.3
159.9
\u2013 pillar 2 top-up tax charge
2.0
2.2
\u2013 adjustments in respect of previous years
(21.0)
4.9
Deferred tax:
\u2013 relating to origination and reversal of temporary differences
(30.0)
(57.7)
\u2013 adjustments in respect of previous years
(3.6)
(5.7)
Income tax expense reported in the income statement
123.7
103.6
Deferred tax credited directly to other comprehensive income
\u2013
(4.8)
A reconciliation of income tax expense applicable to loss (2024: loss) before tax at the UK statutory income tax rate to the income tax expense for the
years ended 31 December 2025 and 31 December 2024 is as follows:
2025
2024
Separately Separately
disclosed disclosed
Underlying
(Note 6)
Total
Underlying
(Note 6)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit/(loss) before tax
507.2
(1,064.0)
(556.8)
518.4
(875.8)
(357.4)
Corporation tax expense thereon at 25% (2024: 25%)
126.8
(266.0)
(139.2)
129.6
(219.0)
(89.4)
Adjusted for the effects of:
\u2013 Higher/(lower) tax rates on overseas earnings
12.9
53.1
66.0
(0.1)
24.1
24.0
\u2013 Pillar 2 top-up tax charge
2.0
\u2013
2.0
2.2
\u2013
2.2
\u2013 Non-deductible expenses
39.1
(0.1)
39.0
8.1
18.5
26.6
\u2013 Non-deductible legal settlement
\u2013
19.9
19.9
\u2013
1.0
1.0
\u2013 Fair value adjustment to contingent consideration
\u2013
11.7
11.7
\u2013
(16.9)
(16.9)
\u2013 Goodwill impairment
\u2013
104.7
104.7
\u2013
103.7
103.7
\u2013 Revaluation of deferred tax balances following increase
in UK and Gibraltar tax rates
\u2013
\u2013
\u2013
(23.0)
26.2
3.2
\u2013 Impact of claw-back of enhanced deduction for
marketing expenditure incurred in Gibraltar
\u2013
(0.1)
(0.1)
\u2013
25.6
25.6
\u2013 (Decrease)/increase in unrecognised tax losses relating
to US joint venture
(10.8)
\u2013
(10.8)
23.0
\u2013
23.0
\u2013 Increase in other unrecognised tax losses
2.2
45.1
47.3
1.5
0.6
2.1
\u2013 Increase/(decrease) in unrecognised deferred interest
7.2
0.6
7.8
(0.7)
\u2013
(0.7)
Adjustments in respect of prior years:
\u2013 Deferred tax
(3.4)
(0.2)
(3.6)
(6.6)
0.9
(5.7)
\u2013 Current tax
(24.4)
3.4
(21.0)
4.9
\u2013
4.9
Income tax expense/(credit)
151.6
(27.9)
123.7
138.9
(35.3)
103.6
Deferred tax
Deferred tax at 31 December relates to the following:
Deferred tax Deferred tax
liabilities assets
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
\u2013
\u2013
(28.2)
(24.1)
Intangible assets
594.8
664.4
(21.7)
(30.7)
Retirement benefit assets
14.1
13.8
\u2013
\u2013
Losses
\u2013
\u2013
(76.4)
(86.2)
Contingent and deferred revenue share payments
1
\u2013
\u2013
(253.1)
(281.4)
Other temporary difference
2
71.5
60.5
(61.2)
(53.7)
Deferred tax liabilities/(assets)
3
680.4
738.7
(440.6)
(476.1)
1. This deferred tax asset reflects tax deductions that will arise on future payment of the deferred and contingent consideration amounts by TAB NZ (see Note 25).
2. The deferred tax liability includes a provision for tax on unremitted earnings from overseas subsidiaries of \u00a371.5m (2024: \u00a360.5m) and other temporary differences of \u00a3nil (2024: \u00a3nil).
The deferred tax asset comprises deferred interest relief of \u00a351.6m (2024: \u00a344.3m) and other temporary differences of \u00a39.6m (2024: \u00a39.4m).
3. Deferred tax assets and liabilities have been offset only where there is a legally enforceable right to do so, and the assets and liabilities relate to the same taxable entity or
tax grouping.
Movements in deferred tax during the year ended 31 December 2025 were recognised as follows:
Net deferred tax liabilities/(assets):
Contingent
Property, Retirement and deferred Other
plant and Intangible benefit revenue share temporary
equipment assets
assets
Losses
payments
1
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2023
(31.0)
709.5
21.6
(59.7)
(321.5)
13.0
331.9
Income statement
5.7
(43.1)
(3.0)
(28.7)
10.7
(5.0)
(63.4)
Other comprehensive income
\u2013
\u2013
(4.8)
\u2013
\u2013
\u2013
(4.8)
Exchange adjustment
1.2
(32.7)
\u2013
2.2
29.4
(1.2)
(1.1)
At 31 December 2024
(24.1)
633.7
13.8
(86.2)
(281.4)
6.8
262.6
Income statement
(2.4)
(59.9)
0.4
10.5
14.8
3.0
(33.6)
Exchange adjustment
(1.7)
(0.7)
(0.1)
(0.7)
13.5
0.5
10.8
At 31 December 2025
(28.2)
573.1
14.1
(76.4)
(253.1)
10.3
239.8
1. This deferred tax asset reflects tax deductions that will arise on future payment of the deferred and contingent consideration amounts by TAB NZ (see Note 25).
Amounts presented on the consolidated balance sheet:
2025
2024
\u00a3m
\u00a3m
Deferred tax liabilities
680.4
738.7
Deferred tax assets
(440.6)
(476.1)
Net deferred tax liability
239.8
262.6
The average standard rate of UK corporation tax during the year was 25.0% (2024: 25.0%).
The deferred tax assets and liabilities are measured at the tax rates of the respective territories which are expected to apply in the year in which the
asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet
date. Deferred tax assets have been recognised based on the ability of future offset against deferred tax liabilities or against future taxable profits,
to the extent they relate to the same taxable entity.
The assessment of future taxable profits is based on forecasts and assumptions consistent with those used for impairment testing as set out in
Note 14. Deferred tax assets include tax losses and future deductions for contingent and deferred revenue share payments in respect of the
TAB NZ business.
As at 31 December 2025, the Group had \u00a31,848.3m (2024: \u00a31,846.6m) of gross unrecognised deferred tax assets. This unrecognised deferred tax
asset consists of \u00a3213.3m of capital losses (2024: \u00a3213.3m), \u00a31,524.8m of income losses (2024: \u00a31,572.7m), \u00a396.5m of deferred interest relief (2024:
\u00a359.2m) and \u00a313.7m other deferred tax assets (2024: \u00a31.4m). These assets arise in entities that do not have deferred tax liabilities they can be set
against, and where there are either no forecast future taxable profits, or the potential future profits are not sufficiently certain to support the deferred
tax asset recognition.
There are no significant unrecognised taxable temporary differences associated with investments in subsidiaries.
The standard rate of UK corporation tax throughout the year was 25%. The 25% rate has therefore been used in measuring the UK deferred tax
items at the date of this Report. Deferred tax on UK retirement benefit assets is now also provided at 25% (2024: 25%), being the rate applicable to
refunds of pension surpluses.
In the Gibraltar Budget on 20 July 2021, the Chief Minister announced a temporary enhanced tax deduction for qualifying business marketing and
promotion costs, which would apply for the years ending 31 December 2021 and 31 December 2023. In a subsequent Gibraltar Budget on
28 June 2022 the Chief Minister unexpectedly announced the retrospective removal of this enhanced deduction to cut short by a year the period to
which the incentive applied. On 23 December 2024 the legislation incorporating the retrospective removal of this enhanced deduction was enacted
in Gibraltar. The impact of this legislation being enacted on the figures reported above is a credit of \u00a30.1m (2024: \u00a325.6m charge) through separately
disclosed items.
On 26 November 2025, the UK Chancellor announced several tax changes which will have a material impact on the profitability of the UK business
post mitigation. As such, the outlook for the UK business for 2026 and beyond has been reduced. This reduction has required the recoverability of the
associated deferred tax assets to be reassessed, resulting in a one-off charge of \u00a345.1m (2024: \u00a3nil) through separately disclosed items.
The Group\u2019s future tax charge, and effective tax rate, will be affected by a number of factors including the geographic mix of profits, changes to
statutory corporate tax rates and the impact of continuing global tax reforms.
The UK enacted legislation in 2023 to implement the minimum level of taxation for multinational groups (\u201cPillar Two\u201d). These rules apply to the Group
from 1 January 2024. The Group has applied the temporary mandatory exception from deferred tax accounting for the impacts of the top-up tax, and
accounts for it as a current tax when it is incurred. The impact of these rules on the figures reported above is to increase the tax charge by \u00a32.0m
(2024: \u00a32.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "10 Income tax Analysis of expense for the year:
2025
2024
\u00a3m
\u00a3m
Current income tax:
\u2013 current tax charge
176.3
159.9
\u2013 pillar 2 top-up tax charge
2.0
2.2
\u2013 adjustments in respect of previous years
(21.0)
4.9
Deferred tax:
\u2013 relating to origination and reversal of temporary differences
(30.0)
(57.7)
\u2013 adjustments in respect of previous years
(3.6)
(5.7)
Income tax expense reported in the income statement
123.7
103.6
Deferred tax credited directly to other comprehensive income
\u2013
(4.8)
A reconciliation of income tax expense applicable to loss (2024: loss) before tax at the UK statutory income tax rate to the income tax expense for the years ended 31 December 2025 and 31 December 2024 is as follows:
2025
2024
Separately Separately
disclosed disclosed
Underlying
(Note 6)
Total
Underlying
(Note 6)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit/(loss) before tax
507.2
(1,064.0)
(556.8)
518.4
(875.8)
(357.4)
Corporation tax expense thereon at 25% (2024: 25%)
126.8
(266.0)
(139.2)
129.6
(219.0)
(89.4)
Adjusted for the effects of:
\u2013 Higher/(lower) tax rates on overseas earnings
12.9
53.1
66.0
(0.1)
24.1
24.0
\u2013 Pillar 2 top-up tax charge
2.0
\u2013
2.0
2.2
\u2013
2.2
\u2013 Non-deductible expenses
39.1
(0.1)
39.0
8.1
18.5
26.6
\u2013 Non-deductible legal settlement
\u2013
19.9
19.9
\u2013
1.0
1.0
\u2013 Fair value adjustment to contingent consideration
\u2013
11.7
11.7
\u2013
(16.9)
(16.9)
\u2013 Goodwill impairment
\u2013
104.7
104.7
\u2013
103.7
103.7
\u2013 Revaluation of deferred tax balances following increase
in UK and Gibraltar tax rates
\u2013
\u2013
\u2013
(23.0)
26.2
3.2
\u2013 Impact of claw-back of enhanced deduction for
marketing expenditure incurred in Gibraltar
\u2013
(0.1)
(0.1)
\u2013
25.6
25.6
\u2013 (Decrease)/increase in unrecognised tax losses relating
to US joint venture
(10.8)
\u2013
(10.8)
23.0
\u2013
23.0
\u2013 Increase in other unrecognised tax losses
2.2
45.1
47.3
1.5
0.6
2.1
\u2013 Increase/(decrease) in unrecognised deferred interest
7.2
0.6
7.8
(0.7)
\u2013
(0.7)
Adjustments in respect of prior years:
\u2013 Deferred tax
(3.4)
(0.2)
(3.6)
(6.6)
0.9
(5.7)
\u2013 Current tax
(24.4)
3.4
(21.0)
4.9
\u2013
4.9
Income tax expense/(credit)
151.6
(27.9)
123.7
138.9
(35.3)
103.6
Deferred tax Deferred tax at 31 December relates to the following:
Deferred tax Deferred tax
liabilities assets
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
\u2013
\u2013
(28.2)
(24.1)
Intangible assets
594.8
664.4
(21.7)
(30.7)
Retirement benefit assets
14.1
13.8
\u2013
\u2013
Losses
\u2013
\u2013
(76.4)
(86.2)
Contingent and deferred revenue share payments
1
\u2013
\u2013
(253.1)
(281.4)
Other temporary difference
2
71.5
60.5
(61.2)
(53.7)
Deferred tax liabilities/(assets)
3
680.4
738.7
(440.6)
(476.1)
1. This deferred tax asset reflects tax deductions that will arise on future payment of the deferred and contingent consideration amounts by TAB NZ (see Note 25). 2. The deferred tax liability includes a provision for tax on unremitted earnings from overseas subsidiaries of \u00a371.5m (2024: \u00a360.5m) and other temporary differences of \u00a3nil (2024: \u00a3nil). The deferred tax asset comprises deferred interest relief of \u00a351.6m (2024: \u00a344.3m) and other temporary differences of \u00a39.6m (2024: \u00a39.4m). 3. Deferred tax assets and liabilities have been offset only where there is a legally enforceable right to do so, and the assets and liabilities relate to the same taxable entity or tax grouping. Movements in deferred tax during the year ended 31 December 2025 were recognised as follows: Net deferred tax liabilities/(assets):
Contingent
Property, Retirement and deferred Other
plant and Intangible benefit revenue share temporary
equipment assets
assets
Losses
payments
1
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2023
(31.0)
709.5
21.6
(59.7)
(321.5)
13.0
331.9
Income statement
5.7
(43.1)
(3.0)
(28.7)
10.7
(5.0)
(63.4)
Other comprehensive income
\u2013
\u2013
(4.8)
\u2013
\u2013
\u2013
(4.8)
Exchange adjustment
1.2
(32.7)
\u2013
2.2
29.4
(1.2)
(1.1)
At 31 December 2024
(24.1)
633.7
13.8
(86.2)
(281.4)
6.8
262.6
Income statement
(2.4)
(59.9)
0.4
10.5
14.8
3.0
(33.6)
Exchange adjustment
(1.7)
(0.7)
(0.1)
(0.7)
13.5
0.5
10.8
At 31 December 2025
(28.2)
573.1
14.1
(76.4)
(253.1)
10.3
239.8
1. This deferred tax asset reflects tax deductions that will arise on future payment of the deferred and contingent consideration amounts by TAB NZ (see Note 25). Amounts presented on the consolidated balance sheet:
2025
2024
\u00a3m
\u00a3m
Deferred tax liabilities
680.4
738.7
Deferred tax assets
(440.6)
(476.1)
Net deferred tax liability
239.8
262.6
The average standard rate of UK corporation tax during the year was 25.0% (2024: 25.0%). The deferred tax assets and liabilities are measured at the tax rates of the respective territories which are expected to apply in the year in which the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets have been recognised based on the ability of future offset against deferred tax liabilities or against future taxable profits, to the extent they relate to the same taxable entity. The assessment of future taxable profits is based on forecasts and assumptions consistent with those used for impairment testing as set out in Note 14. Deferred tax assets include tax losses and future deductions for contingent and deferred revenue share payments in respect of the TAB NZ business. As at 31 December 2025, the Group had \u00a31,848.3m (2024: \u00a31,846.6m) of gross unrecognised deferred tax assets. This unrecognised deferred tax asset consists of \u00a3213.3m of capital losses (2024: \u00a3213.3m), \u00a31,524.8m of income losses (2024: \u00a31,572.7m), \u00a396.5m of deferred interest relief (2024: \u00a359.2m) and \u00a313.7m other deferred tax assets (2024: \u00a31.4m). These assets arise in entities that do not have deferred tax liabilities they can be set against, and where there are either no forecast future taxable profits, or the potential future profits are not sufficiently certain to support the deferred tax asset recognition. There are no significant unrecognised taxable temporary differences associated with investments in subsidiaries. The standard rate of UK corporation tax throughout the year was 25%. The 25% rate has therefore been used in measuring the UK deferred tax items at the date of this Report. Deferred tax on UK retirement benefit assets is now also provided at 25% (2024: 25%), being the rate applicable to refunds of pension surpluses. In the Gibraltar Budget on 20 July 2021, the Chief Minister announced a temporary enhanced tax deduction for qualifying business marketing and promotion costs, which would apply for the years ending 31 December 2021 and 31 December 2023. In a subsequent Gibraltar Budget on 28 June 2022 the Chief Minister unexpectedly announced the retrospective removal of this enhanced deduction to cut short by a year the period to which the incentive applied. On 23 December 2024 the legislation incorporating the retrospective removal of this enhanced deduction was enacted in Gibraltar. The impact of this legislation being enacted on the figures reported above is a credit of \u00a30.1m (2024: \u00a325.6m charge) through separately disclosed items. On 26 November 2025, the UK Chancellor announced several tax changes which will have a material impact on the profitability of the UK business post mitigation. As such, the outlook for the UK business for 2026 and beyond has been reduced. This reduction has required the recoverability of the associated deferred tax assets to be reassessed, resulting in a one-off charge of \u00a345.1m (2024: \u00a3nil) through separately disclosed items. The Group\u2019s future tax charge, and effective tax rate, will be affected by a number of factors including the geographic mix of profits, changes to statutory corporate tax rates and the impact of continuing global tax reforms. The UK enacted legislation in 2023 to implement the minimum level of taxation for multinational groups (\u201cPillar Two\u201d). These rules apply to the Group from 1 January 2024. The Group has applied the temporary mandatory exception from deferred tax accounting for the impacts of the top-up tax, and accounts for it as a current tax when it is incurred. The impact of these rules on the figures reported above is to increase the tax charge by \u00a32.0m (2024: \u00a32.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "
11 Dividends
2025 2024
Shares in Shares in
2025
2024
issue issue
Pence per share
pence
pence
number
number
2023 second interim dividend paid
\u2013
8.9
\u2013
639.0
2024 interim dividend paid
\u2013
9.3
\u2013
639.3
2024 second interim dividend paid
9.3
n/a
639.3
n/a
2025 interim dividend paid
9.8
n/a
639.5
n/a
A second interim dividend of 9.8p (2024: 9.3p) per share, amounting to \u00a362.6m (2024: \u00a359.5m) in respect of the year ended 31 December 2025, was
proposed by the Directors on 5 March 2026. The estimated total amount payable in respect of the final dividend is based on the expected number of
shares in issue on 5 March 2026. There are no income tax implications for the Group and Company arising from the proposed second interim
dividend. The 2024 second interim dividend of 9.3p per share (\u00a359.5m) was paid on 25 April 2025. The 2025 interim dividend of 9.8p per share
(\u00a362.6m) was paid on 29 September 2025.
A dividend reinvestment plan (\u201cDRIP\u201d) is available to shareholders who would prefer to invest their dividends in the Company\u2019s shares. The last date
for receipt of DRIP elections is 31 March 2026.
In the year, the Group paid a dividend totalling \u00a348.9m to non-controlling interests (2024: \u00a312.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "0.093", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-529": { "value": "0.098", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-488": { "value": "
12 Earnings per share
Basic earnings per share has been calculated by dividing the loss for the year attributable to shareholders of the Company of \u00a3666.7m (2024:
\u00a3452.7m) by the weighted average number of shares in issue during the year of 639.5m (2024: 639.1m).
The dilutive effects of share options and contingently issuable shares are not considered when calculating the diluted loss per share.
At 31 December 2025, there were 639.6m \u20ac0.01 ordinary shares in issue.
The calculation of adjusted earnings per share which removes separately disclosed items and foreign exchange gains and losses arising on financial
instruments has also been disclosed as it provides a better understanding of the underlying performance of the Group. Separately disclosed items
are defined in Note 4 and disclosed in Note 6.
Total earnings per share
Weighted average number of shares (millions)
2025
2024
Shares for basic earnings per share
639.5
639.1
Potentially dilutive share options and contingently issuable shares
6.3
5.2
Shares for diluted earnings per share
645.8
644.3
2025
2024
Total profit
\u00a3m
\u00a3m
Loss attributable to shareholders
(666.7)
(452.7)
Losses/(gains) from financial instruments
216.5
(145.0)
Gains from foreign exchange debt instruments
(114.2)
(21.0)
Associated tax charge on (losses)/gains arising from financial instruments and foreign exchange debt instruments
(11.4)
23.1
Separately disclosed items net of tax (Note 6)
974.7
788.3
Adjusted profit attributable to shareholders
398.9
192.7
Standard earnings per share
Adjusted earnings per share
Earnings per share (pence)
2025
2024
2025
2024
Basic earnings per share
From (loss)/profit for the year
(104.3)
(70.8)
62.4
30.2
Diluted earnings per share
From (loss)/profit for the year
(104.3)
(70.8)
61.8
29.9
The earnings per share presented above is inclusive of the performance from the US joint venture BetMGM. Adjusting for the removal of the BetMGM
performance would result in a basic adjusted earnings per share of 52.1p (2024: 47.3p) and a diluted adjusted earnings per share of 51.6p
(2024: 46.9p).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "
13 Goodwill and intangible assets
Trade-marks
Customer & brand
Goodwill
Licences
Software
relationships
names
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
5,269.4
965.0
998.4
1,504.2
2,691.5
11,428.5
Exchange adjustment
(194.9)
(80.7)
(28.6)
(43.2)
(66.1)
(413.5)
Additions
\u2013
18.3
185.6
\u2013
\u2013
203.9
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
Reclassifications
\u2013
\u2013
2.0
\u2013
\u2013
2.0
At 31 December 2024
5,074.5
902.6
1,154.7
1,461.0
2,625.4
11,218.2
Exchange adjustment
122.2
(24.5)
6.4
37.4
41.5
183.0
Additions
\u2013
19.0
213.6
\u2013
\u2013
232.6
Disposals
\u2013
(0.2)
(4.6)
(0.7)
\u2013
(5.5)
Reclassifications
\u2013
0.2
(0.1)
\u2013
\u2013
0.1
At 31 December 2025
5,196.7
897.1
1,370.0
1,497.7
2,666.9
11,628.4
Accumulated amortisation and impairment
At 1 January 2024
553.4
71.5
649.0
1,146.1
332.4
2,752.4
Exchange adjustment
(34.3)
(5.5)
(18.3)
(33.1)
(19.7)
(110.9)
Amortisation charge
\u2013
48.9
167.4
165.6
103.5
485.4
Impairment charge
416.5
\u2013
19.2
\u2013
\u2013
435.7
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
935.6
114.9
814.6
1,278.6
416.2
3,559.9
Exchange adjustment
7.2
0.2
2.6
30.9
19.6
60.5
Amortisation charge
\u2013
53.1
166.1
139.9
102.5
461.6
Impairment charge
510.1
\u2013
10.0
\u2013
30.0
550.1
Disposals
\u2013
(0.1)
(3.4)
\u2013
\u2013
(3.5)
Reclassifications
\u2013
(2.3)
2.3
\u2013
\u2013
\u2013
At 31 December 2025
1,452.9
165.8
992.2
1,449.4
568.3
4,628.6
Net book value
At 31 December 2024
4,138.9
787.7
340.1
182.4
2,209.2
7,658.3
At 31 December 2025
3,743.8
731.3
377.8
48.3
2,098.6
6,999.8
At 31 December 2025, the Group had not entered into contractual commitments for the acquisition of any intangible assets (2024: \u00a3nil).
Included within trade-marks and brand names are \u00a31,398.4m (2024: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These
assets relate to the UK Ladbrokes and Coral brands which are considered to have indefinite durability that can be demonstrated, and their value can
be readily measured. The brands operate in longstanding and profitable market sectors. The Group has a strong position in the market with the
\"know-how\" required to run such operations and there are barriers to entry due to the requirement to demonstrate that the applicant is a fit and
proper person.
Goodwill reflects the value by which consideration exceeds the fair value of net assets acquired as part of a business combination including the
deferred tax liability arising on acquisitions.
Licences comprise the cost of acquired betting shop and online licences, as well as licences acquired as part of acquisitions.
Software relates to the capitalisation of internally developed software (\u00a3144.7m of 2025 additions) and the cost of acquired software, through
purchase or business combination.
Customer relationships, trade-marks and brand names relate to the fair value of customer lists, trade-marks and brand names acquired as part of
business combinations, primarily relating to the bwin, Ladbrokes Coral Group, Enlabs, SuperSport, BetCity, 365Scores, STS and TAB NZ businesses.
14 Impairment testing of goodwill and indefinite life intangible assets
An impairment loss is recognised for any amount by which an asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset\u2019s fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash flows (cash-generating units).
Within UK and TAB NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed Betting Office (\u201cLBO\u201d) and, therefore,
impairment is first assessed at this level for the relevant intangibles (such as software and licences) and property, plant and equipment, with any
impairment arising booked to the intangibles and property, plant and equipment on a pro-rata basis. Since goodwill, customer relationships and
brand names have not been historically allocated to individual LBOs, a secondary assessment is then made to compare the carrying value of the
segment against the recoverable amount with any additional impairment then taken against goodwill first. Other Retail CGUs are assessed as a
whole due to either being franchise arrangements or on the basis of materiality.
For International the CGU is defined as websites hosted by proprietary platforms based in non-UK countries, and for all other segments the CGU is
the relevant geographical location or business unit. Any impairments are made firstly to goodwill, next to any capitalised intangible asset and then
finally to property, plant and equipment. The expected cash flows generated by the assets are discounted using appropriate discount rates that
reflect the time value of money and risks associated with the group of assets.
During the year, the Group\u2019s STS business migrated onto the same proprietary platform as the SuperSport business, as well as being internally
managed and monitored together as the CEE operating segment. Therefore the previous CGUs of SuperSport and STS have been combined within
the new CEE CGU as presented in the diagram on page 208.
For both tangible and intangible assets, the future cash flows are based on the forecasts and budgets of the CGU or business discounted to reflect
time value of money. The key assumptions within the UK and European Retail budgets are over-the-counter wagers (customer visits and spend per
visit), the average number of machines per shop, gross win per shop per week, salary increases, the potential impact of the shop closures and the
fixed costs of the LBOs. The key assumptions within the budgets for online businesses are the number of active customers, net revenue per head,
win percentage, marketing spend, revenue shares and operating costs. These assumptions are the basis of the EBITDA forecasts which are used for
the value in use calculations. All forecasts take into account the impact of the Group\u2019s sustainability commitments as well as any significant impacts
of climate change.
The value in use calculations use cash flows based on detailed, Board-approved, financial budgets prepared by management covering a three-year
period which have been risk adjusted for factors specific to each CGU. These forecasts have been extrapolated over years 4 to 9 representing a
declining growth curve from year 3 until the long-term forecast growth rate is reached. The growth rates used from years 4 to 9 range from 0% to
8% (2024: between 0% and 10%). From year 10 onwards long-term growth rates used are between 0% and 4% (2024: between 0% and 2%) and
are based on the long-term GDP growth rate of the countries in which the relevant CGUs operate or the relevant outlook for the business. An nine-
year horizon is considered appropriate based on the Group\u2019s history of underlying profit as well as ensuring there is an appropriate decline to long-
term growth rates from those growth rates currently observed in our key markets. A 0% growth rate (2024: 0%) has been used for most of the Retail
operating segment including the UK. All key assumptions used in the value in use calculations reflect the Group\u2019s past experience unless a relevant
external source of information is available. Whilst the same approach is adopted for TAB NZ impairment reviews, the value in use is assessed over
the 25-year life of the licence rather than into perpetuity.
The discount rate calculation is based on the specific circumstances with reference to the WACC and risk factors expected in the industry in which
the Group operates.
The pre-tax discount rates used and the associated carrying value of goodwill by CGU is as follows:
2025
2024
2025
2024
Goodwill
%
%
\u00a3m
\u00a3m
UK Retail
12.4
12.8
39.5
76.4
UK Digital
11.6
11.3
483.0
933.6
International
13.2
11.6
1,361.4
1,315.4
Australia
14.7
13.7
130.4
134.5
Belgium Retail
12.3
12.8
\u2013
\u2013
Belgium Digital
12.3
12.8
\u2013
11.5
Eurobet Retail
13.4
13.5
78.8
74.9
Eurobet Digital
13.4
13.5
309.4
294.2
Enlabs
11.3
12.0
206.2
196.0
BetCity
11.3
13.0
81.9
77.8
CEE
11.1-11.7
n/a
851.4
n/a
SuperSport
n/a
11.7
n/a
503.6
STS
n/a
13.6
n/a
301.8
365Scores
13.5
11.3
82.3
88.0
TAB NZ Retail
13.2
14.2
\u2013
\u2013
TAB NZ Digital
13.2
14.2
84.6
89.0
ROI
11.1
11.3
\u2013
6.2
Crystalbet
13.6
11.3
34.9
36.0
3,743.8
4,138.9
It is not practical or material to disclose the carrying value of individual licences by LBO.
Included within trade-marks and brand names are \u00a31,398.4m (2024: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These
assets relate to the UK Ladbrokes and Coral brands and are assessed on a combined CGU basis between UK Retail and UK Digital (see diagram on
page 208).
Impairment recognised during the year
Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating expenses (see
Note 6).
UK
As communicated to the market the recently announced tax changes in the UK online business are expected to have a material impact on
profitability post mitigation. As such, the outlook for the UK business for 2026 and beyond has been reduced. This reduction has led to a non-cash
impairment charge of \u00a3487.7m against our UK goodwill.
Belgium
During the year, the Group recorded a non-cash impairment charge of \u00a376.9m against Belgium. This is driven by ongoing rationalisation of the retail
estate which has a consequential impact on our online business given retail is a major acquisition channel for online. This has been reflected in our
forecasts for the business looking ahead.
Republic of Ireland
Continued challenges remain against our Retail estate in ROI as a result of a reduced outlook for this market. During the year, the Group recorded a
non-cash impairment charge of \u00a318.3m against the ROI CGU.
FHG
As part of the sale process of the FHG business in Australia, a \u00a33.9m impairment charge has been determined against the recoverable value of the
business\u2019s assets.
Sensitivity analysis
Sensitivity analysis for the impairment charge recognised on the UK CGUs in the year is given below. The remaining CGUs with an impairment
charge have not been disclosed as the remaining assets associated with the ROI and Belgium CGUs are not material and the impairment on FHG
was based on an external sale valuation. Whilst there has been no impairment recognised on the Group\u2019s TAB NZ CGUs, the headroom is minimal
and the impact of changes in assumptions on the impairment assessment is disclosed below. For all other CGUs, no reasonable change in
assumptions would cause an additional material impairment.
1% 1% 5%
growth rate discount rate EBITDA
Impairment
\u00a3m
\u00a3m
UK
211.4
212.9
178.7
TAB NZ
58.0
67.8
47.3
269.4
280.7
226.0
Impairment recognised during the prior year
TAB NZ
During the prior year, the Group recorded a non-cash impairment charge of \u00a3142.5m against TAB NZ (Digital CGU \u00a3124.0m, Retail CGU \u00a318.5m)
which arose as a result of the outlook for the New Zealand business deteriorating during 2024. Whilst this is in part due to the delay in the
introduction of the legislative net (geo-blocking), forecast underlying growth has also reduced.
STS
During the prior year, our Polish business continued to face aggressive competitor activity. Whilst initial views were that the intensity of competition
would reduce as the year progressed and normalise ahead of 2025, we were yet to see any easing at the year end. As such, the outlook for the
Polish business for 2025 and beyond was reduced. This reduction led to a non-cash impairment charge of \u00a375.9m against the STS CGU.
BetCity
With ongoing changes in regulation in the Netherlands and the introduction of deposit limits, the most recent of which was on 1 October 2024, and a
higher gaming tax rate, the outlook for the BetCity business weakened over 2024. This reduction in the outlook led to a non-cash impairment charge
of \u00a3113.1m against the BetCity CGU.
Belgium
During the prior year, the Group recorded a non-cash impairment charge of \u00a376.3m against Belgium (Retail CGU \u00a350.5m, Digital CGU \u00a325.8m). This
was driven by ongoing heavy regulation in Retail and the decline in online casino NGR as a result of the wallet decoupling with bwin.be.
Republic of Ireland
Continued challenges relating to our Retail estate in ROI as a result of a reduced outlook for this market. During the prior year, the Group recorded a
non-cash impairment charge of \u00a38.7m against the ROI CGU.
Impairment testing across the business
Customer
Licences/Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital UK Digital Impairment review Combined
UK Digital/UK Retail
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
International International Impairment review
Eurobet Eurobet Digital Impairment review
Digital Eurobet
Impairment
Eurobet Eurobet Retail Impairment review review
Retail
Belgium Belgium Digital Impairment review
Digital Belgium
Impairment
Belgium Belgium Retail Impairment review review
Retail
Australia Australia Impairment review
Enlabs Enlabs Impairment review
BetCity BetCity Impairment review
CEE CEE Impairment review
365
Scores
365
Scores
Impairment review
TAB NZ TAB NZ Digital Impairment review
Digital TAB NZ
Impairment
TAB NZ
TAB NZ site by site Impairment review
TAB NZ Retail Impairment review
review
Retail
Crystalbet Crystalbet Impairment review
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-564": { "value": "13 Goodwill and intangible assets
Trade-marks
Customer & brand
Goodwill
Licences
Software
relationships
names
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
5,269.4
965.0
998.4
1,504.2
2,691.5
11,428.5
Exchange adjustment
(194.9)
(80.7)
(28.6)
(43.2)
(66.1)
(413.5)
Additions
\u2013
18.3
185.6
\u2013
\u2013
203.9
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
Reclassifications
\u2013
\u2013
2.0
\u2013
\u2013
2.0
At 31 December 2024
5,074.5
902.6
1,154.7
1,461.0
2,625.4
11,218.2
Exchange adjustment
122.2
(24.5)
6.4
37.4
41.5
183.0
Additions
\u2013
19.0
213.6
\u2013
\u2013
232.6
Disposals
\u2013
(0.2)
(4.6)
(0.7)
\u2013
(5.5)
Reclassifications
\u2013
0.2
(0.1)
\u2013
\u2013
0.1
At 31 December 2025
5,196.7
897.1
1,370.0
1,497.7
2,666.9
11,628.4
Accumulated amortisation and impairment
At 1 January 2024
553.4
71.5
649.0
1,146.1
332.4
2,752.4
Exchange adjustment
(34.3)
(5.5)
(18.3)
(33.1)
(19.7)
(110.9)
Amortisation charge
\u2013
48.9
167.4
165.6
103.5
485.4
Impairment charge
416.5
\u2013
19.2
\u2013
\u2013
435.7
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
935.6
114.9
814.6
1,278.6
416.2
3,559.9
Exchange adjustment
7.2
0.2
2.6
30.9
19.6
60.5
Amortisation charge
\u2013
53.1
166.1
139.9
102.5
461.6
Impairment charge
510.1
\u2013
10.0
\u2013
30.0
550.1
Disposals
\u2013
(0.1)
(3.4)
\u2013
\u2013
(3.5)
Reclassifications
\u2013
(2.3)
2.3
\u2013
\u2013
\u2013
At 31 December 2025
1,452.9
165.8
992.2
1,449.4
568.3
4,628.6
Net book value
At 31 December 2024
4,138.9
787.7
340.1
182.4
2,209.2
7,658.3
At 31 December 2025
3,743.8
731.3
377.8
48.3
2,098.6
6,999.8
At 31 December 2025, the Group had not entered into contractual commitments for the acquisition of any intangible assets (2024: \u00a3nil). Included within trade-marks and brand names are \u00a31,398.4m (2024: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands which are considered to have indefinite durability that can be demonstrated, and their value can be readily measured. The brands operate in longstanding and profitable market sectors. The Group has a strong position in the market with the \"know-how\" required to run such operations and there are barriers to entry due to the requirement to demonstrate that the applicant is a fit and proper person. Goodwill reflects the value by which consideration exceeds the fair value of net assets acquired as part of a business combination including the deferred tax liability arising on acquisitions. Licences comprise the cost of acquired betting shop and online licences, as well as licences acquired as part of acquisitions. Software relates to the capitalisation of internally developed software (\u00a3144.7m of 2025 additions) and the cost of acquired software, through purchase or business combination. Customer relationships, trade-marks and brand names relate to the fair value of customer lists, trade-marks and brand names acquired as part of business combinations, primarily relating to the bwin, Ladbrokes Coral Group, Enlabs, SuperSport, BetCity, 365Scores, STS and TAB NZ businesses. 15 Property, plant and equipment
Land and Plant and Fixtures Leased
buildings equipment and fittings
assets
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
58.7
168.4
275.6
624.4
1,127.1
Exchange adjustment
(2.0)
(6.7)
(11.7)
(7.3)
(27.7)
Additions
5.5
30.1
49.0
132.4
217.0
Disposals
(1.6)
(4.2)
(16.7)
(202.0)
(224.5)
Reclassification
(0.3)
(15.4)
15.9
(2.3)
(2.1)
At 31 December 2024
60.3
172.2
312.1
545.2
1,089.8
Exchange adjustment
(0.2)
5.2
6.3
4.4
15.7
Additions
12.2
25.0
69.7
89.0
195.9
Disposals
(5.0)
(7.1)
(29.6)
(48.5)
(90.2)
Reclassification
5.6
7.4
(15.2)
2.4
0.2
At 31 December 2025
72.9
202.7
343.3
592.5
1,211.4
Accumulated depreciation
At 1 January 2024
22.8
67.0
117.8
386.1
593.7
Exchange adjustment
(1.2)
(2.2)
(11.7)
(2.9)
(18.0)
Depreciation charge
5.9
33.0
44.0
63.2
146.1
Impairment
1.2
1.3
4.8
11.5
18.8
Disposals
(1.6)
(4.2)
(16.7)
(202.0)
(224.5)
Reclassification
2.1
(0.6)
(1.6)
\u2013
(0.1)
At 31 December 2024
29.2
94.3
136.6
255.9
516.0
Exchange adjustment
0.1
4.3
5.2
2.9
12.5
Depreciation charge
6.8
29.8
39.9
72.9
149.4
Disposals
(2.4)
(5.3)
(29.2)
(40.3)
(77.2)
Impairment
0.4
2.6
11.0
22.7
36.7
Reclassification
2.1
(0.4)
(1.4)
\u2013
0.3
At 31 December 2025
36.2
125.3
162.1
314.1
637.7
Net book value
At 31 December 2024
31.1
77.9
175.5
289.3
573.8
At 31 December 2025
36.7
77.4
181.2
278.4
573.7
At 31 December 2025, the Group had not entered into contractual commitments for the acquisition of any property, plant and equipment (2024: \u00a3nil). Included within fixtures, fittings and equipment are assets in the course of construction which are not being depreciated of \u00a332.0m (2024: \u00a326.4m), relating predominantly to refurbishments and hardware roll out in retail stores. An impairment charge of \u00a336.7m (2024: \u00a318.8m) has been made against the Group\u2019s ROI and Belgium businesses and the prior year relates to closed retail shops and office buildings. See Notes 6 and 14 for further details. Analysis of leased assets:
Land and Plant and
buildings
equipment
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
600.9
23.5
624.4
Exchange adjustment
(6.9)
(0.4)
(7.3)
Additions
93.7
38.7
132.4
Disposals
(192.5)
(9.5)
(202.0)
Reclassifications
(4.4)
2.1
(2.3)
At 31 December 2024
490.8
54.4
545.2
Exchange adjustment
4.2
0.2
4.4
Additions
85.5
3.5
89.0
Disposals
(46.2)
(2.3)
(48.5)
Reclassification
\u2013
2.4
2.4
At 31 December 2025
534.3
58.2
592.5
Accumulated depreciation
At 1 January 2024
375.2
10.9
386.1
Exchange adjustment
(2.8)
(0.1)
(2.9)
Depreciation charge
58.9
4.3
63.2
Impairment
11.1
0.4
11.5
Disposals
(192.5)
(9.5)
(202.0)
At 31 December 2024
249.9
6.0
255.9
Exchange adjustment
2.8
0.1
2.9
Depreciation charge
62.8
10.1
72.9
Disposals
(38.4)
(1.9)
(40.3)
Impairment
21.1
1.6
22.7
At 31 December 2025
298.2
15.9
314.1
Net book value
At 31 December 2024
240.9
48.4
289.3
At 31 December 2025
236.1
42.3
278.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-551": { "value": "13 Goodwill and intangible assets
Trade-marks
Customer & brand
Goodwill
Licences
Software
relationships
names
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
5,269.4
965.0
998.4
1,504.2
2,691.5
11,428.5
Exchange adjustment
(194.9)
(80.7)
(28.6)
(43.2)
(66.1)
(413.5)
Additions
\u2013
18.3
185.6
\u2013
\u2013
203.9
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
Reclassifications
\u2013
\u2013
2.0
\u2013
\u2013
2.0
At 31 December 2024
5,074.5
902.6
1,154.7
1,461.0
2,625.4
11,218.2
Exchange adjustment
122.2
(24.5)
6.4
37.4
41.5
183.0
Additions
\u2013
19.0
213.6
\u2013
\u2013
232.6
Disposals
\u2013
(0.2)
(4.6)
(0.7)
\u2013
(5.5)
Reclassifications
\u2013
0.2
(0.1)
\u2013
\u2013
0.1
At 31 December 2025
5,196.7
897.1
1,370.0
1,497.7
2,666.9
11,628.4
Accumulated amortisation and impairment
At 1 January 2024
553.4
71.5
649.0
1,146.1
332.4
2,752.4
Exchange adjustment
(34.3)
(5.5)
(18.3)
(33.1)
(19.7)
(110.9)
Amortisation charge
\u2013
48.9
167.4
165.6
103.5
485.4
Impairment charge
416.5
\u2013
19.2
\u2013
\u2013
435.7
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
935.6
114.9
814.6
1,278.6
416.2
3,559.9
Exchange adjustment
7.2
0.2
2.6
30.9
19.6
60.5
Amortisation charge
\u2013
53.1
166.1
139.9
102.5
461.6
Impairment charge
510.1
\u2013
10.0
\u2013
30.0
550.1
Disposals
\u2013
(0.1)
(3.4)
\u2013
\u2013
(3.5)
Reclassifications
\u2013
(2.3)
2.3
\u2013
\u2013
\u2013
At 31 December 2025
1,452.9
165.8
992.2
1,449.4
568.3
4,628.6
Net book value
At 31 December 2024
4,138.9
787.7
340.1
182.4
2,209.2
7,658.3
At 31 December 2025
3,743.8
731.3
377.8
48.3
2,098.6
6,999.8
At 31 December 2025, the Group had not entered into contractual commitments for the acquisition of any intangible assets (2024: \u00a3nil). Included within trade-marks and brand names are \u00a31,398.4m (2024: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands which are considered to have indefinite durability that can be demonstrated, and their value can be readily measured. The brands operate in longstanding and profitable market sectors. The Group has a strong position in the market with the \"know-how\" required to run such operations and there are barriers to entry due to the requirement to demonstrate that the applicant is a fit and proper person. Goodwill reflects the value by which consideration exceeds the fair value of net assets acquired as part of a business combination including the deferred tax liability arising on acquisitions. Licences comprise the cost of acquired betting shop and online licences, as well as licences acquired as part of acquisitions. Software relates to the capitalisation of internally developed software (\u00a3144.7m of 2025 additions) and the cost of acquired software, through purchase or business combination. Customer relationships, trade-marks and brand names relate to the fair value of customer lists, trade-marks and brand names acquired as part of business combinations, primarily relating to the bwin, Ladbrokes Coral Group, Enlabs, SuperSport, BetCity, 365Scores, STS and TAB NZ businesses. 14 Impairment testing of goodwill and indefinite life intangible assets An impairment loss is recognised for any amount by which an asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Within UK and TAB NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed Betting Office (\u201cLBO\u201d) and, therefore, impairment is first assessed at this level for the relevant intangibles (such as software and licences) and property, plant and equipment, with any impairment arising booked to the intangibles and property, plant and equipment on a pro-rata basis. Since goodwill, customer relationships and brand names have not been historically allocated to individual LBOs, a secondary assessment is then made to compare the carrying value of the segment against the recoverable amount with any additional impairment then taken against goodwill first. Other Retail CGUs are assessed as a whole due to either being franchise arrangements or on the basis of materiality. For International the CGU is defined as websites hosted by proprietary platforms based in non-UK countries, and for all other segments the CGU is the relevant geographical location or business unit. Any impairments are made firstly to goodwill, next to any capitalised intangible asset and then finally to property, plant and equipment. The expected cash flows generated by the assets are discounted using appropriate discount rates that reflect the time value of money and risks associated with the group of assets. During the year, the Group\u2019s STS business migrated onto the same proprietary platform as the SuperSport business, as well as being internally managed and monitored together as the CEE operating segment. Therefore the previous CGUs of SuperSport and STS have been combined within the new CEE CGU as presented in the diagram on page 208. For both tangible and intangible assets, the future cash flows are based on the forecasts and budgets of the CGU or business discounted to reflect time value of money. The key assumptions within the UK and European Retail budgets are over-the-counter wagers (customer visits and spend per visit), the average number of machines per shop, gross win per shop per week, salary increases, the potential impact of the shop closures and the fixed costs of the LBOs. The key assumptions within the budgets for online businesses are the number of active customers, net revenue per head, win percentage, marketing spend, revenue shares and operating costs. These assumptions are the basis of the EBITDA forecasts which are used for the value in use calculations. All forecasts take into account the impact of the Group\u2019s sustainability commitments as well as any significant impacts of climate change. The value in use calculations use cash flows based on detailed, Board-approved, financial budgets prepared by management covering a three-year period which have been risk adjusted for factors specific to each CGU. These forecasts have been extrapolated over years 4 to 9 representing a declining growth curve from year 3 until the long-term forecast growth rate is reached. The growth rates used from years 4 to 9 range from 0% to 8% (2024: between 0% and 10%). From year 10 onwards long-term growth rates used are between 0% and 4% (2024: between 0% and 2%) and are based on the long-term GDP growth rate of the countries in which the relevant CGUs operate or the relevant outlook for the business. An nine- year horizon is considered appropriate based on the Group\u2019s history of underlying profit as well as ensuring there is an appropriate decline to long- term growth rates from those growth rates currently observed in our key markets. A 0% growth rate (2024: 0%) has been used for most of the Retail operating segment including the UK. All key assumptions used in the value in use calculations reflect the Group\u2019s past experience unless a relevant external source of information is available. Whilst the same approach is adopted for TAB NZ impairment reviews, the value in use is assessed over the 25-year life of the licence rather than into perpetuity. The discount rate calculation is based on the specific circumstances with reference to the WACC and risk factors expected in the industry in which the Group operates. The pre-tax discount rates used and the associated carrying value of goodwill by CGU is as follows:
2025
2024
2025
2024
Goodwill
%
%
\u00a3m
\u00a3m
UK Retail
12.4
12.8
39.5
76.4
UK Digital
11.6
11.3
483.0
933.6
International
13.2
11.6
1,361.4
1,315.4
Australia
14.7
13.7
130.4
134.5
Belgium Retail
12.3
12.8
\u2013
\u2013
Belgium Digital
12.3
12.8
\u2013
11.5
Eurobet Retail
13.4
13.5
78.8
74.9
Eurobet Digital
13.4
13.5
309.4
294.2
Enlabs
11.3
12.0
206.2
196.0
BetCity
11.3
13.0
81.9
77.8
CEE
11.1-11.7
n/a
851.4
n/a
SuperSport
n/a
11.7
n/a
503.6
STS
n/a
13.6
n/a
301.8
365Scores
13.5
11.3
82.3
88.0
TAB NZ Retail
13.2
14.2
\u2013
\u2013
TAB NZ Digital
13.2
14.2
84.6
89.0
ROI
11.1
11.3
\u2013
6.2
Crystalbet
13.6
11.3
34.9
36.0
3,743.8
4,138.9
It is not practical or material to disclose the carrying value of individual licences by LBO. Included within trade-marks and brand names are \u00a31,398.4m (2024: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands and are assessed on a combined CGU basis between UK Retail and UK Digital (see diagram on page 208). Impairment recognised during the year Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating expenses (see Note 6). UK As communicated to the market the recently announced tax changes in the UK online business are expected to have a material impact on profitability post mitigation. As such, the outlook for the UK business for 2026 and beyond has been reduced. This reduction has led to a non-cash impairment charge of \u00a3487.7m against our UK goodwill. Belgium During the year, the Group recorded a non-cash impairment charge of \u00a376.9m against Belgium. This is driven by ongoing rationalisation of the retail estate which has a consequential impact on our online business given retail is a major acquisition channel for online. This has been reflected in our forecasts for the business looking ahead. Republic of Ireland Continued challenges remain against our Retail estate in ROI as a result of a reduced outlook for this market. During the year, the Group recorded a non-cash impairment charge of \u00a318.3m against the ROI CGU. FHG As part of the sale process of the FHG business in Australia, a \u00a33.9m impairment charge has been determined against the recoverable value of the business\u2019s assets. Sensitivity analysis Sensitivity analysis for the impairment charge recognised on the UK CGUs in the year is given below. The remaining CGUs with an impairment charge have not been disclosed as the remaining assets associated with the ROI and Belgium CGUs are not material and the impairment on FHG was based on an external sale valuation. Whilst there has been no impairment recognised on the Group\u2019s TAB NZ CGUs, the headroom is minimal and the impact of changes in assumptions on the impairment assessment is disclosed below. For all other CGUs, no reasonable change in assumptions would cause an additional material impairment.
1% 1% 5%
growth rate discount rate EBITDA
Impairment
\u00a3m
\u00a3m
UK
211.4
212.9
178.7
TAB NZ
58.0
67.8
47.3
269.4
280.7
226.0
Impairment recognised during the prior year TAB NZ During the prior year, the Group recorded a non-cash impairment charge of \u00a3142.5m against TAB NZ (Digital CGU \u00a3124.0m, Retail CGU \u00a318.5m) which arose as a result of the outlook for the New Zealand business deteriorating during 2024. Whilst this is in part due to the delay in the introduction of the legislative net (geo-blocking), forecast underlying growth has also reduced. STS During the prior year, our Polish business continued to face aggressive competitor activity. Whilst initial views were that the intensity of competition would reduce as the year progressed and normalise ahead of 2025, we were yet to see any easing at the year end. As such, the outlook for the Polish business for 2025 and beyond was reduced. This reduction led to a non-cash impairment charge of \u00a375.9m against the STS CGU. BetCity With ongoing changes in regulation in the Netherlands and the introduction of deposit limits, the most recent of which was on 1 October 2024, and a higher gaming tax rate, the outlook for the BetCity business weakened over 2024. This reduction in the outlook led to a non-cash impairment charge of \u00a3113.1m against the BetCity CGU. Belgium During the prior year, the Group recorded a non-cash impairment charge of \u00a376.3m against Belgium (Retail CGU \u00a350.5m, Digital CGU \u00a325.8m). This was driven by ongoing heavy regulation in Retail and the decline in online casino NGR as a result of the wallet decoupling with bwin.be. Republic of Ireland Continued challenges relating to our Retail estate in ROI as a result of a reduced outlook for this market. During the prior year, the Group recorded a non-cash impairment charge of \u00a38.7m against the ROI CGU. Impairment testing across the business
Customer
Licences/Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital UK Digital Impairment review Combined
UK Digital/UK Retail
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
International International Impairment review
Eurobet Eurobet Digital Impairment review
Digital Eurobet
Impairment
Eurobet Eurobet Retail Impairment review review
Retail
Belgium Belgium Digital Impairment review
Digital Belgium
Impairment
Belgium Belgium Retail Impairment review review
Retail
Australia Australia Impairment review
Enlabs Enlabs Impairment review
BetCity BetCity Impairment review
CEE CEE Impairment review
365
Scores
365
Scores
Impairment review
TAB NZ TAB NZ Digital Impairment review
Digital TAB NZ
Impairment
TAB NZ
TAB NZ site by site Impairment review
TAB NZ Retail Impairment review
review
Retail
Crystalbet Crystalbet Impairment review
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-530": { "value": "13 Goodwill and intangible assets
Trade-marks
Customer & brand
Goodwill
Licences
Software
relationships
names
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
5,269.4
965.0
998.4
1,504.2
2,691.5
11,428.5
Exchange adjustment
(194.9)
(80.7)
(28.6)
(43.2)
(66.1)
(413.5)
Additions
\u2013
18.3
185.6
\u2013
\u2013
203.9
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
Reclassifications
\u2013
\u2013
2.0
\u2013
\u2013
2.0
At 31 December 2024
5,074.5
902.6
1,154.7
1,461.0
2,625.4
11,218.2
Exchange adjustment
122.2
(24.5)
6.4
37.4
41.5
183.0
Additions
\u2013
19.0
213.6
\u2013
\u2013
232.6
Disposals
\u2013
(0.2)
(4.6)
(0.7)
\u2013
(5.5)
Reclassifications
\u2013
0.2
(0.1)
\u2013
\u2013
0.1
At 31 December 2025
5,196.7
897.1
1,370.0
1,497.7
2,666.9
11,628.4
Accumulated amortisation and impairment
At 1 January 2024
553.4
71.5
649.0
1,146.1
332.4
2,752.4
Exchange adjustment
(34.3)
(5.5)
(18.3)
(33.1)
(19.7)
(110.9)
Amortisation charge
\u2013
48.9
167.4
165.6
103.5
485.4
Impairment charge
416.5
\u2013
19.2
\u2013
\u2013
435.7
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
935.6
114.9
814.6
1,278.6
416.2
3,559.9
Exchange adjustment
7.2
0.2
2.6
30.9
19.6
60.5
Amortisation charge
\u2013
53.1
166.1
139.9
102.5
461.6
Impairment charge
510.1
\u2013
10.0
\u2013
30.0
550.1
Disposals
\u2013
(0.1)
(3.4)
\u2013
\u2013
(3.5)
Reclassifications
\u2013
(2.3)
2.3
\u2013
\u2013
\u2013
At 31 December 2025
1,452.9
165.8
992.2
1,449.4
568.3
4,628.6
Net book value
At 31 December 2024
4,138.9
787.7
340.1
182.4
2,209.2
7,658.3
At 31 December 2025
3,743.8
731.3
377.8
48.3
2,098.6
6,999.8
At 31 December 2025, the Group had not entered into contractual commitments for the acquisition of any intangible assets (2024: \u00a3nil). Included within trade-marks and brand names are \u00a31,398.4m (2024: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands which are considered to have indefinite durability that can be demonstrated, and their value can be readily measured. The brands operate in longstanding and profitable market sectors. The Group has a strong position in the market with the \"know-how\" required to run such operations and there are barriers to entry due to the requirement to demonstrate that the applicant is a fit and proper person. Goodwill reflects the value by which consideration exceeds the fair value of net assets acquired as part of a business combination including the deferred tax liability arising on acquisitions. Licences comprise the cost of acquired betting shop and online licences, as well as licences acquired as part of acquisitions. Software relates to the capitalisation of internally developed software (\u00a3144.7m of 2025 additions) and the cost of acquired software, through purchase or business combination. Customer relationships, trade-marks and brand names relate to the fair value of customer lists, trade-marks and brand names acquired as part of business combinations, primarily relating to the bwin, Ladbrokes Coral Group, Enlabs, SuperSport, BetCity, 365Scores, STS and TAB NZ businesses. 14 Impairment testing of goodwill and indefinite life intangible assets An impairment loss is recognised for any amount by which an asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Within UK and TAB NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed Betting Office (\u201cLBO\u201d) and, therefore, impairment is first assessed at this level for the relevant intangibles (such as software and licences) and property, plant and equipment, with any impairment arising booked to the intangibles and property, plant and equipment on a pro-rata basis. Since goodwill, customer relationships and brand names have not been historically allocated to individual LBOs, a secondary assessment is then made to compare the carrying value of the segment against the recoverable amount with any additional impairment then taken against goodwill first. Other Retail CGUs are assessed as a whole due to either being franchise arrangements or on the basis of materiality. For International the CGU is defined as websites hosted by proprietary platforms based in non-UK countries, and for all other segments the CGU is the relevant geographical location or business unit. Any impairments are made firstly to goodwill, next to any capitalised intangible asset and then finally to property, plant and equipment. The expected cash flows generated by the assets are discounted using appropriate discount rates that reflect the time value of money and risks associated with the group of assets. During the year, the Group\u2019s STS business migrated onto the same proprietary platform as the SuperSport business, as well as being internally managed and monitored together as the CEE operating segment. Therefore the previous CGUs of SuperSport and STS have been combined within the new CEE CGU as presented in the diagram on page 208. For both tangible and intangible assets, the future cash flows are based on the forecasts and budgets of the CGU or business discounted to reflect time value of money. The key assumptions within the UK and European Retail budgets are over-the-counter wagers (customer visits and spend per visit), the average number of machines per shop, gross win per shop per week, salary increases, the potential impact of the shop closures and the fixed costs of the LBOs. The key assumptions within the budgets for online businesses are the number of active customers, net revenue per head, win percentage, marketing spend, revenue shares and operating costs. These assumptions are the basis of the EBITDA forecasts which are used for the value in use calculations. All forecasts take into account the impact of the Group\u2019s sustainability commitments as well as any significant impacts of climate change. The value in use calculations use cash flows based on detailed, Board-approved, financial budgets prepared by management covering a three-year period which have been risk adjusted for factors specific to each CGU. These forecasts have been extrapolated over years 4 to 9 representing a declining growth curve from year 3 until the long-term forecast growth rate is reached. The growth rates used from years 4 to 9 range from 0% to 8% (2024: between 0% and 10%). From year 10 onwards long-term growth rates used are between 0% and 4% (2024: between 0% and 2%) and are based on the long-term GDP growth rate of the countries in which the relevant CGUs operate or the relevant outlook for the business. An nine- year horizon is considered appropriate based on the Group\u2019s history of underlying profit as well as ensuring there is an appropriate decline to long- term growth rates from those growth rates currently observed in our key markets. A 0% growth rate (2024: 0%) has been used for most of the Retail operating segment including the UK. All key assumptions used in the value in use calculations reflect the Group\u2019s past experience unless a relevant external source of information is available. Whilst the same approach is adopted for TAB NZ impairment reviews, the value in use is assessed over the 25-year life of the licence rather than into perpetuity. The discount rate calculation is based on the specific circumstances with reference to the WACC and risk factors expected in the industry in which the Group operates. The pre-tax discount rates used and the associated carrying value of goodwill by CGU is as follows:
2025
2024
2025
2024
Goodwill
%
%
\u00a3m
\u00a3m
UK Retail
12.4
12.8
39.5
76.4
UK Digital
11.6
11.3
483.0
933.6
International
13.2
11.6
1,361.4
1,315.4
Australia
14.7
13.7
130.4
134.5
Belgium Retail
12.3
12.8
\u2013
\u2013
Belgium Digital
12.3
12.8
\u2013
11.5
Eurobet Retail
13.4
13.5
78.8
74.9
Eurobet Digital
13.4
13.5
309.4
294.2
Enlabs
11.3
12.0
206.2
196.0
BetCity
11.3
13.0
81.9
77.8
CEE
11.1-11.7
n/a
851.4
n/a
SuperSport
n/a
11.7
n/a
503.6
STS
n/a
13.6
n/a
301.8
365Scores
13.5
11.3
82.3
88.0
TAB NZ Retail
13.2
14.2
\u2013
\u2013
TAB NZ Digital
13.2
14.2
84.6
89.0
ROI
11.1
11.3
\u2013
6.2
Crystalbet
13.6
11.3
34.9
36.0
3,743.8
4,138.9
It is not practical or material to disclose the carrying value of individual licences by LBO. Included within trade-marks and brand names are \u00a31,398.4m (2024: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands and are assessed on a combined CGU basis between UK Retail and UK Digital (see diagram on page 208). Impairment recognised during the year Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating expenses (see Note 6). UK As communicated to the market the recently announced tax changes in the UK online business are expected to have a material impact on profitability post mitigation. As such, the outlook for the UK business for 2026 and beyond has been reduced. This reduction has led to a non-cash impairment charge of \u00a3487.7m against our UK goodwill. Belgium During the year, the Group recorded a non-cash impairment charge of \u00a376.9m against Belgium. This is driven by ongoing rationalisation of the retail estate which has a consequential impact on our online business given retail is a major acquisition channel for online. This has been reflected in our forecasts for the business looking ahead. Republic of Ireland Continued challenges remain against our Retail estate in ROI as a result of a reduced outlook for this market. During the year, the Group recorded a non-cash impairment charge of \u00a318.3m against the ROI CGU. FHG As part of the sale process of the FHG business in Australia, a \u00a33.9m impairment charge has been determined against the recoverable value of the business\u2019s assets. Sensitivity analysis Sensitivity analysis for the impairment charge recognised on the UK CGUs in the year is given below. The remaining CGUs with an impairment charge have not been disclosed as the remaining assets associated with the ROI and Belgium CGUs are not material and the impairment on FHG was based on an external sale valuation. Whilst there has been no impairment recognised on the Group\u2019s TAB NZ CGUs, the headroom is minimal and the impact of changes in assumptions on the impairment assessment is disclosed below. For all other CGUs, no reasonable change in assumptions would cause an additional material impairment.
1% 1% 5%
growth rate discount rate EBITDA
Impairment
\u00a3m
\u00a3m
UK
211.4
212.9
178.7
TAB NZ
58.0
67.8
47.3
269.4
280.7
226.0
Impairment recognised during the prior year TAB NZ During the prior year, the Group recorded a non-cash impairment charge of \u00a3142.5m against TAB NZ (Digital CGU \u00a3124.0m, Retail CGU \u00a318.5m) which arose as a result of the outlook for the New Zealand business deteriorating during 2024. Whilst this is in part due to the delay in the introduction of the legislative net (geo-blocking), forecast underlying growth has also reduced. STS During the prior year, our Polish business continued to face aggressive competitor activity. Whilst initial views were that the intensity of competition would reduce as the year progressed and normalise ahead of 2025, we were yet to see any easing at the year end. As such, the outlook for the Polish business for 2025 and beyond was reduced. This reduction led to a non-cash impairment charge of \u00a375.9m against the STS CGU. BetCity With ongoing changes in regulation in the Netherlands and the introduction of deposit limits, the most recent of which was on 1 October 2024, and a higher gaming tax rate, the outlook for the BetCity business weakened over 2024. This reduction in the outlook led to a non-cash impairment charge of \u00a3113.1m against the BetCity CGU. Belgium During the prior year, the Group recorded a non-cash impairment charge of \u00a376.3m against Belgium (Retail CGU \u00a350.5m, Digital CGU \u00a325.8m). This was driven by ongoing heavy regulation in Retail and the decline in online casino NGR as a result of the wallet decoupling with bwin.be. Republic of Ireland Continued challenges relating to our Retail estate in ROI as a result of a reduced outlook for this market. During the prior year, the Group recorded a non-cash impairment charge of \u00a38.7m against the ROI CGU. Impairment testing across the business
Customer
Licences/Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital UK Digital Impairment review Combined
UK Digital/UK Retail
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
International International Impairment review
Eurobet Eurobet Digital Impairment review
Digital Eurobet
Impairment
Eurobet Eurobet Retail Impairment review review
Retail
Belgium Belgium Digital Impairment review
Digital Belgium
Impairment
Belgium Belgium Retail Impairment review review
Retail
Australia Australia Impairment review
Enlabs Enlabs Impairment review
BetCity BetCity Impairment review
CEE CEE Impairment review
365
Scores
365
Scores
Impairment review
TAB NZ TAB NZ Digital Impairment review
Digital TAB NZ
Impairment
TAB NZ
TAB NZ site by site Impairment review
TAB NZ Retail Impairment review
review
Retail
Crystalbet Crystalbet Impairment review
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-565": { "value": "14 Impairment testing of goodwill and indefinite life intangible assets An impairment loss is recognised for any amount by which an asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Within UK and TAB NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed Betting Office (\u201cLBO\u201d) and, therefore, impairment is first assessed at this level for the relevant intangibles (such as software and licences) and property, plant and equipment, with any impairment arising booked to the intangibles and property, plant and equipment on a pro-rata basis. Since goodwill, customer relationships and brand names have not been historically allocated to individual LBOs, a secondary assessment is then made to compare the carrying value of the segment against the recoverable amount with any additional impairment then taken against goodwill first. Other Retail CGUs are assessed as a whole due to either being franchise arrangements or on the basis of materiality. For International the CGU is defined as websites hosted by proprietary platforms based in non-UK countries, and for all other segments the CGU is the relevant geographical location or business unit. Any impairments are made firstly to goodwill, next to any capitalised intangible asset and then finally to property, plant and equipment. The expected cash flows generated by the assets are discounted using appropriate discount rates that reflect the time value of money and risks associated with the group of assets. During the year, the Group\u2019s STS business migrated onto the same proprietary platform as the SuperSport business, as well as being internally managed and monitored together as the CEE operating segment. Therefore the previous CGUs of SuperSport and STS have been combined within the new CEE CGU as presented in the diagram on page 208. For both tangible and intangible assets, the future cash flows are based on the forecasts and budgets of the CGU or business discounted to reflect time value of money. The key assumptions within the UK and European Retail budgets are over-the-counter wagers (customer visits and spend per visit), the average number of machines per shop, gross win per shop per week, salary increases, the potential impact of the shop closures and the fixed costs of the LBOs. The key assumptions within the budgets for online businesses are the number of active customers, net revenue per head, win percentage, marketing spend, revenue shares and operating costs. These assumptions are the basis of the EBITDA forecasts which are used for the value in use calculations. All forecasts take into account the impact of the Group\u2019s sustainability commitments as well as any significant impacts of climate change. The value in use calculations use cash flows based on detailed, Board-approved, financial budgets prepared by management covering a three-year period which have been risk adjusted for factors specific to each CGU. These forecasts have been extrapolated over years 4 to 9 representing a declining growth curve from year 3 until the long-term forecast growth rate is reached. The growth rates used from years 4 to 9 range from 0% to 8% (2024: between 0% and 10%). From year 10 onwards long-term growth rates used are between 0% and 4% (2024: between 0% and 2%) and are based on the long-term GDP growth rate of the countries in which the relevant CGUs operate or the relevant outlook for the business. An nine- year horizon is considered appropriate based on the Group\u2019s history of underlying profit as well as ensuring there is an appropriate decline to long- term growth rates from those growth rates currently observed in our key markets. A 0% growth rate (2024: 0%) has been used for most of the Retail operating segment including the UK. All key assumptions used in the value in use calculations reflect the Group\u2019s past experience unless a relevant external source of information is available. Whilst the same approach is adopted for TAB NZ impairment reviews, the value in use is assessed over the 25-year life of the licence rather than into perpetuity. The discount rate calculation is based on the specific circumstances with reference to the WACC and risk factors expected in the industry in which the Group operates. The pre-tax discount rates used and the associated carrying value of goodwill by CGU is as follows:
2025
2024
2025
2024
Goodwill
%
%
\u00a3m
\u00a3m
UK Retail
12.4
12.8
39.5
76.4
UK Digital
11.6
11.3
483.0
933.6
International
13.2
11.6
1,361.4
1,315.4
Australia
14.7
13.7
130.4
134.5
Belgium Retail
12.3
12.8
\u2013
\u2013
Belgium Digital
12.3
12.8
\u2013
11.5
Eurobet Retail
13.4
13.5
78.8
74.9
Eurobet Digital
13.4
13.5
309.4
294.2
Enlabs
11.3
12.0
206.2
196.0
BetCity
11.3
13.0
81.9
77.8
CEE
11.1-11.7
n/a
851.4
n/a
SuperSport
n/a
11.7
n/a
503.6
STS
n/a
13.6
n/a
301.8
365Scores
13.5
11.3
82.3
88.0
TAB NZ Retail
13.2
14.2
\u2013
\u2013
TAB NZ Digital
13.2
14.2
84.6
89.0
ROI
11.1
11.3
\u2013
6.2
Crystalbet
13.6
11.3
34.9
36.0
3,743.8
4,138.9
It is not practical or material to disclose the carrying value of individual licences by LBO. Included within trade-marks and brand names are \u00a31,398.4m (2024: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands and are assessed on a combined CGU basis between UK Retail and UK Digital (see diagram on page 208). Impairment recognised during the year Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating expenses (see Note 6). UK As communicated to the market the recently announced tax changes in the UK online business are expected to have a material impact on profitability post mitigation. As such, the outlook for the UK business for 2026 and beyond has been reduced. This reduction has led to a non-cash impairment charge of \u00a3487.7m against our UK goodwill. Belgium During the year, the Group recorded a non-cash impairment charge of \u00a376.9m against Belgium. This is driven by ongoing rationalisation of the retail estate which has a consequential impact on our online business given retail is a major acquisition channel for online. This has been reflected in our forecasts for the business looking ahead. Republic of Ireland Continued challenges remain against our Retail estate in ROI as a result of a reduced outlook for this market. During the year, the Group recorded a non-cash impairment charge of \u00a318.3m against the ROI CGU. FHG As part of the sale process of the FHG business in Australia, a \u00a33.9m impairment charge has been determined against the recoverable value of the business\u2019s assets. Sensitivity analysis Sensitivity analysis for the impairment charge recognised on the UK CGUs in the year is given below. The remaining CGUs with an impairment charge have not been disclosed as the remaining assets associated with the ROI and Belgium CGUs are not material and the impairment on FHG was based on an external sale valuation. Whilst there has been no impairment recognised on the Group\u2019s TAB NZ CGUs, the headroom is minimal and the impact of changes in assumptions on the impairment assessment is disclosed below. For all other CGUs, no reasonable change in assumptions would cause an additional material impairment.
1% 1% 5%
growth rate discount rate EBITDA
Impairment
\u00a3m
\u00a3m
UK
211.4
212.9
178.7
TAB NZ
58.0
67.8
47.3
269.4
280.7
226.0
Impairment recognised during the prior year TAB NZ During the prior year, the Group recorded a non-cash impairment charge of \u00a3142.5m against TAB NZ (Digital CGU \u00a3124.0m, Retail CGU \u00a318.5m) which arose as a result of the outlook for the New Zealand business deteriorating during 2024. Whilst this is in part due to the delay in the introduction of the legislative net (geo-blocking), forecast underlying growth has also reduced. STS During the prior year, our Polish business continued to face aggressive competitor activity. Whilst initial views were that the intensity of competition would reduce as the year progressed and normalise ahead of 2025, we were yet to see any easing at the year end. As such, the outlook for the Polish business for 2025 and beyond was reduced. This reduction led to a non-cash impairment charge of \u00a375.9m against the STS CGU. BetCity With ongoing changes in regulation in the Netherlands and the introduction of deposit limits, the most recent of which was on 1 October 2024, and a higher gaming tax rate, the outlook for the BetCity business weakened over 2024. This reduction in the outlook led to a non-cash impairment charge of \u00a3113.1m against the BetCity CGU. Belgium During the prior year, the Group recorded a non-cash impairment charge of \u00a376.3m against Belgium (Retail CGU \u00a350.5m, Digital CGU \u00a325.8m). This was driven by ongoing heavy regulation in Retail and the decline in online casino NGR as a result of the wallet decoupling with bwin.be. Republic of Ireland Continued challenges relating to our Retail estate in ROI as a result of a reduced outlook for this market. During the prior year, the Group recorded a non-cash impairment charge of \u00a38.7m against the ROI CGU. Impairment testing across the business
Customer
Licences/Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital UK Digital Impairment review Combined
UK Digital/UK Retail
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
International International Impairment review
Eurobet Eurobet Digital Impairment review
Digital Eurobet
Impairment
Eurobet Eurobet Retail Impairment review review
Retail
Belgium Belgium Digital Impairment review
Digital Belgium
Impairment
Belgium Belgium Retail Impairment review review
Retail
Australia Australia Impairment review
Enlabs Enlabs Impairment review
BetCity BetCity Impairment review
CEE CEE Impairment review
365
Scores
365
Scores
Impairment review
TAB NZ TAB NZ Digital Impairment review
Digital TAB NZ
Impairment
TAB NZ
TAB NZ site by site Impairment review
TAB NZ Retail Impairment review
review
Retail
Crystalbet Crystalbet Impairment review
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "
15 Property, plant and equipment
Land and Plant and Fixtures Leased
buildings equipment and fittings
assets
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
58.7
168.4
275.6
624.4
1,127.1
Exchange adjustment
(2.0)
(6.7)
(11.7)
(7.3)
(27.7)
Additions
5.5
30.1
49.0
132.4
217.0
Disposals
(1.6)
(4.2)
(16.7)
(202.0)
(224.5)
Reclassification
(0.3)
(15.4)
15.9
(2.3)
(2.1)
At 31 December 2024
60.3
172.2
312.1
545.2
1,089.8
Exchange adjustment
(0.2)
5.2
6.3
4.4
15.7
Additions
12.2
25.0
69.7
89.0
195.9
Disposals
(5.0)
(7.1)
(29.6)
(48.5)
(90.2)
Reclassification
5.6
7.4
(15.2)
2.4
0.2
At 31 December 2025
72.9
202.7
343.3
592.5
1,211.4
Accumulated depreciation
At 1 January 2024
22.8
67.0
117.8
386.1
593.7
Exchange adjustment
(1.2)
(2.2)
(11.7)
(2.9)
(18.0)
Depreciation charge
5.9
33.0
44.0
63.2
146.1
Impairment
1.2
1.3
4.8
11.5
18.8
Disposals
(1.6)
(4.2)
(16.7)
(202.0)
(224.5)
Reclassification
2.1
(0.6)
(1.6)
\u2013
(0.1)
At 31 December 2024
29.2
94.3
136.6
255.9
516.0
Exchange adjustment
0.1
4.3
5.2
2.9
12.5
Depreciation charge
6.8
29.8
39.9
72.9
149.4
Disposals
(2.4)
(5.3)
(29.2)
(40.3)
(77.2)
Impairment
0.4
2.6
11.0
22.7
36.7
Reclassification
2.1
(0.4)
(1.4)
\u2013
0.3
At 31 December 2025
36.2
125.3
162.1
314.1
637.7
Net book value
At 31 December 2024
31.1
77.9
175.5
289.3
573.8
At 31 December 2025
36.7
77.4
181.2
278.4
573.7
At 31 December 2025, the Group had not entered into contractual commitments for the acquisition of any property, plant and equipment (2024: \u00a3nil).
Included within fixtures, fittings and equipment are assets in the course of construction which are not being depreciated of \u00a332.0m (2024: \u00a326.4m),
relating predominantly to refurbishments and hardware roll out in retail stores.
An impairment charge of \u00a336.7m (2024: \u00a318.8m) has been made against the Group\u2019s ROI and Belgium businesses and the prior year relates to
closed retail shops and office buildings. See Notes 6 and 14 for further details.
Analysis of leased assets:
Land and Plant and
buildings
equipment
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
600.9
23.5
624.4
Exchange adjustment
(6.9)
(0.4)
(7.3)
Additions
93.7
38.7
132.4
Disposals
(192.5)
(9.5)
(202.0)
Reclassifications
(4.4)
2.1
(2.3)
At 31 December 2024
490.8
54.4
545.2
Exchange adjustment
4.2
0.2
4.4
Additions
85.5
3.5
89.0
Disposals
(46.2)
(2.3)
(48.5)
Reclassification
\u2013
2.4
2.4
At 31 December 2025
534.3
58.2
592.5
Accumulated depreciation
At 1 January 2024
375.2
10.9
386.1
Exchange adjustment
(2.8)
(0.1)
(2.9)
Depreciation charge
58.9
4.3
63.2
Impairment
11.1
0.4
11.5
Disposals
(192.5)
(9.5)
(202.0)
At 31 December 2024
249.9
6.0
255.9
Exchange adjustment
2.8
0.1
2.9
Depreciation charge
62.8
10.1
72.9
Disposals
(38.4)
(1.9)
(40.3)
Impairment
21.1
1.6
22.7
At 31 December 2025
298.2
15.9
314.1
Net book value
At 31 December 2024
240.9
48.4
289.3
At 31 December 2025
236.1
42.3
278.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "
16 Interest in joint venture
Share of joint
venture\u2019s net
assets
\u00a3m
Cost
At 1 January 2024
 \u2013
Additions
 19.8
Exchange adjustment
 (2.5)
Share of loss after tax
 (109.4)
Share of other comprehensive loss (movement in translation reserve)
 (0.1)
Liability
 92.2
At 31 December 2024
 \u2013
Dividends received
 (102.2)
Exchange adjustment
 7.2
Share of profit after tax
 66.0
Share of other comprehensive profit (movement in translation reserve)
 0.2
Liability
 28.8
At 31 December 2025
 \u2013
The joint venture predominantly represents the Group\u2019s investment in BetMGM set up in the US in which a 50% stake is held.
As the dividends received from BetMGM are greater than the cumulative share of profits recognised, the Group has recorded \u00a3128.1m as deferred
income (2024: \u00a399.4m of potential future obligations).
Summarised financial information in respect of the Group\u2019s joint venture\u2019s net assets is set out below:
2025
2024
\u00a3m
\u00a3m
Non-current assets
92.3
101.7
Cash and cash equivalents
130.1
233.4
Other current assets
93.5
165.3
Current assets
223.6
398.7
Balances with customers
(218.1)
(257.9)
Other current liabilities
(327.7)
(429.1)
Current liabilities
(545.8)
(687.0)
Non-current liabilities
(26.3)
(12.1)
Net liabilities
(256.2)
(198.7)
Group\u2019s share of net liabilities
(128.1)
(99.4)
2025
2024
Summarised statement of comprehensive income
\u00a3m
\u00a3m
Revenue
2,148.2
1,660.2
Depreciation and amortisation
(40.5)
(34.4)
Other operating expenses
(1,976.5)
(1,844.5)
Income tax
0.9
(0.1)
Profit/(loss) for the year
132.1
(218.8)
Other comprehensive profit/(loss)
0.4
(0.1)
Total comprehensive profit/(loss)
132.5
(218.9)
Group\u2019s share of profit/(loss)
66.2
(109.5)
Contingent liabilities relating to the Group\u2019s interest in joint ventures are set out in Note 31.
The risks associated with the Group\u2019s interest in joint ventures are aligned to the same risks the Group is exposed to on the basis that they operate
wholly within the betting and gaming market.
17 Interest in associates and other investments
Share of
associates\u2019 Other
net assets
investments
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
27.7
19.4
47.1
Revaluation gain
\u2013
0.7
0.7
Disposals
\u2013
(5.2)
(5.2)
Impairment
\u2013
(3.1)
(3.1)
Dividends received
(1.4)
\u2013
(1.4)
Share of loss after tax
(4.8)
\u2013
(4.8)
Foreign exchange
\u2013
(0.7)
(0.7)
At 31 December 2024
21.5
11.1
32.6
Revaluation gain
\u2013
0.8
0.8
Additions
\u2013
0.1
0.1
Dividends received
(0.4)
\u2013
(0.4)
Share of profit after tax
0.1
\u2013
0.1
Foreign exchange
0.9
0.8
1.7
At 31 December 2025
22.1
12.8
34.9
Revaluation gain includes \u00a30.1m loss (2024: \u00a3nil) recognised through other comprehensive income with the remaining gain of \u00a30.9m (2024: \u00a30.7m
gain) recognised through profit or loss.
Associates
Summarised financial information in respect of the associates is set out below:
2025
2024
\u00a3m
\u00a3m
Non-current assets
35.9
68.7
Current assets
84.5
45.5
Non-current liabilities
\u2013
(7.1)
Current liabilities
(89.8)
(66.3)
Net assets
30.6
40.8
Group\u2019s share of net assets
22.1
21.5
Revenue for the year
302.6
313.3
Profit/(loss) for the year
6.6
(6.8)
Other comprehensive income
\u2013
\u2013
Total comprehensive income/(expense)
6.6
(6.8)
Group\u2019s share of total comprehensive income/(expense)
0.1
(4.8)
Further details of the Group\u2019s associates are listed in Note 32.
The financial year end of Sports Information Services (Holdings) Limited (SIS), an associate of the Group, is 31 March. The Group has included the
results for SIS for the 12 months ended 31 December 2025.
All associates are private companies and there are no quoted market prices available for their shares.
The risks associated with associate investments are considered to be aligned to the same risks the Group is exposed to on the basis that they
operate wholly within the betting and gaming market .
Other investments of \u00a312.8m (2024: \u00a311.1m) consist of investments which have no fixed maturity date or coupon rate.
32 Related party disclosures Other than its associates and joint venture, the related parties of the Group are the Executive Directors, Non-Executive Directors and members of the Executive Committee of the Group. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates and joint venture and other related parties are disclosed below. During the year, Group companies entered into the following transactions with related parties who are not members of the Group:
2025
2024
\u00a3m
\u00a3m
Equity investment
\u2013 Joint venture
1
\u2013
19.8
Dividend income
\u2013 Joint venture
2
(102.2)
\u2013
Sundry expenditure
\u2013 Associates
3
(51.8)
(50.7)
\u2013 Joint venture
4
(10.0)
(10.8)
Sundry income
\u2013 Joint venture
4
214.2
17.3
1. Equity investment in BetMGM. 2. Dividend income received from BetMGM. 3. Payments in the normal course of business made to Sports Information Services (Holdings) Limited, Asia Gaming Technologies Limited and Professional Gaming Services SRL. 4. Payments and receipts in the normal course of business made to BetMGM and Premier Greyhound Racing Limited. Details of related party outstanding balances
2025
2024
\u00a3m
\u00a3m
Other amounts outstanding
\u2013 Joint venture receivables
66.8
89.6
\u2013 Joint venture payables
(0.7)
(10.8)
\u2013 Associates payables
(1.1)
(0.4)
Terms and conditions of transactions with related parties Sales to, and purchases from, related parties are made at market prices and in the ordinary course of business. Outstanding balances at 31 December 2025 are unsecured and settlement occurs in cash. For the year ended 31 December 2025, the Group has not raised any provision (2024: \u00a3nil) for doubtful debts relating to amounts owed by related parties as the payment history has been good. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. Transactions with Directors and key management personnel of the Group For details of Directors\u2019 remuneration please refer to the Directors\u2019 remuneration table included on pages 147 to 149 of this report. The remuneration of key management personnel is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Key management personnel comprise Executive Directors and members of the Executive Committee. Further information about the remuneration of individual Directors is provided in the Directors\u2019 Remuneration Report.
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
12.3
10.2
Pension-related costs
0.4
0.2
Share-based payments
7.0
5.2
Total compensation paid to key management personnel
19.7
15.6
The consolidated financial statements include the financial statements of Entain plc and its subsidiaries. The companies listed below are those which were part of the Group at 31 December and therefore the results, cash flows and balance sheets of all subsidiaries listed are consolidated into the Group financial statements, furthermore the results of joint ventures and associates are accounted for in accordance with the policy set out in Note 4.
Subsidiaries based in the United Kingdom
% equity interest
Registered address
Company
2025
2024
7th Floor, One Stratford Place, Westfield Stratford City,
365
Scores UK Limited
100.0
100.0
Montfichet Road, London, United Kingdom, E20 1EJ
5
Arthur Prince (Turf Accountants) Limited
100.0
100.0
Bartletts Limited
5
100.0
100.0
Birchgree Limited
4
100.0
100.0
Bloxhams Bookmakers Limited
5
100.0
100.0
Brickagent Limited
5
100.0
100.0
ASF Limited
4
100.0
100.0
CE Acquisition 1 Limited
4
100.0
100.0
Chas Kendall (Turf Accountant) Limited
5
100.0
100.0
Choicebet Limited
5
100.0
100.0
C L Jennings (1995) Limited
5
100.0
100.0
Competition Management Services Co. Limited
5
97.5
97.5
Coral (Holdings) Limited
4
100.0
100.0
Coral (Stoke) Limited
5
100.0
100.0
Coral Estates Limited
100.0
100.0
Coral Eurobet Limited
100.0
100.0
Coral Eurobet Holdings Limited
4
100.0
100.0
Coral Group Limited
4
100.0
100.0
Coral Group Trading Limited
4
100.0
100.0
Coral Limited
4
100.0
100.0
Coral Racing Limited
100.0
100.0
Coral Stadia Limited
4
100.0
100.0
E.F. Politt & Son Limited
5
\u2013
100.0
Electraworks Maple Limited
3
100.0
100.0
Entain Holdings (UK) Limited
1,2,4
100.0
100.0
Entain Marketing (UK) Limited
2,4
100.0
100.0
Entain Services Limited
5
100.0
100.0
Entain Wave Limited
4,5
100.0
100.0
Gable House Estates Limited
5
100.0
100.0
Ganton House Investments Limited
100.0
100.0
Greatmark Limited
100.0
100.0
Hillford Estates Limited
5
75.0
75.0
Hindwain Limited
5
100.0
100.0
Impala Digital Limited
4
100.0
100.0
Interactive Sports Limited
5
\u2013
100.0
J. Ward Hill & Company
5
100.0
100.0
Jack Brown (Bookmaker) Limited
5
100.0
100.0
Jerusalem Development (Mamilla) Co. Limited
5
100.0
100.0
Jerusalem Development Corporation (Holdings) Limited
4,5
100.0
100.0
Joe Jennings Limited
5
100.0
100.0
Krullind Limited
5
100.0
100.0
Ladbroke & Co., Limited
5
100.0
100.0
Ladbroke (Rentals) Limited
5
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Ladbroke City & County Land Company Limited
5
100.0
100.0
Ladbroke Dormant Holding Company Limited
4,5
100.0
100.0
Ladbroke Entertainments Limited
100.0
100.0
Ladbroke Group
4
100.0
100.0
Ladbroke Group Homes Limited
5
100.0
100.0
Ladbroke Group Properties Limited
4,5
100.0
100.0
Ladbroke Land Limited
5
100.0
100.0
Ladbroke US Investments Limited
4
100.0
100.0
Ladbrokes Betting & Gaming Limited
2,3,4
100.0
100.0
Ladbrokes Coral Corporate Director Limited
5
100.0
100.0
Ladbrokes Coral Corporate Secretaries Limited
5
100.0
100.0
Ladbrokes Coral Group Life Benefits Trustee Limited
5
100.0
100.0
Ladbrokes Coral Group Limited
2,4
100.0
100.0
Ladbrokes Coral Group Pension Trustee Limited
5
100.0
100.0
Ladbrokes E-Gaming Limited
5
100.0
100.0
Ladbrokes Group Finance plc
2
100.0
100.0
Ladbrokes Investments Holdings Limited
4
100.0
100.0
Ladbrokes IT & Shared Services Limited
5
100.0
100.0
Ladbrokes Trustee Company Limited
5
100.0
100.0
Lightworld Limited
4,5
100.0
100.0
London & Leeds Estates Limited
5
100.0
100.0
Margolis and Ridley Limited
5
100.0
100.0
New Angel Court Limited
5
\u2013
100.0
Reg. Boyle Limited
100.0
100.0
Reuben Page Limited
5
100.0
100.0
Romford Stadium Limited
100.0
100.0
Rousset Capital Limited
5
\u2013
100.0
Sponsio Limited
5
100.0
100.0
Sporting Odds Limited
2,3
100.0
100.0
Sportingbet (IT Services) Limited
5
100.0
100.0
Sportingbet (Management Services) Limited
5
100.0
100.0
Sportingbet Holdings Limited
4
100.0
100.0
Sportingbet Limited
4
100.0
100.0
Sports (Bookmakers) Limited
5
100.0
100.0
Techno Land Improvements Limited
5
100.0
100.0
Town and County Factors Limited
100.0
100.0
Vegas Betting Limited
5
100.0
100.0
Ventmear Limited
4
100.0
100.0
Vernon Sports Data
5
100.0
100.0
1 Bartholomew Lane, London, United Kingdom EC2N 2AX
Techno Limited
5.0
84.0
77A Andersonstown Road, Belfast, United Kingdom
Ladbrokes (Northern Ireland) (Holdings) Limited
4
100.0
100.0
BT11 9AH
5
Ladbrokes (Northern Ireland) Limited
100.0
100.0
North West Bookmakers Limited
2,3
100.0
100.0
Subsidiaries based overseas
% equity interest
Registered address
Company
2025
2024
East Tower, Level 2, 25 Montpelier Road, Bowen Hills,
QLD 4006,
Australia
Ennovate Investments Pty Limited
4
100.0
100.0
Ennovate Labs Pty Limited
100.0
100.0
Entain Group Pty Limited
2,3,4
100.0
100.0
Gaming Investments Pty Limited
4
100.0
100.0
Ladbrokes Racing Club Pty Limited
100.0
100.0
LB Australia Holdings Pty Limited
4
100.0
100.0
Neds International Pty Limited
4
100.0
100.0
Neds.com.au Pty Limited
100.0
100.0
17 Atlantic Dr, Keysborough, VIC 3173, Australia
Full House Group Pty Limited
3,4
100.0
100.0
Full House Group Unit Trust
100.0
\u2013
2 Kosmala Close, Newington, NSW 2127, Australia
Innquizitive Pty Limited
100.0
100.0
Suite 902, Level 9, 146 Arthur Street, North Sydney,
NSW 2060,
Australia
Angstrom Sports Australia Pty Ltd
100.0
100.0
Marxergasse 1b, 1030 Vienna, Austria
Entain Services Austria GmbH
2
100.0
100.0
Chauss\u00e9e de Wavre 1100 Box 3, 1160
Ladbroke Belgium SA
4
100.0
100.0
Auderghem, Belgium
Pari Mutuel Management Services S.A.
100.0
100.0
N.V. Derby S.A.
2,3,4
100.0
100.0
Redsports.be SRL/BV
100.0
100.0
Tierc\u00e9 Ladbroke S.A.
3
100.0
100.0
Tilt SRL/BV
100.0
100.0
Alameda Rio Negro 111 1030, Andar 2 Conj 206 Torre
365
Scores Midia Ltda
100.0
100.0
Stadium Corpor, Alphaville Industrial Barueri; Sao Paulo,
06454911,
Avenida Brigadeiro Faria Lima 4055, Andar 3 Sala
Brazil
Ventmear Brasil S.A.
2,3
100.0
100.0
03-115, Itaim Bibi, Sao Paulo 04538-133, Brazil
Belmont Chambers, Road Town, Tortola,
British Virgin Islands
Creative Trend Limited
\u2013
100.0
CTL Holdings International Limited
\u2013
100.0
SRL Holdings International Limited
\u2013
100.0
Sunrise Resources Limited
\u2013
100.0
Jayla Place, Wickhams Cay 1, Road Town, Tortola,
British Virgin Islands
Westman Holdings Limited
5
100.0
100.0
55 Nikola Vaptsarov Blvd, Office Park Expo 2000,
Building Phase 4, Floor 3, Lozenets Area, Sofia 1407,
Bulgaria
Entain Services (Bulgaria) EOOD
2
100.0
100.0
1565
Carling Avenue, Suite 400, Ottawa, Ontario
Entain Operations Canada Limited
100.0
100.0
K1Z 8R1, Canada
100-2006 Old Malone Road, Kahnawake, Quebec
Kahnawake Management Services Inc
100.0
100.0
J0L1B0, Canada
1500
Royal Centre, 1055 West Georgia Street,
Angstrom Sports Canada Inc.
100.0
100.0
Vancouver, BC V6E 4N7, Canada
5B, First Floor, St Anne\u2019s House, Victoria Street, Alderney,
Interactive Sports (C.I.) Limited
4
100.0
100.0
GY9 3UF, Channel Islands
% equity interest
Registered address
Company
2025
2024
Quay House, South Esplanade St, Peter Port, Guernsey,
GY1 4EJ, PO Box 132, Channel Islands
Longfrie Limited
5
\u2013
100.0
1st Floor, Liberation House, Castle Street, St. Helier,
JE1 1GL, Jersey, Channel Islands
Ladbroke (Channel Islands) Limited
3
5
100.0
100.0
Maple Court Investments (Jersey) Limited
100.0
100.0
Block 3, The Forum, Grenville Street, St. Helier JE2 4UF,
Jersey
Avid International Limited
100.0
100.0
13/F, Gloucester Tower, The Landmark, 15 Queen\u2019s
GVC Technology Consulting (Asia) Co Limited
100.0
100.0
Road, Central Hong Kong, China
69 Jervois St, Jervois Street, Hong Kong, China
365
Scores Limited
100.0
\u2013
CR 15 # 106 32 Of P H 3, BOGOTA D.C., Colombia
Bwin Latam S.A.S.
3
100.0
100.0
Krcka Ulica 18d 10000, Zagreb, Croatia
Emma Gamma Adriatic d.o.o.
4
67.5
67.5
Puni Broj d.o.o.
67.5
67.5
SuperSport d.o.o.
2,3,4
67.5
67.5
SuperSport marketing d.o.o.
67.5
67.5
Ulica Josipa Marohni\u0107a 1/1, Zagreb, Croatia
minus5 d.o.o
68.0
75.0
Emancipatie Boulevard Dominico F. \u201cDon\u201d Martina 29,
Cura\u00e7ao
GVC Services B.V.
5
100.0
100.0
Heelsumstraat 51, E-Commerce Park, Cura\u00e7ao,
P.O. Box 422
Best Global N.V.
5
100.0
100.0
Kaya Richard J. Beaujon Z/N, Landhuls Joonchi II,
Cura\u00e7ao, PO Box 6248
Elec Games N.V.
5
\u2013
100.0
15 Agion Omologiton, Nicosia, 1080, Cyprus
Bellingrath Enterprises Limited
4
100.0
100.0
Na Zatorka, 672/24, Bubene\u00ff, Prague, 18600,
Czech Republic
Sporticon Development s.r.o.
67.5
67.5
Karolinsk\u00e1 650/1, Kral\u00edn, Prague, 18600, Czech Republic
Betsys, s.r.o.
4
67.5
67.5
Fruebjergvej 3, Copenhagen, 2100, Denmark
Interactive Sports (Denmark) ApS
100.0
100.0
Lootsa tn 1\u00b0, Lasnamae Linnaosa, 11415, Estonia
Ninja Global OU
2,3
100.0
100.0
Optiwin OU
3
100.0
100.0
Enlabs Nordics OU
3
100.0
\u2013
Unioninkatu 24, Helsinki, 00130, Finland
Finnplay Technologies Oy
100.0
100.0
19 Boulevard Malesherbes, 75008, Paris, France
B.E.S. S.A.S.
3
100.0
100.0
Linden Palais, Unter den Linden 40, 10117, Berlin,
Germany
Entain (Germany) GmbH
100.0
100.0
Apt. 48, N19, Vake District, Kavtaradze Str.,
Tbilisi, Georgia
Entain Georgia LLC
4
100.0
100.0
Vake District, Kavtaradze Str., No 5, Entrance 2, Floor 2,
Office Space No 2, Tbilisi, Georgia
MARS LLC
2,3
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Suite 6, Atlantic Suites, Europort Avenue, Gibraltar
Balltree (International) Limited
100.0
\u2013
Bingo Marketing Limited
5
\u2013
100.0
bwin.party holdings Limited
4
100.0
100.0
bwin.party services (Gibraltar) Limited
5
\u2013
100.0
Coral Interactive (Gibraltar) Limited
5
\u2013
100.0
ElectraGames Limited
4
100.0
100.0
ElectraWorks Limited
2,3,4
100.0
100.0
Gala Coral Interactive (Gibraltar) Limited
4,5
100.0
100.0
Gala Interactive (Gibraltar) Limited
5
100.0
100.0
Greyjoy Limited
100.0
100.0
Entain Corporate Services Limited
2
100.0
100.0
Entain Holdings (Gibraltar) Limited
1,2,4
100.0
100.0
Entain Operations Limited
2,3,4
100.0
100.0
Entain Trustees Limited
100.0
100.0
Fusionex Limited
100.0
100.0
IGM Domain Name Services Limited
100.0
100.0
ISG (Gibraltar) Limited
5
\u2013
100.0
LC International Limited
2,3,4
100.0
100.0
PartyGaming IA Limited
5
\u2013
100.0
7th Floor, Madison building, Midtown, Queensway,
GX11 1AA, Gibraltar
The Entain Foundation
100.0
100.0
Messene Enterprises Limited
100.0
100.0
1st Floor Otter House, Naas Road, Dublin 22, Ireland
Avid Ecom Solutions Limited
100.0
100.0
Avid Studios Limited
100.0
100.0
Ladbroke (Ireland) Limited
2,3
100.0
100.0
3 Dublin Landings, North Wall Quay, D01 C4EO, Ireland
Fort Anne Limited
1,5
100.0
100.0
M.L.B. Limited
100.0
100.0
5th Floor, Divyasree Omega Block \u2013 B, Hitec City Road,
Kondapur, Hyderabad, Andhra Pradesh, 500081, India
Entain Comptech Private Limited
4
2
100.0
100.0
Entain Software Development Services Private Limited
100.0
100.0
IVY Foundation Limited
100.0
100.0
Entain Mobitech Services Private Limited
100.0
100.0
Entain Global Shared Services Private Limited
2
100.0
100.0
32 Athol Street, Douglas, IM1 1JB, Isle of Man
Entain (IOM) Limited
1,4
100.0
100.0
Menachem Begin Road 152, Tel Aviv \u2013 Jaffa, Israel
Gala Interactive (Services) Limited
100.0
100.0
GVC Impala R&D Limited
100.0
100.0
Ladbrokes Israel Limited
100.0
\u2013
2 Nahalat Yitchak, Tel-Aviv Yaffo, 6744801, Israel
365
Scores Limited
4
100.0
100.0
Via Lungotevere Arnaldo da Brescia 12, 00196 Rome,
Italy
Entain Holding S.R.L.
4
2,3
100.0
100.0
Entain Italia S.R.L.
100.0
100.0
ALN House Eldama Ravine Close, Off Eldama Ravine
Wave Operations (Kenya) Limited
4
100.0
100.0
Road, Westlands, Nairobi, PO Box 200, Kenya
Wave Online (Kenya) Limited
100.0
100.0
Setekles iela, Riga LV-1050, Latvia
SIA Klondaika
2,3,4
100.0
100.0
SIA Klondaika Caf\u00e9
100.0
100.0
SIA Laimz
3
100.0
100.0
SIA Optibet
2,3,4
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Orsos g. 4-101, Vilnius, Lithuania
UAB Baltic Bet
3
100.0
100.0
UAB Party Casino
3
100.0
100.0
Unit 6 ST Business Centre, 120 The Strand,
bwin (Deutschland) Limited
2,3
100.0
100.0
Gzira GZR 1027, Malta
2,3
bwin.gr Limited
100.0
100.0
bwin Holdings (Malta) Limited
1,2,4
100.0
100.0
bwin.party services (Malta) Limited
100.0
100.0
Online-Wetten (Austria) Limited
100.0
100.0
Deis Limited
4
100.0
100.0
ElectraWorks (France) Limited
4
100.0
100.0
ElectraWorks (Kiel) Limited
100.0
100.0
ElectraWorks (Svenska) Limited
100.0
100.0
ElectraWorks Europe Ltd
2,3
100.0
100.0
Entain Holdings (Malta) Limited
5
100.0
100.0
Entertainment Technologies Group Limited
4
100.0
100.0
Gaming VC Corporation Limited
5
100.0
100.0
Ladbrokes (Deutschland) Limited
3
100.0
100.0
Martingale Europe Limited
3
100.0
100.0
Martingale Malta 2 Limited
100.0
100.0
Sportingbet (Deutschland) Limited
3
100.0
100.0
Scandic Bookmakers Limited
5
100.0
100.0
Spread Your Wings Bravo Limited
100.0
100.0
STS Gaming Group Limited
67.5
67.5
STS.Bet Limited
67.5
67.5
Entain (Romania) Limited
1
100.0
100.0
VistaBet Limited
2,3
100.0
100.0
120
The Strand, Unit 6, Trig Ix-Xatt, Gzira GZR 1027,
BestBet Limited
3,4
100.0
100.0
Malta
3
Elec Games C1 Limited
100.0
100.0
Elec Games Holding Limited
4
100.0
100.0
Elec Games Limited
100.0
100.0
Evora International Limited
100.0
100.0
Future Domain Lead Generation Limited
100.0
100.0
Future Lead Generation Limited
4
100.0
100.0
Lifland Holdings Limited
4
100.0
100.0
Ninja Global Limited
3
100.0
100.0
Entain Holdings (CEE) Limited
4
67.5
67.5
West African Gaming Limited
4,5
100.0
100.0
San Francisco 1005, Dolonia Del Valle,
Bwin Operations Mexico, S.A. de C.V.isr
5
100.0
100.0
Alcald\u00eda Benito Ju\u00e1rez, Mexico City, C.P. 03100, Mexico
3
Entain Mexico, S.A. de C.V.
100.0
100.0
Johan Cruijff Boulevard 61, Amsterdam, 1101DL,
Netherlands
Entain Holdings (Netherlands) B.V.
4
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Keurenplein 4, Unit D1442, 1069CD, Amsterdam,
Netherlands
Betent B.V.
2,3
100.0
100.0
106-110 Jackson Street, Petone, Lower Hutt, 5012,
New Zealand
Entain New Zealand Limited
2,3
100.0
100.0
Floor 6 Exchange Place, 5 Willeston Street, Wellington
TIIDAL GAMING NZ LIMITED
100.0
100.0
Central, Wellington, 6011, New Zealand
Level 10, Asteron Centre, 55 Featherston Street, Pipitea
Playvia Gaming (NZ) Limited
100.0
\u2013
Wellington, 601, New Zealand
6F Tower 3 Double Dragon Plaza, EDSA Ext. cor.
InteractiveSports Asia Limited Inc.
100.0
100.0
Macapagal Avenue, Pasay City, Philippines
2
NCH Customer Support Services, Inc
100.0
100.0
Porcelanowa 8, 40-246 Katowice, Poland
BetSys Poland Sp. Z.o.o.
67.5
67.5
STS S.A.
2,3,4
67.5
67.5
UI. Taneczna 18A, 02-829 Warsaw, Poland
bwin Poland S.A.
100.0
100.0
Praceta Ant\u00f3nio Gede\u00e3o, 1 B, Pai\u00f5es, 2635 \u2013 002 Sintra,
Infield \u2013 Servicos de Consultoria Marketing Unipessoal
100.0
100.0
Portugal
LDA.
Avenida D Jo\u00e3o II, Lote 1.07.2.1, 5\u00baA, Parque das Na\u00e7\u00f5es,
Gobet \u2013 Entretenimento SA
3
100.0
100.0
1990-096 Lisbon, Portugal
Entain Operations Portugal SA
100.0
100.0
1 Harbourfront Avenue, Keppel Bay Tower, 14-03/07,
098632,
Singapore
Florent Pte Limited
5
\u2013
100.0
Calle Amador de los R\u00edos n\u00b01, 6 planta, 28010 Madrid,
Spain
bwin Interactive Marketing Espana S.L.
100.0
100.0
Calle Josep Pl\u00e1, n\u00famero 2, planta 5\u00aaD, Edificio Torre
Entain Services Iberia S.L
4
100.0
100.0
Diagonal Litoral, 08019, Barcelona, Spain
Calle Real Numero 74, 51001 Ceuta, Spain
Electraworks (Ceuta) S.A.
2,3
100.0
100.0
CL Conde de Aranda 20, 28001 Madrid, Spain
Sportingbet Spain S.A.
5
100.0
100.0
San Justo Desvern, calle de la Constituci\u00f3n 1, 5\u00ba planta,
local 3, 08960,
Barcelona, Spain
Atlantic Version 2014 SLU
5
100.0
100.0
Suite 4 Constantia House, Steenbert Office Park,
Constantia, 7800, South Africa
SBT Software Operations (SA) (Pty)
100.0
100.0
24A 18th Street, Menlo Park, Pretoria,
0081,
South Africa
Ladbrokes (SA) (Pty) Limited
100.0
100.0
Office 519, Spaces, Dock Road Junction, Corner of
Stanley & Dock Road, Waterfront, Cape Town, 8001,
South Africa
Wave SA (Pty) Limited
85.0
85.0
Stora Gatan 46, Sigtuna Kommun, 19330, Sweden
Enlabs AB
4
100.0
100.0
Entraction AB
4
100.0
100.0
Score24 AB
3
100.0
100.0
c/o The Corporation Trust Company, 1209 Orange Street,
GVC Finance LLC
1
100.0
100.0
Country of New Castle, Wilmington DE 19891,
4
United States
GVC Holdings (USA) Inc
100.0
100.0
Ladbrokes Holdco, Inc.
4
100.0
100.0
7251
Amigo Street, Suite 100, Las Vegas, NV 89119,
Stadium Technology Group, LLC
100.0
100.0
United States
1013
Centre Road, Suite 403-B, Wilmington, DE 19805,
Angstrom Sports Inc
100.0
100.0
United Estates
4445
Corporation Ln Ste 264, Virginia Beach,
Angstrom Sports Virginia LLC
100.0
100.0
VA 23462-3262, United States
Five Greentree Centre, 525 Route 72 North, STE 104,
Marlton, New Jersey 08053, United States
Angstrom Sports NJ LLC
100.0
100.0
% equity interest
Registered address
Company
2025
2024
701
S.Carson Street, Suite 200, Carson City, NV 90801,
bwin.party (USA) Inc
2,4
100.0
100.0
United States
bwin.party entertainment (NJ) LLC
100.0
100.0
bwin.party services (NJ) Inc
100.0
100.0
Ladbrokes Subco LLC
4
100.0
100.0
c/o Saiber LLC, 18 Columbia Turnpike, Suite 200,
Florham Park, New Jersey, United States
The Entain Foundation US, Inc
100.0
100.0
2 Mykoly Solovtsova St, Office 38/1, 01014 Kyiv, Ukraine
Entain (Ukraine) LLC
5
100.0
100.0
Office 13, 39 Dzhona Makkeina, Steer 01042 Kyiv,
Ukraine
LLC Bwin
5
100.0
100.0
Dr Luis Bonavita, 1294, Torre 2 WTC Free Zone, Oficina
Gomifer S.A.
100.0
100.0
631, Montevideo, Uruguay
34972
Longacres, Lusaka, Lusaka Province, Zambia
Wave Digital Zambia Limited
100.0
100.0
1. Company that is directly owned by Entain plc.
2. Company that forms part of the Group as at 31 December 2025 and which, principally affected the Group\u2019s reported results for the year.
3. Trading entity engaged in activity associated with betting and gaming.
4. Holding company.
5. Dormant company .
Joint ventures
% equity interest
Registered address
Company
2025
2024
Corporation Service Company, 251 Little Falls Drive,
Wilmington, Delaware 19808, United States
BetMGM, LLC
50.0
50.0
4th Floor, Millbank Tower, 21-24 Millbank, London,
United Kingdom, SW1P 4QP
Premier Greyhound Racing Limited
50.0
50.0
Associates
% equity interest
Country of incorporation
Company
2025
2024
China
Asia Gaming Technologies (Beijing) Co., Ltd
1
49.0
49.0
Asia Gaming Technologies Limited
49.0
49.0
Belgium
Gran Casino de Dinant SA
20.0
20.0
Infiniti Casino Oostende NV
20.0
20.0
Leaderbet NV
20.0
20.0
Professional Gaming Services SRL/BV
19.0
19.0
United Kingdom
Draw & Code Limited
\u2013
41.6
Games For Good Causes PLC
36.3
36.3
Sports Information Services (Holdings) Limited
23.4
23.4
1. Subsidiary of Asia Gaming Technologies Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-552": { "value": "16 Interest in joint venture
Share of joint
venture\u2019s net
assets
\u00a3m
Cost
At 1 January 2024
 \u2013
Additions
 19.8
Exchange adjustment
 (2.5)
Share of loss after tax
 (109.4)
Share of other comprehensive loss (movement in translation reserve)
 (0.1)
Liability
 92.2
At 31 December 2024
 \u2013
Dividends received
 (102.2)
Exchange adjustment
 7.2
Share of profit after tax
 66.0
Share of other comprehensive profit (movement in translation reserve)
 0.2
Liability
 28.8
At 31 December 2025
 \u2013
The joint venture predominantly represents the Group\u2019s investment in BetMGM set up in the US in which a 50% stake is held. As the dividends received from BetMGM are greater than the cumulative share of profits recognised, the Group has recorded \u00a3128.1m as deferred income (2024: \u00a399.4m of potential future obligations). Summarised financial information in respect of the Group\u2019s joint venture\u2019s net assets is set out below:
2025
2024
\u00a3m
\u00a3m
Non-current assets
92.3
101.7
Cash and cash equivalents
130.1
233.4
Other current assets
93.5
165.3
Current assets
223.6
398.7
Balances with customers
(218.1)
(257.9)
Other current liabilities
(327.7)
(429.1)
Current liabilities
(545.8)
(687.0)
Non-current liabilities
(26.3)
(12.1)
Net liabilities
(256.2)
(198.7)
Group\u2019s share of net liabilities
(128.1)
(99.4)
2025
2024
Summarised statement of comprehensive income
\u00a3m
\u00a3m
Revenue
2,148.2
1,660.2
Depreciation and amortisation
(40.5)
(34.4)
Other operating expenses
(1,976.5)
(1,844.5)
Income tax
0.9
(0.1)
Profit/(loss) for the year
132.1
(218.8)
Other comprehensive profit/(loss)
0.4
(0.1)
Total comprehensive profit/(loss)
132.5
(218.9)
Group\u2019s share of profit/(loss)
66.2
(109.5)
Contingent liabilities relating to the Group\u2019s interest in joint ventures are set out in Note 31. The risks associated with the Group\u2019s interest in joint ventures are aligned to the same risks the Group is exposed to on the basis that they operate wholly within the betting and gaming market. 17 Interest in associates and other investments
Share of
associates\u2019 Other
net assets
investments
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
27.7
19.4
47.1
Revaluation gain
\u2013
0.7
0.7
Disposals
\u2013
(5.2)
(5.2)
Impairment
\u2013
(3.1)
(3.1)
Dividends received
(1.4)
\u2013
(1.4)
Share of loss after tax
(4.8)
\u2013
(4.8)
Foreign exchange
\u2013
(0.7)
(0.7)
At 31 December 2024
21.5
11.1
32.6
Revaluation gain
\u2013
0.8
0.8
Additions
\u2013
0.1
0.1
Dividends received
(0.4)
\u2013
(0.4)
Share of profit after tax
0.1
\u2013
0.1
Foreign exchange
0.9
0.8
1.7
At 31 December 2025
22.1
12.8
34.9
Revaluation gain includes \u00a30.1m loss (2024: \u00a3nil) recognised through other comprehensive income with the remaining gain of \u00a30.9m (2024: \u00a30.7m gain) recognised through profit or loss. Associates Summarised financial information in respect of the associates is set out below:
2025
2024
\u00a3m
\u00a3m
Non-current assets
35.9
68.7
Current assets
84.5
45.5
Non-current liabilities
\u2013
(7.1)
Current liabilities
(89.8)
(66.3)
Net assets
30.6
40.8
Group\u2019s share of net assets
22.1
21.5
Revenue for the year
302.6
313.3
Profit/(loss) for the year
6.6
(6.8)
Other comprehensive income
\u2013
\u2013
Total comprehensive income/(expense)
6.6
(6.8)
Group\u2019s share of total comprehensive income/(expense)
0.1
(4.8)
Further details of the Group\u2019s associates are listed in Note 32. The financial year end of Sports Information Services (Holdings) Limited (SIS), an associate of the Group, is 31 March. The Group has included the results for SIS for the 12 months ended 31 December 2025. All associates are private companies and there are no quoted market prices available for their shares. The risks associated with associate investments are considered to be aligned to the same risks the Group is exposed to on the basis that they operate wholly within the betting and gaming market . Other investments of \u00a312.8m (2024: \u00a311.1m) consist of investments which have no fixed maturity date or coupon rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "16 Interest in joint venture
Share of joint
venture\u2019s net
assets
\u00a3m
Cost
At 1 January 2024
 \u2013
Additions
 19.8
Exchange adjustment
 (2.5)
Share of loss after tax
 (109.4)
Share of other comprehensive loss (movement in translation reserve)
 (0.1)
Liability
 92.2
At 31 December 2024
 \u2013
Dividends received
 (102.2)
Exchange adjustment
 7.2
Share of profit after tax
 66.0
Share of other comprehensive profit (movement in translation reserve)
 0.2
Liability
 28.8
At 31 December 2025
 \u2013
The joint venture predominantly represents the Group\u2019s investment in BetMGM set up in the US in which a 50% stake is held. As the dividends received from BetMGM are greater than the cumulative share of profits recognised, the Group has recorded \u00a3128.1m as deferred income (2024: \u00a399.4m of potential future obligations). Summarised financial information in respect of the Group\u2019s joint venture\u2019s net assets is set out below:
2025
2024
\u00a3m
\u00a3m
Non-current assets
92.3
101.7
Cash and cash equivalents
130.1
233.4
Other current assets
93.5
165.3
Current assets
223.6
398.7
Balances with customers
(218.1)
(257.9)
Other current liabilities
(327.7)
(429.1)
Current liabilities
(545.8)
(687.0)
Non-current liabilities
(26.3)
(12.1)
Net liabilities
(256.2)
(198.7)
Group\u2019s share of net liabilities
(128.1)
(99.4)
2025
2024
Summarised statement of comprehensive income
\u00a3m
\u00a3m
Revenue
2,148.2
1,660.2
Depreciation and amortisation
(40.5)
(34.4)
Other operating expenses
(1,976.5)
(1,844.5)
Income tax
0.9
(0.1)
Profit/(loss) for the year
132.1
(218.8)
Other comprehensive profit/(loss)
0.4
(0.1)
Total comprehensive profit/(loss)
132.5
(218.9)
Group\u2019s share of profit/(loss)
66.2
(109.5)
Contingent liabilities relating to the Group\u2019s interest in joint ventures are set out in Note 31. The risks associated with the Group\u2019s interest in joint ventures are aligned to the same risks the Group is exposed to on the basis that they operate wholly within the betting and gaming market. Joint ventures
% equity interest
Registered address
Company
2025
2024
Corporation Service Company, 251 Little Falls Drive,
Wilmington, Delaware 19808, United States
BetMGM, LLC
50.0
50.0
4th Floor, Millbank Tower, 21-24 Millbank, London,
United Kingdom, SW1P 4QP
Premier Greyhound Racing Limited
50.0
50.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "value": "17 Interest in associates and other investments
Share of
associates\u2019 Other
net assets
investments
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
27.7
19.4
47.1
Revaluation gain
\u2013
0.7
0.7
Disposals
\u2013
(5.2)
(5.2)
Impairment
\u2013
(3.1)
(3.1)
Dividends received
(1.4)
\u2013
(1.4)
Share of loss after tax
(4.8)
\u2013
(4.8)
Foreign exchange
\u2013
(0.7)
(0.7)
At 31 December 2024
21.5
11.1
32.6
Revaluation gain
\u2013
0.8
0.8
Additions
\u2013
0.1
0.1
Dividends received
(0.4)
\u2013
(0.4)
Share of profit after tax
0.1
\u2013
0.1
Foreign exchange
0.9
0.8
1.7
At 31 December 2025
22.1
12.8
34.9
Revaluation gain includes \u00a30.1m loss (2024: \u00a3nil) recognised through other comprehensive income with the remaining gain of \u00a30.9m (2024: \u00a30.7m gain) recognised through profit or loss. Associates Summarised financial information in respect of the associates is set out below:
2025
2024
\u00a3m
\u00a3m
Non-current assets
35.9
68.7
Current assets
84.5
45.5
Non-current liabilities
\u2013
(7.1)
Current liabilities
(89.8)
(66.3)
Net assets
30.6
40.8
Group\u2019s share of net assets
22.1
21.5
Revenue for the year
302.6
313.3
Profit/(loss) for the year
6.6
(6.8)
Other comprehensive income
\u2013
\u2013
Total comprehensive income/(expense)
6.6
(6.8)
Group\u2019s share of total comprehensive income/(expense)
0.1
(4.8)
Further details of the Group\u2019s associates are listed in Note 32. The financial year end of Sports Information Services (Holdings) Limited (SIS), an associate of the Group, is 31 March. The Group has included the results for SIS for the 12 months ended 31 December 2025. All associates are private companies and there are no quoted market prices available for their shares. The risks associated with associate investments are considered to be aligned to the same risks the Group is exposed to on the basis that they operate wholly within the betting and gaming market Associates
% equity interest
Country of incorporation
Company
2025
2024
China
Asia Gaming Technologies (Beijing) Co., Ltd
1
49.0
49.0
Asia Gaming Technologies Limited
49.0
49.0
Belgium
Gran Casino de Dinant SA
20.0
20.0
Infiniti Casino Oostende NV
20.0
20.0
Leaderbet NV
20.0
20.0
Professional Gaming Services SRL/BV
19.0
19.0
United Kingdom
Draw & Code Limited
\u2013
41.6
Games For Good Causes PLC
36.3
36.3
Sports Information Services (Holdings) Limited
23.4
23.4
1. Subsidiary of Asia Gaming Technologies Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "
18 Trade and other receivables
2025
2024
\u00a3m
\u00a3m
Trade receivables
42.5
36.4
Other receivables
479.2
454.6
Finance lease receivable
3.8
4.4
Prepayments
118.2
95.5
643.7
590.9
Trade and other receivables are presented on the Balance Sheet as follows:
2025
2024
\u00a3m
\u00a3m
Current
613.7
563.8
Non-current
30.0
27.1
Total
643.7
590.9
Trade receivables are non-interest bearing and are generally on 30-90 day terms. Trade and other receivables are reviewed for impairment on an
ongoing basis, taking account of the ageing of outstanding amounts and the credit profile of customers. Impaired receivables, including all trade
receivables that are a year old, are provided for in an allowance account. Impaired receivables are derecognised when they are assessed as
irrecoverable. The expected credit losses arising from receivables are not considered to be material and therefore has not been recognised.
Other receivables includes interest on the Greek tax repayment of \u20ac34.9m (2024: \u20ac34.9m) which is owed from Greek tax authorities and is
outstanding while the appeal is ongoing. See Note 31 for more details. Other receivables also include amounts receivable from payment service
providers of \u00a3120.3m (2024: \u00a3136.8m), joint ventures receivables of \u00a366.8m (2024: \u00a389.6m) and Italy tax credits of \u00a3202.5m (2024: \u00a3135.1m).
There is also a number of other smaller items such as regulatory deposits, security deposits, rent deposits and balances due from affiliates and
partners. The Group does not perceive there to be a material credit risk against these items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-566": { "value": "18 Trade and other receivables
2025
2024
\u00a3m
\u00a3m
Trade receivables
42.5
36.4
Other receivables
479.2
454.6
Finance lease receivable
3.8
4.4
Prepayments
118.2
95.5
643.7
590.9
Trade and other receivables are presented on the Balance Sheet as follows:
2025
2024
\u00a3m
\u00a3m
Current
613.7
563.8
Non-current
30.0
27.1
Total
643.7
590.9
Trade receivables are non-interest bearing and are generally on 30-90 day terms. Trade and other receivables are reviewed for impairment on an ongoing basis, taking account of the ageing of outstanding amounts and the credit profile of customers. Impaired receivables, including all trade receivables that are a year old, are provided for in an allowance account. Impaired receivables are derecognised when they are assessed as irrecoverable. The expected credit losses arising from receivables are not considered to be material and therefore has not been recognised. Other receivables includes interest on the Greek tax repayment of \u20ac34.9m (2024: \u20ac34.9m) which is owed from Greek tax authorities and is outstanding while the appeal is ongoing. See Note 31 for more details. Other receivables also include amounts receivable from payment service providers of \u00a3120.3m (2024: \u00a3136.8m), joint ventures receivables of \u00a366.8m (2024: \u00a389.6m) and Italy tax credits of \u00a3202.5m (2024: \u00a3135.1m). There is also a number of other smaller items such as regulatory deposits, security deposits, rent deposits and balances due from affiliates and partners. The Group does not perceive there to be a material credit risk against these items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-553": { "value": "18 Trade and other receivables
2025
2024
\u00a3m
\u00a3m
Trade receivables
42.5
36.4
Other receivables
479.2
454.6
Finance lease receivable
3.8
4.4
Prepayments
118.2
95.5
643.7
590.9
Trade and other receivables are presented on the Balance Sheet as follows:
2025
2024
\u00a3m
\u00a3m
Current
613.7
563.8
Non-current
30.0
27.1
Total
643.7
590.9
Trade receivables are non-interest bearing and are generally on 30-90 day terms. Trade and other receivables are reviewed for impairment on an ongoing basis, taking account of the ageing of outstanding amounts and the credit profile of customers. Impaired receivables, including all trade receivables that are a year old, are provided for in an allowance account. Impaired receivables are derecognised when they are assessed as irrecoverable. The expected credit losses arising from receivables are not considered to be material and therefore has not been recognised. Other receivables includes interest on the Greek tax repayment of \u20ac34.9m (2024: \u20ac34.9m) which is owed from Greek tax authorities and is outstanding while the appeal is ongoing. See Note 31 for more details. Other receivables also include amounts receivable from payment service providers of \u00a3120.3m (2024: \u00a3136.8m), joint ventures receivables of \u00a366.8m (2024: \u00a389.6m) and Italy tax credits of \u00a3202.5m (2024: \u00a3135.1m). There is also a number of other smaller items such as regulatory deposits, security deposits, rent deposits and balances due from affiliates and partners. The Group does not perceive there to be a material credit risk against these items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-533": { "value": "18 Trade and other receivables
2025
2024
\u00a3m
\u00a3m
Trade receivables
42.5
36.4
Other receivables
479.2
454.6
Finance lease receivable
3.8
4.4
Prepayments
118.2
95.5
643.7
590.9
Trade and other receivables are presented on the Balance Sheet as follows:
2025
2024
\u00a3m
\u00a3m
Current
613.7
563.8
Non-current
30.0
27.1
Total
643.7
590.9
Trade receivables are non-interest bearing and are generally on 30-90 day terms. Trade and other receivables are reviewed for impairment on an ongoing basis, taking account of the ageing of outstanding amounts and the credit profile of customers. Impaired receivables, including all trade receivables that are a year old, are provided for in an allowance account. Impaired receivables are derecognised when they are assessed as irrecoverable. The expected credit losses arising from receivables are not considered to be material and therefore has not been recognised. Other receivables includes interest on the Greek tax repayment of \u20ac34.9m (2024: \u20ac34.9m) which is owed from Greek tax authorities and is outstanding while the appeal is ongoing. See Note 31 for more details. Other receivables also include amounts receivable from payment service providers of \u00a3120.3m (2024: \u00a3136.8m), joint ventures receivables of \u00a366.8m (2024: \u00a389.6m) and Italy tax credits of \u00a3202.5m (2024: \u00a3135.1m). There is also a number of other smaller items such as regulatory deposits, security deposits, rent deposits and balances due from affiliates and partners. The Group does not perceive there to be a material credit risk against these items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "
19 Cash and cash equivalents
2025
2024
\u00a3m
\u00a3m
Cash and short-term deposits
554.1
588.9
Cash and cash equivalents in the consolidated statement of cash flows comprises cash at bank, overdrafts net of short-term investments and
includes \u00a3203.8m (2024: \u00a3198.3m) restricted in respect of customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "
20 Trade and other payables
2025
2024
\u00a3m
\u00a3m
Trade payables
83.6
108.2
Other payables
1
412.7
531.3
Social security and other taxes
239.1
265.8
Accruals and deferred income
2
558.4
501.7
1,293.8
1,407.0
1. Includes \u00a3290.6m (2024: \u00a3428.0m) relating to a DPA settlement which is being repaid over a four-year term.
2. Includes \u00a3128.1m (2024: \u00a399.4m) recognised as deferred income from our joint venture investment in BetMGM. See Note 16 for further details.
Trade and other payables are presented on the Balance Sheet as follows:
2025
2024
\u00a3m
\u00a3m
Current
1,154.5
1,120.6
Non-current
139.3
286.4
Total
1,293.8
1,407.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-554": { "value": "20 Trade and other payables
2025
2024
\u00a3m
\u00a3m
Trade payables
83.6
108.2
Other payables
1
412.7
531.3
Social security and other taxes
239.1
265.8
Accruals and deferred income
2
558.4
501.7
1,293.8
1,407.0
1. Includes \u00a3290.6m (2024: \u00a3428.0m) relating to a DPA settlement which is being repaid over a four-year term. 2. Includes \u00a3128.1m (2024: \u00a399.4m) recognised as deferred income from our joint venture investment in BetMGM. See Note 16 for further details. Trade and other payables are presented on the Balance Sheet as follows:
2025
2024
\u00a3m
\u00a3m
Current
1,154.5
1,120.6
Non-current
139.3
286.4
Total
1,293.8
1,407.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "20 Trade and other payables
2025
2024
\u00a3m
\u00a3m
Trade payables
83.6
108.2
Other payables
1
412.7
531.3
Social security and other taxes
239.1
265.8
Accruals and deferred income
2
558.4
501.7
1,293.8
1,407.0
1. Includes \u00a3290.6m (2024: \u00a3428.0m) relating to a DPA settlement which is being repaid over a four-year term. 2. Includes \u00a3128.1m (2024: \u00a399.4m) recognised as deferred income from our joint venture investment in BetMGM. See Note 16 for further details. Trade and other payables are presented on the Balance Sheet as follows:
2025
2024
\u00a3m
\u00a3m
Current
1,154.5
1,120.6
Non-current
139.3
286.4
Total
1,293.8
1,407.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "
21 Lease liabilities
2025
2024
\u00a3m
\u00a3m
Current
Lease liabilities
70.5
77.2
Non-current
Lease liabilities
249.2
247.3
Total lease liabilities
319.7
324.5
The Group\u2019s leasing activity consists of leases on property, cars, self-service betting terminals and office equipment. The majority of those relate to
the leasing of LBOs within the Retail estates and office buildings.
Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. Variable lease payments which do not depend on an index or
a rate (such as lease payments on gaming machines based on a percentage of revenue) are excluded from the measurement of the lease liability
and asset. The Group classifies its right-of-use assets in a consistent manner to its property, plant and equipment (see Note 15).
Leases of vehicles and IT equipment are generally limited to a new lease term of 3 to 5 years. Leases of property generally have a lease term ranging
from 5 to 10 years, with some legacy leases extending out to 20 years and beyond. Most new leases of property are now generally expected to be
limited to no more than 10 years, with a break option after no more than 5 years, except in special circumstances.
The maturity analysis of lease liabilities is as follows:
Minimum lease payments due
Within 1
1\u20132 years
2\u20135 years
> 5 years
Total
year
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
Net present value
70.5
59.2
116.9
73.1
319.7
2024
Net present value
77.2
64.1
122.0
61.2
324.5
The Group secures the use of its retail premises primarily through taking out leases for these premises. Typically, the leases are for a duration
between 5 and 10 years. In respect of the UK property portfolio there is commonly a right to negotiate replacement leases on expiry, by virtue of the
Landlord and Tenant Act 1954. Details of undiscounted amounts payable under leases are set out in Note 24.
Certain lease payments are not recognised as a liability. This arises when the Group continues to pay rents and occupy properties after the lease has
expired. Payments made under such leases are expensed on a straight-line basis. In addition, certain variable lease payments and irrecoverable VAT
are not permitted to be recognised as lease liabilities and are expensed as incurred.
The use of extension and termination options gives the Group added flexibility in the event it has identified more suitable premises in terms of cost
and/or location or determined that it is advantageous to remain in a location beyond the original lease term. An option is only exercised when
consistent with the Group\u2019s regional markets strategy and the economic benefits of exercising the option exceeds the expected overall cost.
Amounts paid for short-term and low-value leases not included within the lease liability are immaterial.
The Group incurred rent and associated costs of \u00a313.4m (2024: \u00a318.5m). These are predominantly driven by VAT on rental charges not being
recoverable and held over leases.
Details of total cash outflow relating to leases, are disclosed in the consolidated statement of cash flows.
Group as lessor:
Finance lease receivables are included in the statement of financial position within trade and other receivables and are as follows:
2025
2024
\u00a3m
\u00a3m
Current
0.8
0.9
Non-current
3.0
3.5
The maturity analysis of lease receivables, including the undiscounted lease payments to be received, is as follows:
Within
1 year
1\u20132 years
2\u20135 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
Lease payments receivable
1.0
0.6
1.5
1.8
4.9
Interest
(0.2)
(0.2)
(0.4)
(0.3)
(1.1)
Present value of lease payments receivable
0.8
0.4
1.1
1.5
3.8
2024
Lease payments receivable
1.2
0.9
1.6
2.1
5.8
Interest
(0.3)
(0.2)
(0.5)
(0.4)
(1.4)
Present value of lease payments receivable
0.9
0.7
1.1
1.7
4.4
Operating lease commitments \u2013 Group as lessor
A number of the sublease agreements for unutilised space in the UK shop estate are not classified as finance leases within IFRS 16. These non-
cancellable leases have remaining lease terms of between 1 and 10 years. The future minimum rentals receivable under these non-cancellable
operating leases at 31 December are as follows:
2025
2024
\u00a3m
\u00a3m
Within one year
0.2
0.3
After one year but not more than five years
0.6
0.8
After five years
0.3
0.4
1.1
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "
22 Interest-bearing loans and borrowings
2025
2024
\u00a3m
\u00a3m
Current
Euro-denominated loans
2.4
2.3
USD-denominated loans
24.2
22.4
Sterling-denominated loans
1
(1.2)
0.6
25.4
25.3
Non-current
Euro-denominated loans
1,095.5
1,037.1
USD-denominated loans
2,397.8
2,568.8
Sterling-denominated loans
153.8
\u2013
3,647.1
3,605.9
1. Balance relates to capitalised fees on our bank facilities
As at 31 December 2025 there were \u00a3570.0m (2024: \u00a3560.0m) of committed bank facilities of which \u00a3160.0m (2024: \u00a3nil) were drawn down and
\u00a37.3m (2024: \u00a37.6m) of facilities which have been utilised for letters of credit.
On 18 March 2025, the Group refinanced its revolving credit facility, extending its latest maturity from July 2026 to March 2030. The facility was also
increased and now has total commitments (including letters of credit) of \u00a3645m. The facility is subject to a springing maturity, to three months prior to
the earliest term loan maturity, if at least a 25% stub of the shortest-dated term loan remains outstanding. At 31 December 2025, the facility\u2019s effective
maturity date was 30 March 2028.
On 31 July 2025, the Group announced the refinancing of its existing $1,100m and $2,218m term loans. The existing $1,100m term loan margin
reduced by 35bps to 225bps, which was allocated at an original issue discount (\u201cOID\u201d) of 99.875 and the maturity date has been extended from
29 March 2027 to 31 July 2032. The existing $2,218m term loan margin reduced by 50bps to 225bps, which was allocated at par and the maturity
date remains 31 October 2029.
On 7 August 2025, the Group signed a 2 year \u00a3500m bridge facility solely for the purposes of acquiring some or all of the Entain CEE minority
investment should the need arise. The facility is available to draw for 12 months from signing, extendable by 3 months. If drawn, it has a 9 month term.
On 13 November 2025, the Group announced the pricing of \u20ac500m senior secured notes due 30 November 2031 at a fixed coupon of 4.875%, which
were issued on 24 November 2025, and used to immediately repay \u20ac500m of the Group\u2019s existing \u20ac1,265m Term Loan B facility due 30 June 2028.
The Group\u2019s senior facilities agreement contains a single financial covenant: a springing leverage covenant (subject to customary cure rights) and
solely for the benefit of the lenders under the revolving credit facility (\u201cRCF\u201d). The financial covenant is tested only in respect of a quarter-end date
where the aggregate outstanding principal amount of all loans under the RCF (excluding utilisations of the RCF by way of letters of credit or bank
guarantees) exceeds 40% of the total RCF commitments as at that date.
24 Financial risk management objectives and policies
The Group\u2019s treasury function provides a centralised service for the provision of finance and the management and control of liquidity, foreign
exchange rates and interest rates. The function operates as a cost centre and manages the Group\u2019s treasury exposures to reduce risk in accordance
with policies approved by the Board.
The Group\u2019s principal financial instruments comprise term loans, bank facilities, overdrafts, loan notes, bonds, financial guarantee contracts, and cash
and short-term deposits, together with certain derivative financial instruments. The main purpose of these financial instruments is to raise finance for
the Group\u2019s operations. The Group has various other financial instruments such as trade receivables, trade payables and accruals that arise directly
from its operations. Details of derivatives are set out in Note 25.
It is, and has been throughout the year under review, the Group\u2019s policy that no trading in financial instruments shall be undertaken other than
betting. Activity of this nature is only undertaken by the customer and is not speculative activity of the Group. The Group\u2019s exposure to ante-post
betting and gaming transactions is not significant.
The main financial risks for the Group are exchange rate risk, interest rate risk, credit risk and liquidity risk. The Board reviews and agrees policies for
managing each of these risks and they are summarised below. The Group also monitors the market price risk arising from all financial instruments.
Interest rate risk
The Group is exposed to interest rate risk on certain of its interest-bearing loans and borrowings and on cash and cash equivalents.
The Group uses derivative financial instruments such as interest rate swaps to hedge its interest rate risk. At 31 December 2025, 42% (2024: 58%)
of the Group\u2019s post-swap gross debt (excluding leases) was at fixed interest rates.
Interest on financial instruments at floating rates is repriced at intervals of less than six months. Interest on financial instruments at fixed rates is fixed
until the maturity of the instrument.
The table below demonstrates the sensitivity to reasonably possible changes in interest rates on income for the year when this movement is applied
to the carrying value of financial liabilities:
Profit before tax
Effect on:
2025
2024
25 basis points decrease
5.6
3.8
100 basis points increase
(22.3)
(15.2)
Foreign currency risk
Given the multi-national nature of the business, the Group is exposed to foreign exchange gains and losses on its trading activities, the net assets of
its overseas subsidiaries and its non-GBP-denominated financing facilities. The primary currencies that the Group is exposed to fluctuations in are
the Euro, Australian Dollar, New Zealand Dollar and US Dollar.
Whilst the Group does not actively hedge the foreign exposure on its trading cash flows, it continuously monitors exposures to individual currencies,
taking remediating actions as necessary to manage any significant risks as they arise. In the event that the Group anticipates large transactions in
currencies other than GBP, forward exchange contracts are taken out to manage the potential foreign exchange exposure.
The Group\u2019s exposure to the translation of net assets on foreign currency subsidiaries into its reporting currency is partially offset by the opposite
exposure on the Group\u2019s financing facilities providing a natural economic hedge, even though the Group does not apply hedge accounting. The
Group\u2019s policy on borrowings is broadly aligned to the underlying cash flows of the business.
The Group has financing facilities in GBP, Euros and US Dollars. As the Group\u2019s overseas subsidiaries largely report in Euros, the Group has taken out
swap contracts to hedge the US Dollar debt into Euros in order to align the foreign currency exposure on the Group\u2019s financing facilities with that on
the net assets of its subsidiaries. The Group has also taken out swap contracts to hedge US Dollar debt into GBP and Australian Dollars.
A 5% weakening in the Euro would reduce Group operating profit by \u00a327.9m (2024: \u00a329.1m) and increase net assets by \u00a39.7m (2024: \u00a331.9m
decrease) when applied to the results of the year in question.
A 5% weakening in the Australian Dollar would reduce Group operating profit by \u00a32.2m (2024: \u00a32.5m) and net assets by \u00a32.8m (2024: \u00a36.6m) when
applied to the results of the year in question.
A 5% weakening in the US Dollar would reduce Group operating profit by \u00a34.3m (2024: \u00a35.0m increase) arising from the share of profit of joint
venture and reduce net assets by \u00a35.1m (2024: no material net assets) when applied to the results of the year in question.
A 5% weakening in the New Zealand Dollar would reduce Group operating profit by \u00a31.1m (2024: \u00a30.6m) and increase net assets by \u00a31.5m (2024:
\u00a35.7m) when applied to the results of the year in question.
Credit risk
The Group is not subject to significant concentration of credit risk, with exposure spread across a large number of counterparties and customers.
Receivable balances are monitored on an ongoing basis. Any changes to credit terms are assessed and authorised by senior management on an
individual basis.
With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to
credit risk arises from default of the counterparty, with a primary exposure equal to the carrying amount of these instruments. Credit risk in respect of
cash and cash equivalents is managed by restricting those transactions to banks that have a defined minimum credit rating and by setting an
exposure ceiling per bank.
Liquidity risk
The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of borrowings with a range of maturities.
The Group\u2019s policy on liquidity is to ensure that there are sufficient medium-term and long-term committed borrowing facilities to meet the medium-
term funding requirements. At 31 December 2025, there were undrawn committed borrowing facilities of \u00a3410.0m (2024: \u00a3560.0m). Total
committed facilities had an average maturity of 4.4 years (2024: 3.5 years).
The total gross contractual undiscounted cash flows of financial liabilities, including interest payments, fall due as follows. Cash flows in respect of
financial guarantee contracts reflect the probability weighted cash flows.
On demand
or within
1 year
1\u20132 years
2\u20135 years
> 5 years
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing loans and borrowings
233.4
229.2
2,992.3
1,303.4
4,758.3
Other financial liabilities
706.8
78.4
235.3
1,938.3
2,958.8
Trade and other payables
596.1
151.3
\u2013
\u2013
747.4
Lease liabilities
91.0
75.3
144.5
92.5
403.3
Total
1,627.3
534.2
3,372.1
3,334.2
8,867.8
On demand
or within
1 year
1\u20132 years
2\u20135 years
> 5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing loans and borrowings
265.5
1,341.5
3,027.1
\u2013
4,634.1
Other financial liabilities
223.7
107.6
848.3
2,354.4
3,534.0
Trade and other payables
618.9
151.3
151.3
\u2013
921.5
Lease liabilities
91.6
75.7
145.5
78.8
391.6
Total
1,199.7
1,676.1
4,172.2
2,433.2
9,481.2
Details of discounted contractual cash flows of leasing liabilities are set out in Note 21.
Capital risk management
The primary objective of the Group\u2019s capital management is to ensure that it maintains a credit quality that enables the Group to raise funds at an
economic interest rate and to maintain healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its
capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may
adjust the dividend payment to shareholders, adjust borrowings, return capital to shareholders or issue new shares.
The Group monitors capital using an adjusted net debt to underlying EBITDA ratio. The ratio at 31 December 2025, was 3.1 times (2024: 3.1 times).
See Note 26 for further details.
The Group\u2019s funding policy is to raise funds centrally to meet the Group\u2019s anticipated requirements. These are planned so as to mature at different
stages in order to reduce refinancing risk. The Board reviews the Group\u2019s capital structure and liquidity periodically.
25 Financial instruments and fair value disclosures
The table below analyses the Group\u2019s financial instruments into their relevant categories:
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
profit and loss
income
Total
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Non-current:
Other investments (Note 17)
1.2
4.6
7.0
12.8
Trade and other receivables
30.0
\u2013
\u2013
30.0
Current:
Trade and other receivables
495.5
\u2013
\u2013
495.5
Derivative financial instruments
\u2013
2.6
\u2013
2.6
Cash and short-term investments (including customer funds)
554.1
\u2013
\u2013
554.1
Total
1,080.8
7.2
7.0
1,095.0
\u2013
Liabilities
 \u2013
Current:
 \u2013
Customer balances
(197.0)
\u2013
\u2013
(197.0)
Interest-bearing loans and borrowings
1
(25.4)
\u2013
\u2013
(25.4)
Trade and other payables
(915.4)
\u2013
\u2013
(915.4)
Derivative financial instruments
\u2013
(138.0)
\u2013
(138.0)
Deferred and contingent consideration
(80.6)
(17.2)
\u2013
(97.8)
Other financial liabilities
2
(587.4)
(20.6)
\u2013
(608.0)
Lease liabilities (Note 21)
(70.5)
\u2013
\u2013
(70.5)
\u2013
Non-current:
 \u2013
Interest-bearing loans and borrowings
(3,647.1)
\u2013
\u2013
(3,647.1)
Trade and other payables
(139.3)
\u2013
\u2013
(139.3)
Derivative financial instruments
\u2013
(6.4)
\u2013
(6.4)
Deferred and contingent consideration
(112.0)
(719.4)
\u2013
(831.4)
Other financial liabilities
2
(6.7)
\u2013
\u2013
(6.7)
Lease liabilities (Note 21)
(249.2)
\u2013
\u2013
(249.2)
Total
(6,030.6)
(901.6)
\u2013
(6,932.2)
Net financial(liabilities)/assets
(4,949.8)
(894.4)
7.0
(5,837.2)
1. The fair value of interest-bearing loans and borrowings at 31 December 2025 and 31 December 2024 is not materially different to their original cost.
2. Other financial liabilities include a put liability of \u00a3587.4m (2024: \u00a3509.1m), \u00a36.7m of other financial liabilities (2024: \u00a33.8m) and \u00a320.6m of ante-post liabilities (2024: \u00a315.9m).
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
profit and loss
income
Total
31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Non-current:
Other investments (Note 17)
1.1
2.8
7.2
11.1
Derivative financial instruments
\u2013
19.1
\u2013
19.1
Trade and other receivables
27.1
\u2013
\u2013
27.1
Current:
Trade and other receivables
468.3
\u2013
\u2013
468.3
Derivative financial instruments
\u2013
67.3
\u2013
67.3
Cash and short-term investments (including customer funds)
588.9
\u2013
\u2013
588.9
Total
1,085.4
89.2
7.2
1,181.8
Liabilities
Current:
Customer balances
(196.6)
\u2013
\u2013
(196.6)
Interest-bearing loans and borrowings
1
(25.3)
\u2013
\u2013
(25.3)
Trade and other payables
(854.8)
\u2013
\u2013
(854.8)
Derivative financial instruments
\u2013
(8.5)
\u2013
(8.5)
Deferred and contingent consideration
(78.9)
(120.3)
\u2013
(199.2)
Other financial liabilities
2
\u2013
(15.9)
\u2013
(15.9)
Lease liabilities (Note 21)
(77.2)
\u2013
\u2013
(77.2)
Non-current:
Interest-bearing loans and borrowings
(3,605.9)
\u2013
\u2013
(3,605.9)
Trade and other payables
(286.4)
\u2013
\u2013
(286.4)
Derivative financial instruments
\u2013
(11.1)
\u2013
(11.1)
Deferred and contingent consideration
(195.4)
(766.3)
\u2013
(961.7)
Other financial liabilities
2
(512.9)
\u2013
\u2013
(512.9)
Lease liabilities (Note 21)
(247.3)
\u2013
\u2013
(247.3)
Total
(6,080.7)
(922.1)
\u2013
(7,002.8)
Net financial (liabilities)/assets
(4,995.3)
(832.9)
7.2
(5,821.0)
Fair value hierarchy
IFRS 13 requires financial assets and liabilities recorded at fair value to be categorised in three levels according to the inputs used in the calculation of
their fair value:
4 Level 1 \u2013 uses quoted prices as the input to fair value calculations
4 Level 2 \u2013 uses inputs other than quoted prices, that are observable either directly or indirectly
4 Level 3 \u2013 uses inputs that are not observable
The following tables illustrate the Group\u2019s financial assets and liabilities measured at fair value after initial recognition at 31 December 2025 and
31 December 2024:
2025
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value
Derivative financial instruments
\u2013
2.6
\u2013
2.6
Other investments
1.9
4.5
5.2
11.6
1.9
7.1
5.2
14.2
Liabilities measured at fair value
Derivative financial instruments
\u2013
(144.4)
\u2013
(144.4)
Deferred and contingent consideration
\u2013
\u2013
(736.6)
(736.6)
Other financial liabilities
\u2013
\u2013
(20.6)
(20.6)
\u2013
(144.4)
(757.2)
(901.6)
Net assets/(liabilities) measured at fair value
1.9
(137.3)
(752.0)
(887.4)
2024
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value
Derivative financial instruments
\u2013
86.4
\u2013
86.4
Other investments
2.1
2.7
5.2
10.0
2.1
89.1
5.2
96.4
Liabilities measured at fair value
Derivative financial instruments
\u2013
(19.6)
\u2013
(19.6)
Deferred and contingent consideration
\u2013
\u2013
(886.6)
(886.6)
Other financial liabilities
\u2013
\u2013
(15.9)
(15.9)
\u2013
(19.6)
(902.5)
(922.1)
Net assets/(liabilities) measured at fair value
2.1
69.5
(897.3)
(825.7)
There have been no transfers of assets or liabilities recorded at fair value between the levels of the fair value hierarchy.
Movements in the Group\u2019s level 3 financial assets and liabilities were as follows:
2025
2024
\u00a3m
\u00a3m
Net liabilities the start of the year
(897.3)
(984.3)
Settlements
111.1
39.9
Transfers to liabilities
\u2013
6.4
Other
(4.7)
1.2
Profit and loss account \u2013 realised gains/(losses)
0.1
(3.2)
Profit and loss account \u2013 unrealised losses
(2.7)
(39.8)
Other comprehensive income \u2013 unrealised gains on foreign exchange
41.5
82.5
Net liabilities the end of the year
(752.0)
(897.3)
Included within other financial assets and derivative financial instruments measured at fair value are:
4 Currency swaps held against debt instruments as an asset of \u00a32.6m (2024: \u00a386.4m) and a liability of \u00a3144.4m (2024: \u00a319.6m).
4 Investments in RAS Technology of \u00a31.9m (2024: \u00a32.1m) and Intuitive Investment Group plc (\u201cIIG\u201d) of \u00a35.1m (2024: \u00a35.1m), both designated as fair
value through other comprehensive income.
4 Investments in Scout Gaming of \u00a30.1m (2024: \u00a30.1m), convertible equity instruments with Visa Inc. for \u00a33.8m (2024: \u00a32.7m) and other investment
funds of \u00a30.7m (2024: \u00a3nil), all designated as fair value through profit and loss.
The fair value of the investments at 31 December 2025 and 31 December 2024 is not materially different to their original cost.
Contingent and deferred consideration
Contingent and deferred consideration arises through business combinations, the fair value for which is reassessed at each reporting date using
updated inputs and assumptions based on the latest financial forecasts of each respective business. As at 31 December 2025, contingent and
deferred consideration was \u00a3929.2m (2024: \u00a31,161.0m), including \u00a3908.6m on TAB NZ as well as from the Group\u2019s acquisitions of ASF Limited and
365 Scores in the prior years.
The valuation of the contingent element of consideration is subject to estimation and uncertainty as the amount payable is based on various factors,
including future profitability. With the exception of TAB NZ, based on the current profit forecast and reasonable upside and downside sensitivities,
the range of potential valuations is not expected to be materially different from that provided for in the financial statements. For TAB NZ the range of
potential outcomes could be materially different from the amounts provided as it is subject to the future performance of the business over a 25-year
time period. The fair value of contingent consideration for TAB NZ at 31 December 2025 was \u00a3716.0m (2024: \u00a3782.4m). The valuation technique
used for calculating the contingent consideration was a discounted cash flow model. The key unobservable inputs for this calculation are profit
growth rates and discount rate, with the inputs aligned with the value in use calculations used for assessing impairment. Profit growth rates have
been assumed as 0% (2024: 1%) for the Retail operating segment and between 6% and 4% for years 4-9 (2024: 8% and 2%) and 3% (2024: 2%)
for years 10 onwards for the Digital operating segment. The discount rate used within the calculations is 13.2% (2024: 14.2%). A 1% movement in
the forecast growth rate, both positive and negative, would impact the contingent consideration liability by approximately \u00a350.0m, whereas an 0.5pp
movement in the discount rate would affect the liability by approximately \u00a335.0m.
During the year, the Group paid \u00a3187.6m (2024: \u00a3120.5m) of deferred and contingent consideration in relation to the aforementioned acquisitions.
Put option liability
Put option liabilities are recognised for potential cash payments related to put options issued by the Group over the equity of subsidiary companies
with changes in the value being recorded in the separately disclosed items. As at 31 December 2025, a put option liability of \u00a3587.4m was included
within financial liabilities in relation to the minority holding in Entain CEE (2024: \u00a3509.1m).
Put option liabilities are recorded at present value.
The valuation of the put option liability is subject to estimation uncertainty as the amount payable is based on various factors, including future
profitability, timing of payments and market conditions.
The valuation technique used for calculating the value of the put option liability was a discounted cash flow model with a weighted average
probability of a number of scenarios relating to the various inputs. There are a number of key unobservable inputs used for the valuation with the
most sensitive being comparable company EBITDA multiples. Other key inputs include estimated timing of payments.
A 0.5x change in the EBITDA multiple, either way, would impact the liability by approximately \u00a326m. Estimating the timing of payments is
judgemental and could have various outcomes as the put option has no expiry date but current views model scenarios within the next year.
The present value of the put option liability recognised is not materially different to fair value.
Ante-post
Ante-post liabilities are valued using methods and inputs that are not based upon observable market data. The principal assumptions relate to
anticipated gross win margins on unsettled bets. There are no reasonably probable changes to assumptions or inputs that would lead to material
changes in the fair value determined, although the final value will be determined by future sporting results.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-535": { "value": "22 Interest-bearing loans and borrowings
2025
2024
\u00a3m
\u00a3m
Current
Euro-denominated loans
2.4
2.3
USD-denominated loans
24.2
22.4
Sterling-denominated loans
1
(1.2)
0.6
25.4
25.3
Non-current
Euro-denominated loans
1,095.5
1,037.1
USD-denominated loans
2,397.8
2,568.8
Sterling-denominated loans
153.8
\u2013
3,647.1
3,605.9
1. Balance relates to capitalised fees on our bank facilities As at 31 December 2025 there were \u00a3570.0m (2024: \u00a3560.0m) of committed bank facilities of which \u00a3160.0m (2024: \u00a3nil) were drawn down and \u00a37.3m (2024: \u00a37.6m) of facilities which have been utilised for letters of credit. On 18 March 2025, the Group refinanced its revolving credit facility, extending its latest maturity from July 2026 to March 2030. The facility was also increased and now has total commitments (including letters of credit) of \u00a3645m. The facility is subject to a springing maturity, to three months prior to the earliest term loan maturity, if at least a 25% stub of the shortest-dated term loan remains outstanding. At 31 December 2025, the facility\u2019s effective maturity date was 30 March 2028. On 31 July 2025, the Group announced the refinancing of its existing $1,100m and $2,218m term loans. The existing $1,100m term loan margin reduced by 35bps to 225bps, which was allocated at an original issue discount (\u201cOID\u201d) of 99.875 and the maturity date has been extended from 29 March 2027 to 31 July 2032. The existing $2,218m term loan margin reduced by 50bps to 225bps, which was allocated at par and the maturity date remains 31 October 2029. On 7 August 2025, the Group signed a 2 year \u00a3500m bridge facility solely for the purposes of acquiring some or all of the Entain CEE minority investment should the need arise. The facility is available to draw for 12 months from signing, extendable by 3 months. If drawn, it has a 9 month term. On 13 November 2025, the Group announced the pricing of \u20ac500m senior secured notes due 30 November 2031 at a fixed coupon of 4.875%, which were issued on 24 November 2025, and used to immediately repay \u20ac500m of the Group\u2019s existing \u20ac1,265m Term Loan B facility due 30 June 2028. The Group\u2019s senior facilities agreement contains a single financial covenant: a springing leverage covenant (subject to customary cure rights) and solely for the benefit of the lenders under the revolving credit facility (\u201cRCF\u201d). The financial covenant is tested only in respect of a quarter-end date where the aggregate outstanding principal amount of all loans under the RCF (excluding utilisations of the RCF by way of letters of credit or bank guarantees) exceeds 40% of the total RCF commitments as at that date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "
23 Provisions
Property
and Litigation and
contract Restructuring regulation
provisions provisions
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
5.3
3.3
16.5
25.1
Provided
12.0
3.1
45.0
60.1
Utilised
(3.9)
(3.3)
(39.4)
(46.6)
Released
(0.5)
\u2013
\u2013
(0.5)
Foreign exchange
(0.1)
\u2013
(0.3)
(0.4)
At 31 December 2024
12.8
3.1
21.8
37.7
Provided
3.8
1.2
109.2
114.2
Utilised
(4.1)
(3.1)
(44.8)
(52.0)
Released
(0.1)
\u2013
(1.0)
(1.1)
Foreign exchange
(0.2)
\u2013
0.6
0.4
At 31 December 2025
12.2
1.2
85.8
99.2
Property and contract provisions
The Group is party to a number of leasehold property contracts. Provision has been made against the unavoidable non-rent costs on those leases
where the property is now vacant. Provisions have been based on management\u2019s best estimate of the minimum future cash flows to settle the
Group\u2019s obligations, considering the risks associated with each obligation, discounted at a risk-free interest rate of 4.1%. The periods of vacant
property commitments range from 1 to 9 years (2024: 1 to 10 years). In accordance with IFRS 16, the rental elements of certain property provisions
are included within lease liabilities.
Restructuring provisions
Restructuring provisions relate to redundancy costs due to be paid in 2026 as a result of Project Romer initiatives.
Litigation and regulation provisions
A litigation and regulation provision of \u00a385.8m has been recorded relating to estimates for potential liabilities which may arise in the Group because
of customer claims and other litigation related past practices. These provisions have been updated to reflect management\u2019s best estimate of
probable cash outflows related to these matters.
AUSTRAC
On 16 December 2024, the Australian Transaction Reports and Analysis Centre (\"AUSTRAC\") commenced civil penalty proceedings in the Federal
Court of Australia against Entain Group Pty Ltd, the Group's subsidiary in Australia (\"Entain Australia\"). The full Statement of Claim was filed on 31
March 2025, alleging contraventions of the Australian Anti-Money Laundering and Counter-Terrorism Financing (\"AML and CTF\") Act 2006. An
Amended Statement of Claim was subsequently filed on 19 August 2025.
As previously disclosed, the investigation was announced by AUSTRAC in September 2022 and Entain has cooperated fully with AUSTRAC
throughout its investigation. In December 2022, a dedicated programme of further enhancements to Entain Australia\u2019s AML and CTF systems and
processes was commenced, which was subsequently completed in June 2025. All remediation activities required under the dedicated programme, as
communicated to AUSTRAC, are complete.
In July 2025, AUSTRAC and Entain took part in a mediation on a confidential and without prejudice basis. Neither party has asked to terminate the
mediation process and, whilst the without prejudice discussions continue, a further meeting between Entain, AUSTRAC and the mediator is expected
at the end of March 2026. Entain Australia filed its defence at the end of October 2025. In the previous financial reporting period, the AUSTRAC
proceedings were disclosed as a contingent liability, referencing previous penalties ordered in proceedings against entities in the gaming sector
which ranged from AUD$45m to AUD$450m. It was stated that proceedings may result in a penalty being levied which could potentially be
material, however management were unable to determine a reliable estimate at that time.
As part of the preparation of the financial statements, the Directors have considered the current status of the AUSTRAC proceedings and have
concluded that, in line with the requirements of IAS 37 \u2013 Provision, Contingent Liabilities and Contingent Assets, it is appropriate to maintain the
provision recognised at half-year of AUD$100m. Although a provision has been recognised, there remains considerable uncertainty in relation to the
outcome of the matter and a wide range of possible penalties. The Directors continue to note the range of penalties in the proceedings against other
entities in the gaming sector. The considerable uncertainty relates to matters including: (a) the extent to which Entain Australia and AUSTRAC reach
agreement in principle as to the amount of any penalty in the course of ongoing without prejudice discussions; (b) if so, whether the Court will make
an order consistent with any amount agreed between the parties (and the Directors note that the Court has wide discretion in this regard); and (c) if
Entain Australia and AUSTRAC are unable to reach an agreement in principle on the amount of any penalty, what penalty the Court may determine
following a contested proceeding. As such, should any penalty become payable by Entain Australia, it may differ materially from the provision
recorded as at 31 December 2025.
Player claims
The Group faces claims initiated by Austrian and German players relating to the return of their gambling losses. A provision of \u00a318.1m has been
made for certain of these claims (see Note 31 for further details).
Of the total provisions at 31 December 2025, \u00a337.7m (2024:\u00a334.8m) is current and \u00a361.5m (2024: \u00a32.9m) is non-current. Provisions expected to be
settled in greater than one year are discounted at the risk-free rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-536": { "value": "24 Financial risk management objectives and policies The Group\u2019s treasury function provides a centralised service for the provision of finance and the management and control of liquidity, foreign exchange rates and interest rates. The function operates as a cost centre and manages the Group\u2019s treasury exposures to reduce risk in accordance with policies approved by the Board. The Group\u2019s principal financial instruments comprise term loans, bank facilities, overdrafts, loan notes, bonds, financial guarantee contracts, and cash and short-term deposits, together with certain derivative financial instruments. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has various other financial instruments such as trade receivables, trade payables and accruals that arise directly from its operations. Details of derivatives are set out in Note 25. It is, and has been throughout the year under review, the Group\u2019s policy that no trading in financial instruments shall be undertaken other than betting. Activity of this nature is only undertaken by the customer and is not speculative activity of the Group. The Group\u2019s exposure to ante-post betting and gaming transactions is not significant. The main financial risks for the Group are exchange rate risk, interest rate risk, credit risk and liquidity risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. The Group also monitors the market price risk arising from all financial instruments. Interest rate risk The Group is exposed to interest rate risk on certain of its interest-bearing loans and borrowings and on cash and cash equivalents. The Group uses derivative financial instruments such as interest rate swaps to hedge its interest rate risk. At 31 December 2025, 42% (2024: 58%) of the Group\u2019s post-swap gross debt (excluding leases) was at fixed interest rates. Interest on financial instruments at floating rates is repriced at intervals of less than six months. Interest on financial instruments at fixed rates is fixed until the maturity of the instrument. The table below demonstrates the sensitivity to reasonably possible changes in interest rates on income for the year when this movement is applied to the carrying value of financial liabilities:
Profit before tax
Effect on:
2025
2024
25 basis points decrease
5.6
3.8
100 basis points increase
(22.3)
(15.2)
Foreign currency risk Given the multi-national nature of the business, the Group is exposed to foreign exchange gains and losses on its trading activities, the net assets of its overseas subsidiaries and its non-GBP-denominated financing facilities. The primary currencies that the Group is exposed to fluctuations in are the Euro, Australian Dollar, New Zealand Dollar and US Dollar. Whilst the Group does not actively hedge the foreign exposure on its trading cash flows, it continuously monitors exposures to individual currencies, taking remediating actions as necessary to manage any significant risks as they arise. In the event that the Group anticipates large transactions in currencies other than GBP, forward exchange contracts are taken out to manage the potential foreign exchange exposure. The Group\u2019s exposure to the translation of net assets on foreign currency subsidiaries into its reporting currency is partially offset by the opposite exposure on the Group\u2019s financing facilities providing a natural economic hedge, even though the Group does not apply hedge accounting. The Group\u2019s policy on borrowings is broadly aligned to the underlying cash flows of the business. The Group has financing facilities in GBP, Euros and US Dollars. As the Group\u2019s overseas subsidiaries largely report in Euros, the Group has taken out swap contracts to hedge the US Dollar debt into Euros in order to align the foreign currency exposure on the Group\u2019s financing facilities with that on the net assets of its subsidiaries. The Group has also taken out swap contracts to hedge US Dollar debt into GBP and Australian Dollars. A 5% weakening in the Euro would reduce Group operating profit by \u00a327.9m (2024: \u00a329.1m) and increase net assets by \u00a39.7m (2024: \u00a331.9m decrease) when applied to the results of the year in question. A 5% weakening in the Australian Dollar would reduce Group operating profit by \u00a32.2m (2024: \u00a32.5m) and net assets by \u00a32.8m (2024: \u00a36.6m) when applied to the results of the year in question. A 5% weakening in the US Dollar would reduce Group operating profit by \u00a34.3m (2024: \u00a35.0m increase) arising from the share of profit of joint venture and reduce net assets by \u00a35.1m (2024: no material net assets) when applied to the results of the year in question. A 5% weakening in the New Zealand Dollar would reduce Group operating profit by \u00a31.1m (2024: \u00a30.6m) and increase net assets by \u00a31.5m (2024: \u00a35.7m) when applied to the results of the year in question. Credit risk The Group is not subject to significant concentration of credit risk, with exposure spread across a large number of counterparties and customers. Receivable balances are monitored on an ongoing basis. Any changes to credit terms are assessed and authorised by senior management on an individual basis. With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a primary exposure equal to the carrying amount of these instruments. Credit risk in respect of cash and cash equivalents is managed by restricting those transactions to banks that have a defined minimum credit rating and by setting an exposure ceiling per bank. Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of borrowings with a range of maturities. The Group\u2019s policy on liquidity is to ensure that there are sufficient medium-term and long-term committed borrowing facilities to meet the medium- term funding requirements. At 31 December 2025, there were undrawn committed borrowing facilities of \u00a3410.0m (2024: \u00a3560.0m). Total committed facilities had an average maturity of 4.4 years (2024: 3.5 years). The total gross contractual undiscounted cash flows of financial liabilities, including interest payments, fall due as follows. Cash flows in respect of financial guarantee contracts reflect the probability weighted cash flows.
On demand
or within
1 year
1\u20132 years
2\u20135 years
> 5 years
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing loans and borrowings
233.4
229.2
2,992.3
1,303.4
4,758.3
Other financial liabilities
706.8
78.4
235.3
1,938.3
2,958.8
Trade and other payables
596.1
151.3
\u2013
\u2013
747.4
Lease liabilities
91.0
75.3
144.5
92.5
403.3
Total
1,627.3
534.2
3,372.1
3,334.2
8,867.8
On demand
or within
1 year
1\u20132 years
2\u20135 years
> 5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing loans and borrowings
265.5
1,341.5
3,027.1
\u2013
4,634.1
Other financial liabilities
223.7
107.6
848.3
2,354.4
3,534.0
Trade and other payables
618.9
151.3
151.3
\u2013
921.5
Lease liabilities
91.6
75.7
145.5
78.8
391.6
Total
1,199.7
1,676.1
4,172.2
2,433.2
9,481.2
Details of discounted contractual cash flows of leasing liabilities are set out in Note 21. Capital risk management The primary objective of the Group\u2019s capital management is to ensure that it maintains a credit quality that enables the Group to raise funds at an economic interest rate and to maintain healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, adjust borrowings, return capital to shareholders or issue new shares. The Group monitors capital using an adjusted net debt to underlying EBITDA ratio. The ratio at 31 December 2025, was 3.1 times (2024: 3.1 times). See Note 26 for further details. The Group\u2019s funding policy is to raise funds centrally to meet the Group\u2019s anticipated requirements. These are planned so as to mature at different stages in order to reduce refinancing risk. The Board reviews the Group\u2019s capital structure and liquidity periodically. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-555": { "value": "Interest rate risk The Group is exposed to interest rate risk on certain of its interest-bearing loans and borrowings and on cash and cash equivalents. The Group uses derivative financial instruments such as interest rate swaps to hedge its interest rate risk. At 31 December 2025, 42% (2024: 58%) of the Group\u2019s post-swap gross debt (excluding leases) was at fixed interest rates. Interest on financial instruments at floating rates is repriced at intervals of less than six months. Interest on financial instruments at fixed rates is fixed until the maturity of the instrument. The table below demonstrates the sensitivity to reasonably possible changes in interest rates on income for the year when this movement is applied to the carrying value of financial liabilities:
Profit before tax
Effect on:
2025
2024
25 basis points decrease
5.6
3.8
100 basis points increase
(22.3)
(15.2)
Foreign currency risk Given the multi-national nature of the business, the Group is exposed to foreign exchange gains and losses on its trading activities, the net assets of its overseas subsidiaries and its non-GBP-denominated financing facilities. The primary currencies that the Group is exposed to fluctuations in are the Euro, Australian Dollar, New Zealand Dollar and US Dollar. Whilst the Group does not actively hedge the foreign exposure on its trading cash flows, it continuously monitors exposures to individual currencies, taking remediating actions as necessary to manage any significant risks as they arise. In the event that the Group anticipates large transactions in currencies other than GBP, forward exchange contracts are taken out to manage the potential foreign exchange exposure. The Group\u2019s exposure to the translation of net assets on foreign currency subsidiaries into its reporting currency is partially offset by the opposite exposure on the Group\u2019s financing facilities providing a natural economic hedge, even though the Group does not apply hedge accounting. The Group\u2019s policy on borrowings is broadly aligned to the underlying cash flows of the business. The Group has financing facilities in GBP, Euros and US Dollars. As the Group\u2019s overseas subsidiaries largely report in Euros, the Group has taken out swap contracts to hedge the US Dollar debt into Euros in order to align the foreign currency exposure on the Group\u2019s financing facilities with that on the net assets of its subsidiaries. The Group has also taken out swap contracts to hedge US Dollar debt into GBP and Australian Dollars. A 5% weakening in the Euro would reduce Group operating profit by \u00a327.9m (2024: \u00a329.1m) and increase net assets by \u00a39.7m (2024: \u00a331.9m decrease) when applied to the results of the year in question. A 5% weakening in the Australian Dollar would reduce Group operating profit by \u00a32.2m (2024: \u00a32.5m) and net assets by \u00a32.8m (2024: \u00a36.6m) when applied to the results of the year in question. A 5% weakening in the US Dollar would reduce Group operating profit by \u00a34.3m (2024: \u00a35.0m increase) arising from the share of profit of joint venture and reduce net assets by \u00a35.1m (2024: no material net assets) when applied to the results of the year in question. A 5% weakening in the New Zealand Dollar would reduce Group operating profit by \u00a31.1m (2024: \u00a30.6m) and increase net assets by \u00a31.5m (2024: \u00a35.7m) when applied to the results of the year in question. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-556": { "value": "Credit risk The Group is not subject to significant concentration of credit risk, with exposure spread across a large number of counterparties and customers. Receivable balances are monitored on an ongoing basis. Any changes to credit terms are assessed and authorised by senior management on an individual basis. With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a primary exposure equal to the carrying amount of these instruments. Credit risk in respect of cash and cash equivalents is managed by restricting those transactions to banks that have a defined minimum credit rating and by setting an exposure ceiling per bank. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-557": { "value": "Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of borrowings with a range of maturities. The Group\u2019s policy on liquidity is to ensure that there are sufficient medium-term and long-term committed borrowing facilities to meet the medium- term funding requirements. At 31 December 2025, there were undrawn committed borrowing facilities of \u00a3410.0m (2024: \u00a3560.0m). Total committed facilities had an average maturity of 4.4 years (2024: 3.5 years). The total gross contractual undiscounted cash flows of financial liabilities, including interest payments, fall due as follows. Cash flows in respect of financial guarantee contracts reflect the probability weighted cash flows.
On demand
or within
1 year
1\u20132 years
2\u20135 years
> 5 years
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing loans and borrowings
233.4
229.2
2,992.3
1,303.4
4,758.3
Other financial liabilities
706.8
78.4
235.3
1,938.3
2,958.8
Trade and other payables
596.1
151.3
\u2013
\u2013
747.4
Lease liabilities
91.0
75.3
144.5
92.5
403.3
Total
1,627.3
534.2
3,372.1
3,334.2
8,867.8
On demand
or within
1 year
1\u20132 years
2\u20135 years
> 5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing loans and borrowings
265.5
1,341.5
3,027.1
\u2013
4,634.1
Other financial liabilities
223.7
107.6
848.3
2,354.4
3,534.0
Trade and other payables
618.9
151.3
151.3
\u2013
921.5
Lease liabilities
91.6
75.7
145.5
78.8
391.6
Total
1,199.7
1,676.1
4,172.2
2,433.2
9,481.2
Details of discounted contractual cash flows of leasing liabilities are set out in Note 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-558": { "value": "Capital risk management The primary objective of the Group\u2019s capital management is to ensure that it maintains a credit quality that enables the Group to raise funds at an economic interest rate and to maintain healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, adjust borrowings, return capital to shareholders or issue new shares. The Group monitors capital using an adjusted net debt to underlying EBITDA ratio. The ratio at 31 December 2025, was 3.1 times (2024: 3.1 times). See Note 26 for further details. The Group\u2019s funding policy is to raise funds centrally to meet the Group\u2019s anticipated requirements. These are planned so as to mature at different stages in order to reduce refinancing risk. The Board reviews the Group\u2019s capital structure and liquidity periodically. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-537": { "value": "25 Financial instruments and fair value disclosures The table below analyses the Group\u2019s financial instruments into their relevant categories:
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
profit and loss
income
Total
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Non-current:
Other investments (Note 17)
1.2
4.6
7.0
12.8
Trade and other receivables
30.0
\u2013
\u2013
30.0
Current:
Trade and other receivables
495.5
\u2013
\u2013
495.5
Derivative financial instruments
\u2013
2.6
\u2013
2.6
Cash and short-term investments (including customer funds)
554.1
\u2013
\u2013
554.1
Total
1,080.8
7.2
7.0
1,095.0
\u2013
Liabilities
 \u2013
Current:
 \u2013
Customer balances
(197.0)
\u2013
\u2013
(197.0)
Interest-bearing loans and borrowings
1
(25.4)
\u2013
\u2013
(25.4)
Trade and other payables
(915.4)
\u2013
\u2013
(915.4)
Derivative financial instruments
\u2013
(138.0)
\u2013
(138.0)
Deferred and contingent consideration
(80.6)
(17.2)
\u2013
(97.8)
Other financial liabilities
2
(587.4)
(20.6)
\u2013
(608.0)
Lease liabilities (Note 21)
(70.5)
\u2013
\u2013
(70.5)
\u2013
Non-current:
 \u2013
Interest-bearing loans and borrowings
(3,647.1)
\u2013
\u2013
(3,647.1)
Trade and other payables
(139.3)
\u2013
\u2013
(139.3)
Derivative financial instruments
\u2013
(6.4)
\u2013
(6.4)
Deferred and contingent consideration
(112.0)
(719.4)
\u2013
(831.4)
Other financial liabilities
2
(6.7)
\u2013
\u2013
(6.7)
Lease liabilities (Note 21)
(249.2)
\u2013
\u2013
(249.2)
Total
(6,030.6)
(901.6)
\u2013
(6,932.2)
Net financial(liabilities)/assets
(4,949.8)
(894.4)
7.0
(5,837.2)
1. The fair value of interest-bearing loans and borrowings at 31 December 2025 and 31 December 2024 is not materially different to their original cost. 2. Other financial liabilities include a put liability of \u00a3587.4m (2024: \u00a3509.1m), \u00a36.7m of other financial liabilities (2024: \u00a33.8m) and \u00a320.6m of ante-post liabilities (2024: \u00a315.9m).
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
profit and loss
income
Total
31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Non-current:
Other investments (Note 17)
1.1
2.8
7.2
11.1
Derivative financial instruments
\u2013
19.1
\u2013
19.1
Trade and other receivables
27.1
\u2013
\u2013
27.1
Current:
Trade and other receivables
468.3
\u2013
\u2013
468.3
Derivative financial instruments
\u2013
67.3
\u2013
67.3
Cash and short-term investments (including customer funds)
588.9
\u2013
\u2013
588.9
Total
1,085.4
89.2
7.2
1,181.8
Liabilities
Current:
Customer balances
(196.6)
\u2013
\u2013
(196.6)
Interest-bearing loans and borrowings
1
(25.3)
\u2013
\u2013
(25.3)
Trade and other payables
(854.8)
\u2013
\u2013
(854.8)
Derivative financial instruments
\u2013
(8.5)
\u2013
(8.5)
Deferred and contingent consideration
(78.9)
(120.3)
\u2013
(199.2)
Other financial liabilities
2
\u2013
(15.9)
\u2013
(15.9)
Lease liabilities (Note 21)
(77.2)
\u2013
\u2013
(77.2)
Non-current:
Interest-bearing loans and borrowings
(3,605.9)
\u2013
\u2013
(3,605.9)
Trade and other payables
(286.4)
\u2013
\u2013
(286.4)
Derivative financial instruments
\u2013
(11.1)
\u2013
(11.1)
Deferred and contingent consideration
(195.4)
(766.3)
\u2013
(961.7)
Other financial liabilities
2
(512.9)
\u2013
\u2013
(512.9)
Lease liabilities (Note 21)
(247.3)
\u2013
\u2013
(247.3)
Total
(6,080.7)
(922.1)
\u2013
(7,002.8)
Net financial (liabilities)/assets
(4,995.3)
(832.9)
7.2
(5,821.0)
Fair value hierarchy IFRS 13 requires financial assets and liabilities recorded at fair value to be categorised in three levels according to the inputs used in the calculation of their fair value: 4 Level 1 \u2013 uses quoted prices as the input to fair value calculations 4 Level 2 \u2013 uses inputs other than quoted prices, that are observable either directly or indirectly 4 Level 3 \u2013 uses inputs that are not observable The following tables illustrate the Group\u2019s financial assets and liabilities measured at fair value after initial recognition at 31 December 2025 and 31 December 2024:
2025
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value
Derivative financial instruments
\u2013
2.6
\u2013
2.6
Other investments
1.9
4.5
5.2
11.6
1.9
7.1
5.2
14.2
Liabilities measured at fair value
Derivative financial instruments
\u2013
(144.4)
\u2013
(144.4)
Deferred and contingent consideration
\u2013
\u2013
(736.6)
(736.6)
Other financial liabilities
\u2013
\u2013
(20.6)
(20.6)
\u2013
(144.4)
(757.2)
(901.6)
Net assets/(liabilities) measured at fair value
1.9
(137.3)
(752.0)
(887.4)
2024
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value
Derivative financial instruments
\u2013
86.4
\u2013
86.4
Other investments
2.1
2.7
5.2
10.0
2.1
89.1
5.2
96.4
Liabilities measured at fair value
Derivative financial instruments
\u2013
(19.6)
\u2013
(19.6)
Deferred and contingent consideration
\u2013
\u2013
(886.6)
(886.6)
Other financial liabilities
\u2013
\u2013
(15.9)
(15.9)
\u2013
(19.6)
(902.5)
(922.1)
Net assets/(liabilities) measured at fair value
2.1
69.5
(897.3)
(825.7)
There have been no transfers of assets or liabilities recorded at fair value between the levels of the fair value hierarchy. Movements in the Group\u2019s level 3 financial assets and liabilities were as follows:
2025
2024
\u00a3m
\u00a3m
Net liabilities the start of the year
(897.3)
(984.3)
Settlements
111.1
39.9
Transfers to liabilities
\u2013
6.4
Other
(4.7)
1.2
Profit and loss account \u2013 realised gains/(losses)
0.1
(3.2)
Profit and loss account \u2013 unrealised losses
(2.7)
(39.8)
Other comprehensive income \u2013 unrealised gains on foreign exchange
41.5
82.5
Net liabilities the end of the year
(752.0)
(897.3)
Included within other financial assets and derivative financial instruments measured at fair value are: 4 Currency swaps held against debt instruments as an asset of \u00a32.6m (2024: \u00a386.4m) and a liability of \u00a3144.4m (2024: \u00a319.6m). 4 Investments in RAS Technology of \u00a31.9m (2024: \u00a32.1m) and Intuitive Investment Group plc (\u201cIIG\u201d) of \u00a35.1m (2024: \u00a35.1m), both designated as fair value through other comprehensive income. 4 Investments in Scout Gaming of \u00a30.1m (2024: \u00a30.1m), convertible equity instruments with Visa Inc. for \u00a33.8m (2024: \u00a32.7m) and other investment funds of \u00a30.7m (2024: \u00a3nil), all designated as fair value through profit and loss. The fair value of the investments at 31 December 2025 and 31 December 2024 is not materially different to their original cost. Contingent and deferred consideration Contingent and deferred consideration arises through business combinations, the fair value for which is reassessed at each reporting date using updated inputs and assumptions based on the latest financial forecasts of each respective business. As at 31 December 2025, contingent and deferred consideration was \u00a3929.2m (2024: \u00a31,161.0m), including \u00a3908.6m on TAB NZ as well as from the Group\u2019s acquisitions of ASF Limited and 365 Scores in the prior years. The valuation of the contingent element of consideration is subject to estimation and uncertainty as the amount payable is based on various factors, including future profitability. With the exception of TAB NZ, based on the current profit forecast and reasonable upside and downside sensitivities, the range of potential valuations is not expected to be materially different from that provided for in the financial statements. For TAB NZ the range of potential outcomes could be materially different from the amounts provided as it is subject to the future performance of the business over a 25-year time period. The fair value of contingent consideration for TAB NZ at 31 December 2025 was \u00a3716.0m (2024: \u00a3782.4m). The valuation technique used for calculating the contingent consideration was a discounted cash flow model. The key unobservable inputs for this calculation are profit growth rates and discount rate, with the inputs aligned with the value in use calculations used for assessing impairment. Profit growth rates have been assumed as 0% (2024: 1%) for the Retail operating segment and between 6% and 4% for years 4-9 (2024: 8% and 2%) and 3% (2024: 2%) for years 10 onwards for the Digital operating segment. The discount rate used within the calculations is 13.2% (2024: 14.2%). A 1% movement in the forecast growth rate, both positive and negative, would impact the contingent consideration liability by approximately \u00a350.0m, whereas an 0.5pp movement in the discount rate would affect the liability by approximately \u00a335.0m. During the year, the Group paid \u00a3187.6m (2024: \u00a3120.5m) of deferred and contingent consideration in relation to the aforementioned acquisitions. Put option liability Put option liabilities are recognised for potential cash payments related to put options issued by the Group over the equity of subsidiary companies with changes in the value being recorded in the separately disclosed items. As at 31 December 2025, a put option liability of \u00a3587.4m was included within financial liabilities in relation to the minority holding in Entain CEE (2024: \u00a3509.1m). Put option liabilities are recorded at present value. The valuation of the put option liability is subject to estimation uncertainty as the amount payable is based on various factors, including future profitability, timing of payments and market conditions. The valuation technique used for calculating the value of the put option liability was a discounted cash flow model with a weighted average probability of a number of scenarios relating to the various inputs. There are a number of key unobservable inputs used for the valuation with the most sensitive being comparable company EBITDA multiples. Other key inputs include estimated timing of payments. A 0.5x change in the EBITDA multiple, either way, would impact the liability by approximately \u00a326m. Estimating the timing of payments is judgemental and could have various outcomes as the put option has no expiry date but current views model scenarios within the next year. The present value of the put option liability recognised is not materially different to fair value. Ante-post Ante-post liabilities are valued using methods and inputs that are not based upon observable market data. The principal assumptions relate to anticipated gross win margins on unsettled bets. There are no reasonably probable changes to assumptions or inputs that would lead to material changes in the fair value determined, although the final value will be determined by future sporting results. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-559": { "value": "Fair value hierarchy IFRS 13 requires financial assets and liabilities recorded at fair value to be categorised in three levels according to the inputs used in the calculation of their fair value: 4 Level 1 \u2013 uses quoted prices as the input to fair value calculations 4 Level 2 \u2013 uses inputs other than quoted prices, that are observable either directly or indirectly 4 Level 3 \u2013 uses inputs that are not observable The following tables illustrate the Group\u2019s financial assets and liabilities measured at fair value after initial recognition at 31 December 2025 and 31 December 2024:
2025
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value
Derivative financial instruments
\u2013
2.6
\u2013
2.6
Other investments
1.9
4.5
5.2
11.6
1.9
7.1
5.2
14.2
Liabilities measured at fair value
Derivative financial instruments
\u2013
(144.4)
\u2013
(144.4)
Deferred and contingent consideration
\u2013
\u2013
(736.6)
(736.6)
Other financial liabilities
\u2013
\u2013
(20.6)
(20.6)
\u2013
(144.4)
(757.2)
(901.6)
Net assets/(liabilities) measured at fair value
1.9
(137.3)
(752.0)
(887.4)
2024
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value
Derivative financial instruments
\u2013
86.4
\u2013
86.4
Other investments
2.1
2.7
5.2
10.0
2.1
89.1
5.2
96.4
Liabilities measured at fair value
Derivative financial instruments
\u2013
(19.6)
\u2013
(19.6)
Deferred and contingent consideration
\u2013
\u2013
(886.6)
(886.6)
Other financial liabilities
\u2013
\u2013
(15.9)
(15.9)
\u2013
(19.6)
(902.5)
(922.1)
Net assets/(liabilities) measured at fair value
2.1
69.5
(897.3)
(825.7)
There have been no transfers of assets or liabilities recorded at fair value between the levels of the fair value hierarchy. Movements in the Group\u2019s level 3 financial assets and liabilities were as follows:
2025
2024
\u00a3m
\u00a3m
Net liabilities the start of the year
(897.3)
(984.3)
Settlements
111.1
39.9
Transfers to liabilities
\u2013
6.4
Other
(4.7)
1.2
Profit and loss account \u2013 realised gains/(losses)
0.1
(3.2)
Profit and loss account \u2013 unrealised losses
(2.7)
(39.8)
Other comprehensive income \u2013 unrealised gains on foreign exchange
41.5
82.5
Net liabilities the end of the year
(752.0)
(897.3)
Included within other financial assets and derivative financial instruments measured at fair value are: 4 Currency swaps held against debt instruments as an asset of \u00a32.6m (2024: \u00a386.4m) and a liability of \u00a3144.4m (2024: \u00a319.6m). 4 Investments in RAS Technology of \u00a31.9m (2024: \u00a32.1m) and Intuitive Investment Group plc (\u201cIIG\u201d) of \u00a35.1m (2024: \u00a35.1m), both designated as fair value through other comprehensive income. 4 Investments in Scout Gaming of \u00a30.1m (2024: \u00a30.1m), convertible equity instruments with Visa Inc. for \u00a33.8m (2024: \u00a32.7m) and other investment funds of \u00a30.7m (2024: \u00a3nil), all designated as fair value through profit and loss. The fair value of the investments at 31 December 2025 and 31 December 2024 is not materially different to their original cost. Contingent and deferred consideration Contingent and deferred consideration arises through business combinations, the fair value for which is reassessed at each reporting date using updated inputs and assumptions based on the latest financial forecasts of each respective business. As at 31 December 2025, contingent and deferred consideration was \u00a3929.2m (2024: \u00a31,161.0m), including \u00a3908.6m on TAB NZ as well as from the Group\u2019s acquisitions of ASF Limited and 365 Scores in the prior years. The valuation of the contingent element of consideration is subject to estimation and uncertainty as the amount payable is based on various factors, including future profitability. With the exception of TAB NZ, based on the current profit forecast and reasonable upside and downside sensitivities, the range of potential valuations is not expected to be materially different from that provided for in the financial statements. For TAB NZ the range of potential outcomes could be materially different from the amounts provided as it is subject to the future performance of the business over a 25-year time period. The fair value of contingent consideration for TAB NZ at 31 December 2025 was \u00a3716.0m (2024: \u00a3782.4m). The valuation technique used for calculating the contingent consideration was a discounted cash flow model. The key unobservable inputs for this calculation are profit growth rates and discount rate, with the inputs aligned with the value in use calculations used for assessing impairment. Profit growth rates have been assumed as 0% (2024: 1%) for the Retail operating segment and between 6% and 4% for years 4-9 (2024: 8% and 2%) and 3% (2024: 2%) for years 10 onwards for the Digital operating segment. The discount rate used within the calculations is 13.2% (2024: 14.2%). A 1% movement in the forecast growth rate, both positive and negative, would impact the contingent consideration liability by approximately \u00a350.0m, whereas an 0.5pp movement in the discount rate would affect the liability by approximately \u00a335.0m. During the year, the Group paid \u00a3187.6m (2024: \u00a3120.5m) of deferred and contingent consideration in relation to the aforementioned acquisitions. Put option liability Put option liabilities are recognised for potential cash payments related to put options issued by the Group over the equity of subsidiary companies with changes in the value being recorded in the separately disclosed items. As at 31 December 2025, a put option liability of \u00a3587.4m was included within financial liabilities in relation to the minority holding in Entain CEE (2024: \u00a3509.1m). Put option liabilities are recorded at present value. The valuation of the put option liability is subject to estimation uncertainty as the amount payable is based on various factors, including future profitability, timing of payments and market conditions. The valuation technique used for calculating the value of the put option liability was a discounted cash flow model with a weighted average probability of a number of scenarios relating to the various inputs. There are a number of key unobservable inputs used for the valuation with the most sensitive being comparable company EBITDA multiples. Other key inputs include estimated timing of payments. A 0.5x change in the EBITDA multiple, either way, would impact the liability by approximately \u00a326m. Estimating the timing of payments is judgemental and could have various outcomes as the put option has no expiry date but current views model scenarios within the next year. The present value of the put option liability recognised is not materially different to fair value. Ante-post Ante-post liabilities are valued using methods and inputs that are not based upon observable market data. The principal assumptions relate to anticipated gross win margins on unsettled bets. There are no reasonably probable changes to assumptions or inputs that would lead to material changes in the fair value determined, although the final value will be determined by future sporting results. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "
26 Net debt
The components of the Group\u2019s adjusted net debt are as follows:
2025
2024
\u00a3m
\u00a3m
Current assets
Cash and short-term deposits
554.1
588.9
Current liabilities
Interest-bearing loans and borrowings
(25.4)
(25.3)
Non-current liabilities
Interest-bearing loans and borrowings
(3,647.1)
(3,605.9)
Net debt
(3,118.4)
(3,042.3)
Cash held on behalf of customers
(197.0)
(196.6)
Fair value swaps held against debt instruments (derivative financial (liability)/asset )
(141.8)
66.8
Deposits
12.4
20.7
Balances held with payment service providers
120.3
136.8
Sub-total
(3,324.5)
(3,014.6)
Lease liabilities
(319.7)
(324.5)
Adjusted net debt including lease liabilities
(3,644.2)
(3,339.1)
Cash held on behalf of customers represents the outstanding balance due to customers in respect of their online gaming wallets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "
27 Share capital
Number of
\u20ac0.01
ordinary
shares
Total
Total
\u20acm
\u00a3m
Authorised:
At 31 December 2024 and 31 December 2025
773,000,000
7.7
6.4
Issued and fully paid:
At 1 January 2024
638,799,891
6.4
5.2
Allotment of shares
\u2013
\u2013
\u2013
Exercise of share options
507,119
\u2013
\u2013
At 31 December 2024
639,307,010
6.4
5.2
Exercise of share options
1
295,608
\u2013
\u2013
At 31 December 2025
639,602,618
6.4
5.2
1. Share options exercised in the year included 39,590 (2024: 43,416) exercised from an existing share issue within share options disclosures in Note 30.
The Company\u2019s share capital consists entirely of ordinary shares, accordingly all shares rank pari passu in all respects.
See Note 30 for further information on terms and amounts of shares reserved for issue under options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-538": { "value": "27 Share capital
Number of
\u20ac0.01
ordinary
shares
Total
Total
\u20acm
\u00a3m
Authorised:
At 31 December 2024 and 31 December 2025
773,000,000
7.7
6.4
Issued and fully paid:
At 1 January 2024
638,799,891
6.4
5.2
Allotment of shares
\u2013
\u2013
\u2013
Exercise of share options
507,119
\u2013
\u2013
At 31 December 2024
639,307,010
6.4
5.2
Exercise of share options
1
295,608
\u2013
\u2013
At 31 December 2025
639,602,618
6.4
5.2
1. Share options exercised in the year included 39,590 (2024: 43,416) exercised from an existing share issue within share options disclosures in Note 30. The Company\u2019s share capital consists entirely of ordinary shares, accordingly all shares rank pari passu in all respects. See Note 30 for further information on terms and amounts of shares reserved for issue under options.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "
28 Notes to the statement of cash flows
28.1 Reconciliation of loss to net cash inflow from operating activities:
2025
2024
\u00a3m
\u00a3m
Net cash inflow from operations
Loss before tax
(556.8)
(357.4)
Net finance expense
362.8
107.3
Loss before tax and net finance expense
(194.0)
(250.1)
Adjustments for:
Impairment
586.8
457.4
Loss on disposal
3.8
\u2013
Depreciation of property, plant and equipment
149.4
146.4
Amortisation of intangible assets
461.6
485.4
Share-based payments charge
12.1
13.3
Increase in trade and other receivables
(32.5)
(78.2)
Increase in other financial liabilities
67.2
50.7
(Decrease)/increase in trade and other payables
(143.8)
36.9
Increase in provisions
61.1
12.6
Share of results from joint venture and associate
(66.1)
114.2
Other
(1.2)
(12.4)
Cash generated from operations
904.4
976.2
28.2 Reconciliation of movements of liabilities to cash flows arising from financing activities:
Derivative
Other loans Other financial
and Lease financial (assets)/
borrowings liabilities
liabilities
1
Total
liabilities
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January
3,631.2
324.5
1,689.7
(66.8)
5,578.6
Changes from financing cash flows
Proceeds from borrowings, net of issue costs
591.9
\u2013
\u2013
\u2013
591.9
Repayments
(459.4)
\u2013
(187.6)
\u2013
(647.0)
Repayment of lease liabilities
2
\u2013
(76.8)
\u2013
\u2013
(76.8)
Settlement of derivative financial instruments
\u2013
\u2013
\u2013
(72.6)
(72.6)
Total changes from financing cash flows
132.5
(76.8)
(187.6)
(72.6)
(204.5)
Other changes
Interest expense/discount unwind
247.6
18.3
131.3
\u2013
397.2
Interest paid
3
(232.0)
(18.3)
\u2013
\u2013
(250.3)
New lease liabilities
\u2013
82.8
\u2013
\u2013
82.8
Finance costs (Note 6)\u2074
7.4
\u2013
\u2013
\u2013
7.4
Re-measurement adjustments and disposals
\u2013
(12.4)
(64.1)
\u2013
(76.5)
Change in fair value of derivative financial instruments
\u2013
\u2013
\u2013
281.2
281.2
Total other changes
23.0
70.4
67.2
281.2
441.8
The effect of changes in foreign exchange
(114.2)
1.6
(25.4)
\u2013
(138.0)
Balance at 31 December
3,672.5
319.7
1,543.9
141.8
5,677.9
1. Other financial liabilities includes deferred and contingent consideration.
2. In addition to the above, the Group received \u00a30.8m (2024: \u00a31.0m) in respect of lease receivables resulting in a net repayment of finance leases of \u00a376.0m (2024: \u00a367.0m).
3. In addition to the above, the Group received \u00a312.8m (2024: \u00a316.1m) of interest income resulting in a net finance expense paid of \u00a3237.5m (2024: \u00a3254.9m).
4. The above is stated net of \u00a31.4m (2024: \u00a3nil) in respect of exceptional interest costs which are not related to borrowings.
Derivative
Other loans Other financial
and Lease financial (assets)/
borrowings liabilities
liabilities
1
liabilities
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January
3,358.0
275.9
1,898.5
85.6
5,618.0
Changes from financing cash flows
Proceeds from borrowings, net of issue costs
591.7
\u2013
\u2013
\u2013
591.7
Repayments
(315.9)
\u2013
(101.3)
\u2013
(417.2)
Repayment of lease liabilities
2
\u2013
(68.0)
\u2013
\u2013
(68.0)
Settlement of derivative financial instruments
\u2013
\u2013
\u2013
(37.5)
(37.5)
Total changes from financing cash flows
275.8
(68.0)
(101.3)
(37.5)
69.0
Other changes
Interest expense/discount unwind
264.6
15.7
141.1
\u2013
421.4
Interest paid
3
(255.3)
(15.7)
\u2013
\u2013
(271.0)
New lease liabilities
\u2013
132.4
\u2013
\u2013
132.4
Finance costs (Note 6)\u2074
9.1
\u2013
\u2013
\u2013
9.1
Re-measurement adjustments and disposals
\u2013
(11.0)
(109.7)
\u2013
(120.7)
Change in fair value of derivative financial instruments
\u2013
\u2013
\u2013
(114.9)
(114.9)
Total other changes
18.4
121.4
31.4
(114.9)
56.3
The effect of changes in foreign exchange
(21.0)
(4.8)
(138.9)
\u2013
(164.7)
Balance at 31 December
3,631.2
324.5
1,689.7
(66.8)
5,578.6
Non-cash movements include amounts acquired as a result of business combinations and the amortisation of issue costs incurred in respect
of debt instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "
29 Retirement benefit schemes
Defined contribution schemes
During the year the Group charged \u00a321.3m of contributions (2024: \u00a320.3m) to the consolidated income statement in relation to the defined
contribution pension schemes.
Defined benefit plans
Judgement is applied, based on legal, actuarial, and accounting guidance in IFRIC 14, regarding the amounts of net pension asset that are
recognised in the consolidated balance sheet.
Following the buy-out of the Ladbrokes Pension Plan, the Group now only has one pension scheme, the Gala Coral Pension Plan, which is a final
salary pension plan for UK employees and closed to new employees and future accrual.
At retirement each member\u2019s pension is related to their \"career average earnings\" for the Gala Coral Pension Plan. The weighted average duration of
the expected benefit payments from the plan is around 12 years (2024: 13 years).
The plan\u2019s assets are held separately from those of the Group. The plan is approved by HMRC for tax purposes, and is managed by independent
Trustees. The plan is subject to UK regulations, which require the Group and Trustees to agree a funding strategy and contribution schedule at least
every three years. Under the current contribution schedule in place, the Group does not pay contributions to Gala Coral Pension Plan but is paying the
administrative costs.
There is a risk to the Group that adverse circumstances, such as a disconnect between changes in asset investment values and required funding
obligations, could lead to a requirement for the Group to make additional contributions to fund any deficit that arises. As at the date of signing the
financial statements no such event has arisen.
The result of the latest formal actuarial valuation at 30 June 2022 for the Gala Coral Pension Plan was rolled forward to prepare a preliminary 30
June 2025 actuarial valuation. The result of this was updated to 31 December 2025 by an independent qualified actuary in accordance with IAS 19
(Revised) Employee Benefits. The value of the defined benefit obligation and current service cost have been measured using the projected unit credit
method, as required by IAS 19 (Revised). Actuarial gains and losses are recognised immediately through other comprehensive income.
The amounts recognised in the balance sheet are as follows:
2025
2024
\u00a3m
\u00a3m
Present value of funded obligations
(231.6)
(235.6)
Fair value of plan assets
288.1
290.7
Net asset
56.5
55.1
Disclosed in the balance sheet as: Retirement benefit asset
56.5
55.1
The Group has considered the appropriate accounting treatment in respect of the pension plan surplus, considering the current agreement with the
Trustees, and concluded the recognition of the surplus is appropriate. Whilst the Trustees have discretionary rights over the use of any surplus, the
nature of the plan means that any surplus that exists once all liabilities have been settled will be returned to the Group.
The amounts recognised in the income statement are as follows:
2025
2024
\u00a3m
\u00a3m
Analysis of amounts charged to the income statement
Other administrative expenses
1.5
1.4
Net interest on net asset
(3.0)
(2.8)
Total credit recognised in the income statement
(1.5)
(1.4)
The actual return on plan assets including interest over the year was a \u00a311.7m profit (2024: \u00a319.5m loss).
The amounts recognised in the statement of comprehensive income are as follows:
2025
2024
\u00a3m
\u00a3m
Actual return on assets less interest on plan assets
(3.8)
(34.1)
Actuarial gains/(losses) on defined benefit obligation due to changes in demographic assumptions
0.2
(0.6)
Actuarial gains on defined benefit obligation due to changes in financial assumptions
8.5
27.0
Experience adjustments on benefit obligation
(5.0)
(0.4)
Actuarial losses recognised in the statement of comprehensive income
(0.1)
(8.1)
Changes in the present value of the defined benefit obligation are as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
(235.6)
(262.6)
Interest on obligation
(12.5)
(11.8)
Actuarial gains/(losses) to changes in demographic assumptions
0.2
(0.6)
Actuarial gains to changes in financial assumptions
8.5
27.0
Experience adjustments on obligations
(5.0)
(0.4)
Benefits paid
12.8
12.8
At 31 December
(231.6)
(235.6)
Changes in the fair value of plan assets are as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
290.7
324.4
Interest on plan assets
15.5
14.6
Administrative expenses
(1.5)
(1.4)
Actual return less interest on plan assets
(3.8)
(34.1)
Benefits paid
(12.8)
(12.8)
At 31 December
288.1
290.7
The Group did not contribute to the plan in 2025 and does not expect to in 2026. The Group will however continue to meet the administrative
expenses of the Gala Coral Pension Plan scheme.
The major categories of plan assets as a percentage of total plan assets are as follows:
2025
2024
%
%
Equities
3.0
3.0
Diversified growth funds
5.0
5.0
Liability-driven investment
50.0
47.0
Corporate bonds
36.0
37.0
Private credit
5.0
7.0
Cash and cash equivalents
1.0
1.0
100.0
100.0
At 31 December 2025, the plan assets were categorised as Level 1 of \u00a32.2m (2024: \u00a31.6m), Level 2 of \u00a3270.4m (2024: \u00a3268.1m) and as Level 3 of
\u00a315.5m (2024: \u00a321.0m). Definition of fair value level categories are set out in Note 25.
The plan does not invest directly in property occupied by the Group or in financial securities issued by the Group. Although, as the plan holds pooled
investment vehicles, there may at times be indirect employer-related investment. At 31 December 2025, there were \u00a3nil employer-related
investments (2024: \u00a3nil) in the plan\u2019s total assets.
The investment strategy is set by the Trustees of the plans in consultation with the Group. For the Gala Coral Plan the current long-term strategy is to
invest in a low-risk matching bond portfolio with a relatively small investment in return seeking funds.
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages where appropriate):
2025
2024
%
%
Discount rate
5.5
5.4
Price inflation (CPI)
1.9
2.2
Price inflation (RPI)
2.8
3.1
Future pension increases \u2013 LPI 5% (CPI)
2.7
3.0
\u2013 LPI 2.5% (CPI)
2.0
2.1
Post-retirement mortality assumed for most members is based on the standard SAPS mortality table with the CMI 2024 projections which considers
future improvements, adjusted to reflect plan-specific experience.
The assumption used implies that the expected lifetime of members for the scheme is:
2025
2024
Male aged 45 for year ended
87.3
87.0
Female aged 45 for year ended
89.5
89.6
Male aged 65 for year ended
86.0
85.8
Female aged 65 for year ended
88.1
88.2
Changes to the assumptions will impact the amounts recognised in the consolidated balance sheet and the consolidated statement of
comprehensive income in respect of the plan. For the significant assumptions, the following sensitivity analysis provides an indication of the impact
on the defined benefit obligation for the year ended 31 December 2025:
2025
2024
%
%
\u2013 0.5% per annum decrease in the discount rate
6.2
6.5
\u2013 0.5% per annum increase in price inflation
4.4
4.4
\u2013 One-year increase in life expectancy
3.2
3.3
These sensitivities have been calculated to show the movement in the defined benefit obligation in isolation, and assuming no other changes in
market conditions at the accounting date. This is unlikely in practice, for example, a change in discount rate is unlikely to occur without any movement
in the value of the assets held by the plan.
In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the
validity of certain historical pension changes due to the lack of actuarial confirmation required by law. On 2 September 2025, the Government
published draft amendments to the Pensions Scheme Bill which would give affected pension schemes the ability to retrospectively obtain written
actuarial confirmation that historic benefit changes met the necessary standards. The draft legislation will need to be agreed by both Houses of
Parliament before it passes into law. The Company and pension scheme trustees\u2019 advisors are reviewing the potential implications of the case for the
Gala Coral Pension Plan. The defined benefit obligation has been calculated on the basis of the pension benefits currently being administered, and at
this stage we do not consider it necessary to make any adjustments as a result of the Virgin Media case as the legislative solution has been proposed
but is not yet law and uncertainty remains.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-539": { "value": "Defined contribution schemes During the year the Group charged \u00a321.3m of contributions (2024: \u00a320.3m) to the consolidated income statement in relation to the defined contribution pension schemes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-540": { "value": "Defined benefit plans Judgement is applied, based on legal, actuarial, and accounting guidance in IFRIC 14, regarding the amounts of net pension asset that are recognised in the consolidated balance sheet. Following the buy-out of the Ladbrokes Pension Plan, the Group now only has one pension scheme, the Gala Coral Pension Plan, which is a final salary pension plan for UK employees and closed to new employees and future accrual. At retirement each member\u2019s pension is related to their \"career average earnings\" for the Gala Coral Pension Plan. The weighted average duration of the expected benefit payments from the plan is around 12 years (2024: 13 years). The plan\u2019s assets are held separately from those of the Group. The plan is approved by HMRC for tax purposes, and is managed by independent Trustees. The plan is subject to UK regulations, which require the Group and Trustees to agree a funding strategy and contribution schedule at least every three years. Under the current contribution schedule in place, the Group does not pay contributions to Gala Coral Pension Plan but is paying the administrative costs. There is a risk to the Group that adverse circumstances, such as a disconnect between changes in asset investment values and required funding obligations, could lead to a requirement for the Group to make additional contributions to fund any deficit that arises. As at the date of signing the financial statements no such event has arisen. The result of the latest formal actuarial valuation at 30 June 2022 for the Gala Coral Pension Plan was rolled forward to prepare a preliminary 30 June 2025 actuarial valuation. The result of this was updated to 31 December 2025 by an independent qualified actuary in accordance with IAS 19 (Revised) Employee Benefits. The value of the defined benefit obligation and current service cost have been measured using the projected unit credit method, as required by IAS 19 (Revised). Actuarial gains and losses are recognised immediately through other comprehensive income. The amounts recognised in the balance sheet are as follows:
2025
2024
\u00a3m
\u00a3m
Present value of funded obligations
(231.6)
(235.6)
Fair value of plan assets
288.1
290.7
Net asset
56.5
55.1
Disclosed in the balance sheet as: Retirement benefit asset
56.5
55.1
The Group has considered the appropriate accounting treatment in respect of the pension plan surplus, considering the current agreement with the Trustees, and concluded the recognition of the surplus is appropriate. Whilst the Trustees have discretionary rights over the use of any surplus, the nature of the plan means that any surplus that exists once all liabilities have been settled will be returned to the Group. The amounts recognised in the income statement are as follows:
2025
2024
\u00a3m
\u00a3m
Analysis of amounts charged to the income statement
Other administrative expenses
1.5
1.4
Net interest on net asset
(3.0)
(2.8)
Total credit recognised in the income statement
(1.5)
(1.4)
The actual return on plan assets including interest over the year was a \u00a311.7m profit (2024: \u00a319.5m loss). The amounts recognised in the statement of comprehensive income are as follows:
2025
2024
\u00a3m
\u00a3m
Actual return on assets less interest on plan assets
(3.8)
(34.1)
Actuarial gains/(losses) on defined benefit obligation due to changes in demographic assumptions
0.2
(0.6)
Actuarial gains on defined benefit obligation due to changes in financial assumptions
8.5
27.0
Experience adjustments on benefit obligation
(5.0)
(0.4)
Actuarial losses recognised in the statement of comprehensive income
(0.1)
(8.1)
Changes in the present value of the defined benefit obligation are as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
(235.6)
(262.6)
Interest on obligation
(12.5)
(11.8)
Actuarial gains/(losses) to changes in demographic assumptions
0.2
(0.6)
Actuarial gains to changes in financial assumptions
8.5
27.0
Experience adjustments on obligations
(5.0)
(0.4)
Benefits paid
12.8
12.8
At 31 December
(231.6)
(235.6)
Changes in the fair value of plan assets are as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
290.7
324.4
Interest on plan assets
15.5
14.6
Administrative expenses
(1.5)
(1.4)
Actual return less interest on plan assets
(3.8)
(34.1)
Benefits paid
(12.8)
(12.8)
At 31 December
288.1
290.7
The Group did not contribute to the plan in 2025 and does not expect to in 2026. The Group will however continue to meet the administrative expenses of the Gala Coral Pension Plan scheme. The major categories of plan assets as a percentage of total plan assets are as follows:
2025
2024
%
%
Equities
3.0
3.0
Diversified growth funds
5.0
5.0
Liability-driven investment
50.0
47.0
Corporate bonds
36.0
37.0
Private credit
5.0
7.0
Cash and cash equivalents
1.0
1.0
100.0
100.0
At 31 December 2025, the plan assets were categorised as Level 1 of \u00a32.2m (2024: \u00a31.6m), Level 2 of \u00a3270.4m (2024: \u00a3268.1m) and as Level 3 of \u00a315.5m (2024: \u00a321.0m). Definition of fair value level categories are set out in Note 25. The plan does not invest directly in property occupied by the Group or in financial securities issued by the Group. Although, as the plan holds pooled investment vehicles, there may at times be indirect employer-related investment. At 31 December 2025, there were \u00a3nil employer-related investments (2024: \u00a3nil) in the plan\u2019s total assets. The investment strategy is set by the Trustees of the plans in consultation with the Group. For the Gala Coral Plan the current long-term strategy is to invest in a low-risk matching bond portfolio with a relatively small investment in return seeking funds. Principal actuarial assumptions at the balance sheet date (expressed as weighted averages where appropriate):
2025
2024
%
%
Discount rate
5.5
5.4
Price inflation (CPI)
1.9
2.2
Price inflation (RPI)
2.8
3.1
Future pension increases \u2013 LPI 5% (CPI)
2.7
3.0
\u2013 LPI 2.5% (CPI)
2.0
2.1
Post-retirement mortality assumed for most members is based on the standard SAPS mortality table with the CMI 2024 projections which considers future improvements, adjusted to reflect plan-specific experience. The assumption used implies that the expected lifetime of members for the scheme is:
2025
2024
Male aged 45 for year ended
87.3
87.0
Female aged 45 for year ended
89.5
89.6
Male aged 65 for year ended
86.0
85.8
Female aged 65 for year ended
88.1
88.2
Changes to the assumptions will impact the amounts recognised in the consolidated balance sheet and the consolidated statement of comprehensive income in respect of the plan. For the significant assumptions, the following sensitivity analysis provides an indication of the impact on the defined benefit obligation for the year ended 31 December 2025:
2025
2024
%
%
\u2013 0.5% per annum decrease in the discount rate
6.2
6.5
\u2013 0.5% per annum increase in price inflation
4.4
4.4
\u2013 One-year increase in life expectancy
3.2
3.3
These sensitivities have been calculated to show the movement in the defined benefit obligation in isolation, and assuming no other changes in market conditions at the accounting date. This is unlikely in practice, for example, a change in discount rate is unlikely to occur without any movement in the value of the assets held by the plan. In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. On 2 September 2025, the Government published draft amendments to the Pensions Scheme Bill which would give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards. The draft legislation will need to be agreed by both Houses of Parliament before it passes into law. The Company and pension scheme trustees\u2019 advisors are reviewing the potential implications of the case for the Gala Coral Pension Plan. The defined benefit obligation has been calculated on the basis of the pension benefits currently being administered, and at this stage we do not consider it necessary to make any adjustments as a result of the Virgin Media case as the legislative solution has been proposed but is not yet law and uncertainty remains.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "
30 Share-based payments
The following options to purchase \u20ac0.01 ordinary shares in the Group were granted, exercised, forfeited or existing at the year end:
Cancelled or
Existing at 31
Exercisable at
Existing at 1 Granted in forfeited in Exercised in
December
31 December Vesting
Date of grant
Exercise price January 2025 the year the year
the year
2025
2025 criteria
16-Dec-2016
422p
339,338
\u2013
\u2013
\u2013
339,338
339,338
Note a
28-Dec-2017
\u2013
3,392
\u2013
\u2013
\u2013
3,392
3,392
Note b
26-Mar-2019
\u2013
20,405
\u2013
\u2013
\u2013
20,405
20,405
Note c
10-Jun-2020
\u2013
6,592
\u2013
\u2013
\u2013
6,592
6,592
Note d
24-Mar-2021
\u2013
10,082
\u2013
(1,658)
\u2013
8,424
8,424
Note e
4-May-2021
1,264p
316,000
\u2013
(316,000)
\u2013
\u2013
\u2013
Note f
18-Mar-2022
\u2013
913,258
5,534
(757,281)
(161,511)
\u2013
\u2013
Note g
18-Mar-2022
\u2013
95,463
3,432
(26,726)
(72,169)
\u2013
\u2013
Note h
26-Apr-2022
1,333p
357,361
\u2013
(355,605)
(556)
1,200
1,200
Note f
28-Jun-2022
\u2013
10,032
\u2013
(7,062)
(2,970)
\u2013
\u2013
Note i
21-Mar-2023
\u2013
74,699
\u2013
\u2013
\u2013
74,699
\u2013
Note h
25-Apr-2023
1,008p
666,475
\u2013
(143,534)
(581)
522,360
\u2013
Note f
4-May-2023
\u2013
584,060
63
(58,838)
(1,849)
523,436
\u2013
Note j
16-Jun-2023
\u2013
1,082,288
\u2013
(199,530)
\u2013
882,758
\u2013
Note j
11-Mar-2024
\u2013
3,554,082
3,596
(338,900)
(56,882)
3,161,896
\u2013
Note k
11-Mar-2024
\u2013
39,346
\u2013
\u2013
\u2013
39,346
\u2013
Note h
25-Apr-2024
607p
1,752,602
\u2013
(429,281)
(38,551)
1,284,770
\u2013
Note f
10-Sep-2024
\u2013
584,893
\u2013
\u2013
\u2013
584,893
\u2013
Note k
10-Mar-2025
\u2013
\u2013
4,150,916
(185,562)
\u2013
3,965,354
\u2013
Note l
10-Mar-2025
\u2013
\u2013
206,640
\u2013
\u2013
206,640
\u2013
Note h
29-Apr-2025
460p
\u2013
1,981,177
(181,686)
(129)
1,799,362
\u2013
Note f
Total Schemes
10,410,368
6,351,358
(3,001,663)
(335,198)
13,424,865
379,351
Note a: 2016 Management Incentive Plan (\u201cMIP\u201d) \u2013 These equity settled awards were issued on completion of the acquisition of bwin.party. The options vest and became exercisable,
subject to the satisfaction of a performance condition, over 30 months, with one-ninth vesting six months after the date of grant and a further ninth vesting at each subsequent
quarter. The options lapse, if not exercised, on 2 February 2026. The performance condition is comparator total shareholder return (\u201cTSR\u201d) of the Group against the FTSE 250.
Each ninth of the shares will have its TSR condition reviewed from the date of grant until the relevant testing date. To the extent the TSR is not met at that time, it is tested again
the following quarter and, if necessary, at the end of the 30-month vesting period. In order to vest, the TSR of the Group must rank at median or above against the FTSE 250.
Note b: 2017 Long-Term Incentive Plan (\u201cLTIP\u201d) \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant.
The number of awards to vest are conditional on both cumulative Earnings Per Share (\u201cEPS\u201d) exceeding 180 Euro cents, with a pro-rata increase in the amount vesting between
180 cents and 214 cents, and TSR performance conditions being met which are split with equal weighting.
Note c: 2019 LTIP \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of awards that
vested was conditional on both cumulative three-year Earnings Per Share (\u201cEPS\u201d) exceeding 184p, with a pro-rata increase in the amount vesting between 184p and 214p, and
TSR performance conditions being met which are split with equal weighting.
Note d: 2020 LTIP \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of awards to
vest are conditional on both cumulative three-year Earnings Per Share (\u201cEPS\u201d) exceeding 267p, with a pro-rata increase in the amount vesting between 267p and 295p, and
certain TSR performance conditions being met which are split with the weighting of one-third based on EPS and two-thirds relating to TSR conditions. There were also a number
of restricted share plan shares issued during 2020 against which service conditions apply.
Note e: 2021 LTIP \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of awards to
vest are conditional on both cumulative three-year Earnings Per Share (\u201cEPS\u201d) exceeding 255p, with a pro-rata increase in the amount vesting between 255p and 296p, and
certain TSR performance conditions being met which are split with the weighting of one-third based on EPS and two-thirds relating to TSR conditions.
Note f: Employee ShareSave Plan \u2013 From 2021 onwards, the Group set up annual Employee ShareSave plans. Under these plans employees of the Group can subscribe up to a
maximum of \u00a3100 a month per plan to invest in share purchases at a price representing a discount of 20% from the share price at the commencement of the plan. The vesting
period is three years. The right to purchase shares will vest conditional upon continued employment at the end of the three years.
Note g: 2022 LTIP \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of awards to
vest are conditional on certain TSR performance conditions being met.
Note h: Deferred Bonus Plan \u2013 50% of the Executive Directors\u2019 annual bonus is deferred into shares. These awards normally vest at the end of three years, subject to continued
employment or approval of good leaver treatment. Further details are provided in the Directors\u2019 Remuneration Report.
Note i: 2022 Employee Free Share Plan \u2013 During 2022 the Group set up an Employee Free Share plan. Under this plan each employee of the Group has been granted 22 free shares for a
vesting period of two years. The shares will vest conditional upon continued employment at the end of the two years.
Note j: 2023 LTIP \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of awards to
vest are conditional on certain TSR performance conditions being met.
Note k: 2024 LTIP \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of awards to
vest are conditional on certain TSR performance conditions being met.
Note l: 2025 LTIP \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of awards to
vest are conditional on certain TSR performance conditions being met.
The charge to share-based payments within the consolidated income statement in respect of these options in 2025 was \u00a312.1m (2024: \u00a313.3m)
which related entirely to equity settled options.
Weighted average exercise price of options
The number and weighted average exercise prices of share options are as follows:
Weighted Weighted
average Number average Number
exercise price of options exercise price of options
31 December 31 December 31 December 31 December
2025 2025 2024 2024
Outstanding at the beginning of the year
265p
10,410,368
356p
6,782,454
Granted during the year
144p
6,351,358
189p
6,372,623
Exercised during the year
74p
(335,198)
47p
(550,535)
Cancelled or forfeited in the year
454p
(3,001,663)
383p
(2,194,174)
Outstanding at the end of the year
170p
13,424,865
265p
10,410,368
Exercisable at the end of the year
382p
379,351
769p
705,841
The options outstanding at 31 December 2025 have a weighted average contractual life of 1.5 years (31 December 2024: 1.6 years).
Valuation of options
The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The Group
engaged third-party valuation specialists to provide a fair value for the options.
All LTIP plans are valued using both a Black Scholes valuation model and Monte Carlo valuation for the cumulative EPS and TSR
conditions respectively.
Fair value of share options and assumptions:
Exercisable at
Share price at Existing at Existing at
Fair value at
date of grant Exercise price Expected Exercise Expected Risk-free rate
measurement
Date of grant
(\u00a3) (\u00a3) volatility % multiple dividend yield %
date (\u00a3)
Dec-16
6.48
4.22
28%-30%
n/a
n/a
\u2013
1.43-1.94
Dec-17
9.34
\u2013
26.6%
n/a
n/a
0.40%
7.39-9.34
Mar-19
4.96
\u2013
31.5%
n/a
n/a
0.70%
1.90-4.96
Jun-20
7.86
\u2013
33.2%
n/a
n/a
0.30%
3.54-7.86
Mar-21
15.25
\u2013
52.8%
n/a
2.0%
0.01%
10.03-11.3
May-21
16.46
12.64
51.3%
n/a
2.0%
0.02%
6.75
Mar-22
16.66
\u2013
51.5%
n/a
1.2%
1.40%
10.77-12
Apr-22
14.74
13.33
50.1%
n/a
1.3%
1.60%
5.66
Jun-22
13.04
\u2013
n/a
n/a
n/a
n/a
13.04
Mar-23
12.38
\u2013
41.0%
n/a
1.7%
4.68%
5.48
Apr-23
14.39
10.08
41.3%
n/a
1.4%
3.59%
6.39
May-23
14.70
\u2013
41.0%
n/a
1.7%
4.68%
5.48
Jun-23
12.21
\u2013
41.0%
n/a
1.7%
4.68%
5.48
Mar-24
7.35
\u2013
38.2%
n/a
2.6%
3.92%
3.04
Apr-24
8.09
6.07
38.9%
n/a
2.4%
4.25%
3.11
Jul-24
6.32
\u2013
38.2%
n/a
2.6%
3.92%
3.04
Sept-24
6.79
\u2013
38.2%
n/a
2.6%
3.92%
3.04
Mar-25
7.24
\u2013
39.4%
n/a
3.1%
4.09%
3.21
Apr-25
6.28
4.60
39.2%
n/a
3.1%
3.78%
2.51
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "
31 Commitments and contingencies
Greek Tax
In November 2021, the Athens Administrative Court of Appeal ruled in favour of the Group\u2019s appeal against the tax assessments raised by the Greek
tax authorities in respect of alleged unpaid taxes and penalties for the years 2010 and 2011. In February 2022, the Greek tax authorities appealed
against the judgements to the Greek Supreme Administrative Court. While the Group expects to be successful in defending the appeals by the Greek
tax authorities, should the Greek Supreme Administrative Court rule in favour of the Greek tax authorities, then the Group could become liable for the
full 2010 and 2011 assessments plus interest, an estimated total of \u20ac316m at 31 December 2025.
The appeals were due to be heard before the Greek Supreme Administrative Court at various dates in 2024 and 2025 but has been deferred to
18th March 2026 and 22nd April 2026. A deferral of such matters is not unusual in Greece and the underlying fact pattern of the case has not
changed since the prior year.
Shareholder Litigation
On 30 November 2024 and 2 December 2024, Entain plc was served with two claims brought by two groups of shareholders which arise from the
circumstances and disclosures relating to GVC\u2019s legacy Turkish-facing business and the investigation by HMRC into those operations. The
investigation was concluded upon the entry by Entain plc into a Deferred Prosecution Agreement with the UK Crown Prosecution Service on
5 December 2023.
In 2025, three additional groups of shareholders brought three further substantial claims against Entain plc in the English High Court and one
additional group of shareholders has issued a substantial claim but has not yet served it on Entain plc. All these claims appear to arise from the same
circumstances and disclosures as outlined above. Further work is being performed to assess the total value of these claims. An initial case
management hearing is scheduled for June 2026.
Consistent with any claims of this nature, there is inherent uncertainty in the final outcome which could be material. It is possible, but not probable that
the claims will result in an economic outflow and given the early stage of the proceedings, together with the uncertainty, no provision has been made.
Player Claims
Germany
As with other operators in the industry, companies in the Group face claims initiated in Germany by German customers for a period relating to before
the Group held a German local gambling licence. In brief, the claimants seek the return of their gambling losses alleging that the relevant underlying
contracts between the claimant and the applicable Group companies are not enforceable due to the companies not holding a local gambling licence
at the relevant time. The Group\u2019s position is that it held Gibraltarian and Maltese licences at the relevant time that entitled it to offer its services into
Germany in compliance with EU law. In addition, certain German Courts have established that the contracts are enforceable.
The Directors have assessed each claim in detail and believe that a certain portion of these claims are expected to be settled out of court. As of 31
December 2025 a provision of \u20ac15m has been made in respect of these.
In addition, there are other outstanding claims made against the group of \u20ac105m. The majority of these claims are currently stayed pending a
decision of the European Court of Justice (\u201cECJ\u201d). An opinion from the Advocate General is expected in March 2026.
As at the reporting date, having regard to the current status of the proceedings and based on legal advice received, the Directors do not consider that
the portion of claims which have not been provided for give rise to a probable outflow of economic benefits. Accordingly, no provision has been
recognised in respect of these. While the Group has assessed the claims received to date, the inherent uncertain nature of such matters means that
additional claims may be received in the future. Consistent with claims of this nature, there can be uncertainty surrounding the final outcome.
Austria
As with other operators in the industry, companies in the Group face claims initiated in Austria by Austrian customers. In brief, the claimants seek the
return of their casino and poker losses, alleging that the relevant underlying contracts between the claimant and the applicable Group companies are
not enforceable because the companies do not hold a local gambling licence. The Group\u2019s position is that it holds a Maltese licence that entitles it to
offer its services into Austria and that it is compliant with EU law. The Group\u2019s approach is to manage the claims against it as efficiently as possible,
including entering into settlements where appropriate. The cost of these settlements and outstanding claims are not material to the Group.
BetMGM loan guarantee
BetMGM, the Group\u2019s joint venture, took out a $150m revolving credit facility in December 2024. It was secured and undrawn as at 31 December
2025. 50% of this facility is guaranteed by Entain Group. The likelihood of this being called upon is considered remote.
Kentucky
Entain plc acquired Deis Ltd and its wholly-owned subsidiary, Avid International Limited (\u201cAvid\u201d) on 7 February 2022. At that time of acquisition, Avid
owned the sports betting brand (\u201cSports Interaction\u201d), which it had acquired from S.I.A. Limited (\u201cSIA\u201d) on 1 November 2015.
In 2010, the Commonwealth of Kentucky (\u201cKY\u201d) in the US sued certain gambling businesses alleging that such businesses were offering online
gaming unlawfully to residents in Kentucky. It is alleged that S.I.A Limited operated in Kentucky without a gaming licence throughout the period from
2008-2012. SIA has been named in a civil lawsuit since 2014. Avid was then acquired by Entain in 2022. Given that Entain is the current owner of
Avid, KY is seeking to pursue a successor liability claim on Entain amounting to $114m. Based on legal advice, the Group does not believe this claim
is valid and hence does not believe any outflow is probable.
General Liability
The Group is subject to various legal, regulatory and other proceedings and claims that arise in the normal course of business. These include, but are
not limited to, claims arising from contractual arrangements, tax matters, consumer claims, employment-related issues and regulatory compliance.
Provisions are recognised where the Directors consider that it is probable that an outflow of economic benefits will be required to settle an obligation
and where a reliable estimate can be made. Unless outflow is considered remote, in cases where no provision is recognised, the matter is treated as
a contingent liability in accordance with IAS 37.
While it is not possible to predict the final outcome of all such matters, the Directors, having taken appropriate legal and professional advice, do not
currently expect that the resolution of these matters will have a material adverse effect on the Group\u2019s financial position, results or cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-560": { "value": "31 Commitments and contingencies Greek Tax In November 2021, the Athens Administrative Court of Appeal ruled in favour of the Group\u2019s appeal against the tax assessments raised by the Greek tax authorities in respect of alleged unpaid taxes and penalties for the years 2010 and 2011. In February 2022, the Greek tax authorities appealed against the judgements to the Greek Supreme Administrative Court. While the Group expects to be successful in defending the appeals by the Greek tax authorities, should the Greek Supreme Administrative Court rule in favour of the Greek tax authorities, then the Group could become liable for the full 2010 and 2011 assessments plus interest, an estimated total of \u20ac316m at 31 December 2025. The appeals were due to be heard before the Greek Supreme Administrative Court at various dates in 2024 and 2025 but has been deferred to 18th March 2026 and 22nd April 2026. A deferral of such matters is not unusual in Greece and the underlying fact pattern of the case has not changed since the prior year. Shareholder Litigation On 30 November 2024 and 2 December 2024, Entain plc was served with two claims brought by two groups of shareholders which arise from the circumstances and disclosures relating to GVC\u2019s legacy Turkish-facing business and the investigation by HMRC into those operations. The investigation was concluded upon the entry by Entain plc into a Deferred Prosecution Agreement with the UK Crown Prosecution Service on 5 December 2023. In 2025, three additional groups of shareholders brought three further substantial claims against Entain plc in the English High Court and one additional group of shareholders has issued a substantial claim but has not yet served it on Entain plc. All these claims appear to arise from the same circumstances and disclosures as outlined above. Further work is being performed to assess the total value of these claims. An initial case management hearing is scheduled for June 2026. Consistent with any claims of this nature, there is inherent uncertainty in the final outcome which could be material. It is possible, but not probable that the claims will result in an economic outflow and given the early stage of the proceedings, together with the uncertainty, no provision has been made. Player Claims Germany As with other operators in the industry, companies in the Group face claims initiated in Germany by German customers for a period relating to before the Group held a German local gambling licence. In brief, the claimants seek the return of their gambling losses alleging that the relevant underlying contracts between the claimant and the applicable Group companies are not enforceable due to the companies not holding a local gambling licence at the relevant time. The Group\u2019s position is that it held Gibraltarian and Maltese licences at the relevant time that entitled it to offer its services into Germany in compliance with EU law. In addition, certain German Courts have established that the contracts are enforceable. The Directors have assessed each claim in detail and believe that a certain portion of these claims are expected to be settled out of court. As of 31 December 2025 a provision of \u20ac15m has been made in respect of these. In addition, there are other outstanding claims made against the group of \u20ac105m. The majority of these claims are currently stayed pending a decision of the European Court of Justice (\u201cECJ\u201d). An opinion from the Advocate General is expected in March 2026. As at the reporting date, having regard to the current status of the proceedings and based on legal advice received, the Directors do not consider that the portion of claims which have not been provided for give rise to a probable outflow of economic benefits. Accordingly, no provision has been recognised in respect of these. While the Group has assessed the claims received to date, the inherent uncertain nature of such matters means that additional claims may be received in the future. Consistent with claims of this nature, there can be uncertainty surrounding the final outcome. Austria As with other operators in the industry, companies in the Group face claims initiated in Austria by Austrian customers. In brief, the claimants seek the return of their casino and poker losses, alleging that the relevant underlying contracts between the claimant and the applicable Group companies are not enforceable because the companies do not hold a local gambling licence. The Group\u2019s position is that it holds a Maltese licence that entitles it to offer its services into Austria and that it is compliant with EU law. The Group\u2019s approach is to manage the claims against it as efficiently as possible, including entering into settlements where appropriate. The cost of these settlements and outstanding claims are not material to the Group. BetMGM loan guarantee BetMGM, the Group\u2019s joint venture, took out a $150m revolving credit facility in December 2024. It was secured and undrawn as at 31 December 2025. 50% of this facility is guaranteed by Entain Group. The likelihood of this being called upon is considered remote. Kentucky Entain plc acquired Deis Ltd and its wholly-owned subsidiary, Avid International Limited (\u201cAvid\u201d) on 7 February 2022. At that time of acquisition, Avid owned the sports betting brand (\u201cSports Interaction\u201d), which it had acquired from S.I.A. Limited (\u201cSIA\u201d) on 1 November 2015. In 2010, the Commonwealth of Kentucky (\u201cKY\u201d) in the US sued certain gambling businesses alleging that such businesses were offering online gaming unlawfully to residents in Kentucky. It is alleged that S.I.A Limited operated in Kentucky without a gaming licence throughout the period from 2008-2012. SIA has been named in a civil lawsuit since 2014. Avid was then acquired by Entain in 2022. Given that Entain is the current owner of Avid, KY is seeking to pursue a successor liability claim on Entain amounting to $114m. Based on legal advice, the Group does not believe this claim is valid and hence does not believe any outflow is probable. General Liability The Group is subject to various legal, regulatory and other proceedings and claims that arise in the normal course of business. These include, but are not limited to, claims arising from contractual arrangements, tax matters, consumer claims, employment-related issues and regulatory compliance. Provisions are recognised where the Directors consider that it is probable that an outflow of economic benefits will be required to settle an obligation and where a reliable estimate can be made. Unless outflow is considered remote, in cases where no provision is recognised, the matter is treated as a contingent liability in accordance with IAS 37. While it is not possible to predict the final outcome of all such matters, the Directors, having taken appropriate legal and professional advice, do not currently expect that the resolution of these matters will have a material adverse effect on the Group\u2019s financial position, results or cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-541": { "value": "31 Commitments and contingencies Greek Tax In November 2021, the Athens Administrative Court of Appeal ruled in favour of the Group\u2019s appeal against the tax assessments raised by the Greek tax authorities in respect of alleged unpaid taxes and penalties for the years 2010 and 2011. In February 2022, the Greek tax authorities appealed against the judgements to the Greek Supreme Administrative Court. While the Group expects to be successful in defending the appeals by the Greek tax authorities, should the Greek Supreme Administrative Court rule in favour of the Greek tax authorities, then the Group could become liable for the full 2010 and 2011 assessments plus interest, an estimated total of \u20ac316m at 31 December 2025. The appeals were due to be heard before the Greek Supreme Administrative Court at various dates in 2024 and 2025 but has been deferred to 18th March 2026 and 22nd April 2026. A deferral of such matters is not unusual in Greece and the underlying fact pattern of the case has not changed since the prior year. Shareholder Litigation On 30 November 2024 and 2 December 2024, Entain plc was served with two claims brought by two groups of shareholders which arise from the circumstances and disclosures relating to GVC\u2019s legacy Turkish-facing business and the investigation by HMRC into those operations. The investigation was concluded upon the entry by Entain plc into a Deferred Prosecution Agreement with the UK Crown Prosecution Service on 5 December 2023. In 2025, three additional groups of shareholders brought three further substantial claims against Entain plc in the English High Court and one additional group of shareholders has issued a substantial claim but has not yet served it on Entain plc. All these claims appear to arise from the same circumstances and disclosures as outlined above. Further work is being performed to assess the total value of these claims. An initial case management hearing is scheduled for June 2026. Consistent with any claims of this nature, there is inherent uncertainty in the final outcome which could be material. It is possible, but not probable that the claims will result in an economic outflow and given the early stage of the proceedings, together with the uncertainty, no provision has been made. Player Claims Germany As with other operators in the industry, companies in the Group face claims initiated in Germany by German customers for a period relating to before the Group held a German local gambling licence. In brief, the claimants seek the return of their gambling losses alleging that the relevant underlying contracts between the claimant and the applicable Group companies are not enforceable due to the companies not holding a local gambling licence at the relevant time. The Group\u2019s position is that it held Gibraltarian and Maltese licences at the relevant time that entitled it to offer its services into Germany in compliance with EU law. In addition, certain German Courts have established that the contracts are enforceable. The Directors have assessed each claim in detail and believe that a certain portion of these claims are expected to be settled out of court. As of 31 December 2025 a provision of \u20ac15m has been made in respect of these. In addition, there are other outstanding claims made against the group of \u20ac105m. The majority of these claims are currently stayed pending a decision of the European Court of Justice (\u201cECJ\u201d). An opinion from the Advocate General is expected in March 2026. As at the reporting date, having regard to the current status of the proceedings and based on legal advice received, the Directors do not consider that the portion of claims which have not been provided for give rise to a probable outflow of economic benefits. Accordingly, no provision has been recognised in respect of these. While the Group has assessed the claims received to date, the inherent uncertain nature of such matters means that additional claims may be received in the future. Consistent with claims of this nature, there can be uncertainty surrounding the final outcome. Austria As with other operators in the industry, companies in the Group face claims initiated in Austria by Austrian customers. In brief, the claimants seek the return of their casino and poker losses, alleging that the relevant underlying contracts between the claimant and the applicable Group companies are not enforceable because the companies do not hold a local gambling licence. The Group\u2019s position is that it holds a Maltese licence that entitles it to offer its services into Austria and that it is compliant with EU law. The Group\u2019s approach is to manage the claims against it as efficiently as possible, including entering into settlements where appropriate. The cost of these settlements and outstanding claims are not material to the Group. BetMGM loan guarantee BetMGM, the Group\u2019s joint venture, took out a $150m revolving credit facility in December 2024. It was secured and undrawn as at 31 December 2025. 50% of this facility is guaranteed by Entain Group. The likelihood of this being called upon is considered remote. Kentucky Entain plc acquired Deis Ltd and its wholly-owned subsidiary, Avid International Limited (\u201cAvid\u201d) on 7 February 2022. At that time of acquisition, Avid owned the sports betting brand (\u201cSports Interaction\u201d), which it had acquired from S.I.A. Limited (\u201cSIA\u201d) on 1 November 2015. In 2010, the Commonwealth of Kentucky (\u201cKY\u201d) in the US sued certain gambling businesses alleging that such businesses were offering online gaming unlawfully to residents in Kentucky. It is alleged that S.I.A Limited operated in Kentucky without a gaming licence throughout the period from 2008-2012. SIA has been named in a civil lawsuit since 2014. Avid was then acquired by Entain in 2022. Given that Entain is the current owner of Avid, KY is seeking to pursue a successor liability claim on Entain amounting to $114m. Based on legal advice, the Group does not believe this claim is valid and hence does not believe any outflow is probable. General Liability The Group is subject to various legal, regulatory and other proceedings and claims that arise in the normal course of business. These include, but are not limited to, claims arising from contractual arrangements, tax matters, consumer claims, employment-related issues and regulatory compliance. Provisions are recognised where the Directors consider that it is probable that an outflow of economic benefits will be required to settle an obligation and where a reliable estimate can be made. Unless outflow is considered remote, in cases where no provision is recognised, the matter is treated as a contingent liability in accordance with IAS 37. While it is not possible to predict the final outcome of all such matters, the Directors, having taken appropriate legal and professional advice, do not currently expect that the resolution of these matters will have a material adverse effect on the Group\u2019s financial position, results or cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-561": { "value": "
32 Related party disclosures
Other than its associates and joint venture, the related parties of the Group are the Executive Directors, Non-Executive Directors and members of the
Executive Committee of the Group.
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in
this note. Transactions between the Group and its associates and joint venture and other related parties are disclosed below.
During the year, Group companies entered into the following transactions with related parties who are not members of the Group:
2025
2024
\u00a3m
\u00a3m
Equity investment
\u2013 Joint venture
1
\u2013
19.8
Dividend income
\u2013 Joint venture
2
(102.2)
\u2013
Sundry expenditure
\u2013 Associates
3
(51.8)
(50.7)
\u2013 Joint venture
4
(10.0)
(10.8)
Sundry income
\u2013 Joint venture
4
214.2
17.3
1. Equity investment in BetMGM.
2. Dividend income received from BetMGM.
3. Payments in the normal course of business made to Sports Information Services (Holdings) Limited, Asia Gaming Technologies Limited and Professional Gaming Services SRL.
4. Payments and receipts in the normal course of business made to BetMGM and Premier Greyhound Racing Limited.
Details of related party outstanding balances
2025
2024
\u00a3m
\u00a3m
Other amounts outstanding
\u2013 Joint venture receivables
66.8
89.6
\u2013 Joint venture payables
(0.7)
(10.8)
\u2013 Associates payables
(1.1)
(0.4)
Terms and conditions of transactions with related parties
Sales to, and purchases from, related parties are made at market prices and in the ordinary course of business. Outstanding balances at
31 December 2025 are unsecured and settlement occurs in cash. For the year ended 31 December 2025, the Group has not raised any provision
(2024: \u00a3nil) for doubtful debts relating to amounts owed by related parties as the payment history has been good. This assessment is undertaken
each financial year through examining the financial position of the related party and the market in which the related party operates.
Transactions with Directors and key management personnel of the Group
For details of Directors\u2019 remuneration please refer to the Directors\u2019 remuneration table included on pages 147 to 149 of this report.
The remuneration of key management personnel is set out below in aggregate for each of the categories specified in IAS 24 Related Party
Disclosures. Key management personnel comprise Executive Directors and members of the Executive Committee. Further information about the
remuneration of individual Directors is provided in the Directors\u2019 Remuneration Report.
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
12.3
10.2
Pension-related costs
0.4
0.2
Share-based payments
7.0
5.2
Total compensation paid to key management personnel
19.7
15.6
The consolidated financial statements include the financial statements of Entain plc and its subsidiaries. The companies listed below are those which
were part of the Group at 31 December and therefore the results, cash flows and balance sheets of all subsidiaries listed are consolidated into the
Group financial statements, furthermore the results of joint ventures and associates are accounted for in accordance with the policy set out in Note 4.
Subsidiaries based in the United Kingdom
% equity interest
Registered address
Company
2025
2024
7th Floor, One Stratford Place, Westfield Stratford City,
365
Scores UK Limited
100.0
100.0
Montfichet Road, London, United Kingdom, E20 1EJ
5
Arthur Prince (Turf Accountants) Limited
100.0
100.0
Bartletts Limited
5
100.0
100.0
Birchgree Limited
4
100.0
100.0
Bloxhams Bookmakers Limited
5
100.0
100.0
Brickagent Limited
5
100.0
100.0
ASF Limited
4
100.0
100.0
CE Acquisition 1 Limited
4
100.0
100.0
Chas Kendall (Turf Accountant) Limited
5
100.0
100.0
Choicebet Limited
5
100.0
100.0
C L Jennings (1995) Limited
5
100.0
100.0
Competition Management Services Co. Limited
5
97.5
97.5
Coral (Holdings) Limited
4
100.0
100.0
Coral (Stoke) Limited
5
100.0
100.0
Coral Estates Limited
100.0
100.0
Coral Eurobet Limited
100.0
100.0
Coral Eurobet Holdings Limited
4
100.0
100.0
Coral Group Limited
4
100.0
100.0
Coral Group Trading Limited
4
100.0
100.0
Coral Limited
4
100.0
100.0
Coral Racing Limited
100.0
100.0
Coral Stadia Limited
4
100.0
100.0
E.F. Politt & Son Limited
5
\u2013
100.0
Electraworks Maple Limited
3
100.0
100.0
Entain Holdings (UK) Limited
1,2,4
100.0
100.0
Entain Marketing (UK) Limited
2,4
100.0
100.0
Entain Services Limited
5
100.0
100.0
Entain Wave Limited
4,5
100.0
100.0
Gable House Estates Limited
5
100.0
100.0
Ganton House Investments Limited
100.0
100.0
Greatmark Limited
100.0
100.0
Hillford Estates Limited
5
75.0
75.0
Hindwain Limited
5
100.0
100.0
Impala Digital Limited
4
100.0
100.0
Interactive Sports Limited
5
\u2013
100.0
J. Ward Hill & Company
5
100.0
100.0
Jack Brown (Bookmaker) Limited
5
100.0
100.0
Jerusalem Development (Mamilla) Co. Limited
5
100.0
100.0
Jerusalem Development Corporation (Holdings) Limited
4,5
100.0
100.0
Joe Jennings Limited
5
100.0
100.0
Krullind Limited
5
100.0
100.0
Ladbroke & Co., Limited
5
100.0
100.0
Ladbroke (Rentals) Limited
5
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Ladbroke City & County Land Company Limited
5
100.0
100.0
Ladbroke Dormant Holding Company Limited
4,5
100.0
100.0
Ladbroke Entertainments Limited
100.0
100.0
Ladbroke Group
4
100.0
100.0
Ladbroke Group Homes Limited
5
100.0
100.0
Ladbroke Group Properties Limited
4,5
100.0
100.0
Ladbroke Land Limited
5
100.0
100.0
Ladbroke US Investments Limited
4
100.0
100.0
Ladbrokes Betting & Gaming Limited
2,3,4
100.0
100.0
Ladbrokes Coral Corporate Director Limited
5
100.0
100.0
Ladbrokes Coral Corporate Secretaries Limited
5
100.0
100.0
Ladbrokes Coral Group Life Benefits Trustee Limited
5
100.0
100.0
Ladbrokes Coral Group Limited
2,4
100.0
100.0
Ladbrokes Coral Group Pension Trustee Limited
5
100.0
100.0
Ladbrokes E-Gaming Limited
5
100.0
100.0
Ladbrokes Group Finance plc
2
100.0
100.0
Ladbrokes Investments Holdings Limited
4
100.0
100.0
Ladbrokes IT & Shared Services Limited
5
100.0
100.0
Ladbrokes Trustee Company Limited
5
100.0
100.0
Lightworld Limited
4,5
100.0
100.0
London & Leeds Estates Limited
5
100.0
100.0
Margolis and Ridley Limited
5
100.0
100.0
New Angel Court Limited
5
\u2013
100.0
Reg. Boyle Limited
100.0
100.0
Reuben Page Limited
5
100.0
100.0
Romford Stadium Limited
100.0
100.0
Rousset Capital Limited
5
\u2013
100.0
Sponsio Limited
5
100.0
100.0
Sporting Odds Limited
2,3
100.0
100.0
Sportingbet (IT Services) Limited
5
100.0
100.0
Sportingbet (Management Services) Limited
5
100.0
100.0
Sportingbet Holdings Limited
4
100.0
100.0
Sportingbet Limited
4
100.0
100.0
Sports (Bookmakers) Limited
5
100.0
100.0
Techno Land Improvements Limited
5
100.0
100.0
Town and County Factors Limited
100.0
100.0
Vegas Betting Limited
5
100.0
100.0
Ventmear Limited
4
100.0
100.0
Vernon Sports Data
5
100.0
100.0
1 Bartholomew Lane, London, United Kingdom EC2N 2AX
Techno Limited
5.0
84.0
77A Andersonstown Road, Belfast, United Kingdom
Ladbrokes (Northern Ireland) (Holdings) Limited
4
100.0
100.0
BT11 9AH
5
Ladbrokes (Northern Ireland) Limited
100.0
100.0
North West Bookmakers Limited
2,3
100.0
100.0
Subsidiaries based overseas
% equity interest
Registered address
Company
2025
2024
East Tower, Level 2, 25 Montpelier Road, Bowen Hills,
QLD 4006,
Australia
Ennovate Investments Pty Limited
4
100.0
100.0
Ennovate Labs Pty Limited
100.0
100.0
Entain Group Pty Limited
2,3,4
100.0
100.0
Gaming Investments Pty Limited
4
100.0
100.0
Ladbrokes Racing Club Pty Limited
100.0
100.0
LB Australia Holdings Pty Limited
4
100.0
100.0
Neds International Pty Limited
4
100.0
100.0
Neds.com.au Pty Limited
100.0
100.0
17 Atlantic Dr, Keysborough, VIC 3173, Australia
Full House Group Pty Limited
3,4
100.0
100.0
Full House Group Unit Trust
100.0
\u2013
2 Kosmala Close, Newington, NSW 2127, Australia
Innquizitive Pty Limited
100.0
100.0
Suite 902, Level 9, 146 Arthur Street, North Sydney,
NSW 2060,
Australia
Angstrom Sports Australia Pty Ltd
100.0
100.0
Marxergasse 1b, 1030 Vienna, Austria
Entain Services Austria GmbH
2
100.0
100.0
Chauss\u00e9e de Wavre 1100 Box 3, 1160
Ladbroke Belgium SA
4
100.0
100.0
Auderghem, Belgium
Pari Mutuel Management Services S.A.
100.0
100.0
N.V. Derby S.A.
2,3,4
100.0
100.0
Redsports.be SRL/BV
100.0
100.0
Tierc\u00e9 Ladbroke S.A.
3
100.0
100.0
Tilt SRL/BV
100.0
100.0
Alameda Rio Negro 111 1030, Andar 2 Conj 206 Torre
365
Scores Midia Ltda
100.0
100.0
Stadium Corpor, Alphaville Industrial Barueri; Sao Paulo,
06454911,
Avenida Brigadeiro Faria Lima 4055, Andar 3 Sala
Brazil
Ventmear Brasil S.A.
2,3
100.0
100.0
03-115, Itaim Bibi, Sao Paulo 04538-133, Brazil
Belmont Chambers, Road Town, Tortola,
British Virgin Islands
Creative Trend Limited
\u2013
100.0
CTL Holdings International Limited
\u2013
100.0
SRL Holdings International Limited
\u2013
100.0
Sunrise Resources Limited
\u2013
100.0
Jayla Place, Wickhams Cay 1, Road Town, Tortola,
British Virgin Islands
Westman Holdings Limited
5
100.0
100.0
55 Nikola Vaptsarov Blvd, Office Park Expo 2000,
Building Phase 4, Floor 3, Lozenets Area, Sofia 1407,
Bulgaria
Entain Services (Bulgaria) EOOD
2
100.0
100.0
1565
Carling Avenue, Suite 400, Ottawa, Ontario
Entain Operations Canada Limited
100.0
100.0
K1Z 8R1, Canada
100-2006 Old Malone Road, Kahnawake, Quebec
Kahnawake Management Services Inc
100.0
100.0
J0L1B0, Canada
1500
Royal Centre, 1055 West Georgia Street,
Angstrom Sports Canada Inc.
100.0
100.0
Vancouver, BC V6E 4N7, Canada
5B, First Floor, St Anne\u2019s House, Victoria Street, Alderney,
Interactive Sports (C.I.) Limited
4
100.0
100.0
GY9 3UF, Channel Islands
% equity interest
Registered address
Company
2025
2024
Quay House, South Esplanade St, Peter Port, Guernsey,
GY1 4EJ, PO Box 132, Channel Islands
Longfrie Limited
5
\u2013
100.0
1st Floor, Liberation House, Castle Street, St. Helier,
JE1 1GL, Jersey, Channel Islands
Ladbroke (Channel Islands) Limited
3
5
100.0
100.0
Maple Court Investments (Jersey) Limited
100.0
100.0
Block 3, The Forum, Grenville Street, St. Helier JE2 4UF,
Jersey
Avid International Limited
100.0
100.0
13/F, Gloucester Tower, The Landmark, 15 Queen\u2019s
GVC Technology Consulting (Asia) Co Limited
100.0
100.0
Road, Central Hong Kong, China
69 Jervois St, Jervois Street, Hong Kong, China
365
Scores Limited
100.0
\u2013
CR 15 # 106 32 Of P H 3, BOGOTA D.C., Colombia
Bwin Latam S.A.S.
3
100.0
100.0
Krcka Ulica 18d 10000, Zagreb, Croatia
Emma Gamma Adriatic d.o.o.
4
67.5
67.5
Puni Broj d.o.o.
67.5
67.5
SuperSport d.o.o.
2,3,4
67.5
67.5
SuperSport marketing d.o.o.
67.5
67.5
Ulica Josipa Marohni\u0107a 1/1, Zagreb, Croatia
minus5 d.o.o
68.0
75.0
Emancipatie Boulevard Dominico F. \u201cDon\u201d Martina 29,
Cura\u00e7ao
GVC Services B.V.
5
100.0
100.0
Heelsumstraat 51, E-Commerce Park, Cura\u00e7ao,
P.O. Box 422
Best Global N.V.
5
100.0
100.0
Kaya Richard J. Beaujon Z/N, Landhuls Joonchi II,
Cura\u00e7ao, PO Box 6248
Elec Games N.V.
5
\u2013
100.0
15 Agion Omologiton, Nicosia, 1080, Cyprus
Bellingrath Enterprises Limited
4
100.0
100.0
Na Zatorka, 672/24, Bubene\u00ff, Prague, 18600,
Czech Republic
Sporticon Development s.r.o.
67.5
67.5
Karolinsk\u00e1 650/1, Kral\u00edn, Prague, 18600, Czech Republic
Betsys, s.r.o.
4
67.5
67.5
Fruebjergvej 3, Copenhagen, 2100, Denmark
Interactive Sports (Denmark) ApS
100.0
100.0
Lootsa tn 1\u00b0, Lasnamae Linnaosa, 11415, Estonia
Ninja Global OU
2,3
100.0
100.0
Optiwin OU
3
100.0
100.0
Enlabs Nordics OU
3
100.0
\u2013
Unioninkatu 24, Helsinki, 00130, Finland
Finnplay Technologies Oy
100.0
100.0
19 Boulevard Malesherbes, 75008, Paris, France
B.E.S. S.A.S.
3
100.0
100.0
Linden Palais, Unter den Linden 40, 10117, Berlin,
Germany
Entain (Germany) GmbH
100.0
100.0
Apt. 48, N19, Vake District, Kavtaradze Str.,
Tbilisi, Georgia
Entain Georgia LLC
4
100.0
100.0
Vake District, Kavtaradze Str., No 5, Entrance 2, Floor 2,
Office Space No 2, Tbilisi, Georgia
MARS LLC
2,3
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Suite 6, Atlantic Suites, Europort Avenue, Gibraltar
Balltree (International) Limited
100.0
\u2013
Bingo Marketing Limited
5
\u2013
100.0
bwin.party holdings Limited
4
100.0
100.0
bwin.party services (Gibraltar) Limited
5
\u2013
100.0
Coral Interactive (Gibraltar) Limited
5
\u2013
100.0
ElectraGames Limited
4
100.0
100.0
ElectraWorks Limited
2,3,4
100.0
100.0
Gala Coral Interactive (Gibraltar) Limited
4,5
100.0
100.0
Gala Interactive (Gibraltar) Limited
5
100.0
100.0
Greyjoy Limited
100.0
100.0
Entain Corporate Services Limited
2
100.0
100.0
Entain Holdings (Gibraltar) Limited
1,2,4
100.0
100.0
Entain Operations Limited
2,3,4
100.0
100.0
Entain Trustees Limited
100.0
100.0
Fusionex Limited
100.0
100.0
IGM Domain Name Services Limited
100.0
100.0
ISG (Gibraltar) Limited
5
\u2013
100.0
LC International Limited
2,3,4
100.0
100.0
PartyGaming IA Limited
5
\u2013
100.0
7th Floor, Madison building, Midtown, Queensway,
GX11 1AA, Gibraltar
The Entain Foundation
100.0
100.0
Messene Enterprises Limited
100.0
100.0
1st Floor Otter House, Naas Road, Dublin 22, Ireland
Avid Ecom Solutions Limited
100.0
100.0
Avid Studios Limited
100.0
100.0
Ladbroke (Ireland) Limited
2,3
100.0
100.0
3 Dublin Landings, North Wall Quay, D01 C4EO, Ireland
Fort Anne Limited
1,5
100.0
100.0
M.L.B. Limited
100.0
100.0
5th Floor, Divyasree Omega Block \u2013 B, Hitec City Road,
Kondapur, Hyderabad, Andhra Pradesh, 500081, India
Entain Comptech Private Limited
4
2
100.0
100.0
Entain Software Development Services Private Limited
100.0
100.0
IVY Foundation Limited
100.0
100.0
Entain Mobitech Services Private Limited
100.0
100.0
Entain Global Shared Services Private Limited
2
100.0
100.0
32 Athol Street, Douglas, IM1 1JB, Isle of Man
Entain (IOM) Limited
1,4
100.0
100.0
Menachem Begin Road 152, Tel Aviv \u2013 Jaffa, Israel
Gala Interactive (Services) Limited
100.0
100.0
GVC Impala R&D Limited
100.0
100.0
Ladbrokes Israel Limited
100.0
\u2013
2 Nahalat Yitchak, Tel-Aviv Yaffo, 6744801, Israel
365
Scores Limited
4
100.0
100.0
Via Lungotevere Arnaldo da Brescia 12, 00196 Rome,
Italy
Entain Holding S.R.L.
4
2,3
100.0
100.0
Entain Italia S.R.L.
100.0
100.0
ALN House Eldama Ravine Close, Off Eldama Ravine
Wave Operations (Kenya) Limited
4
100.0
100.0
Road, Westlands, Nairobi, PO Box 200, Kenya
Wave Online (Kenya) Limited
100.0
100.0
Setekles iela, Riga LV-1050, Latvia
SIA Klondaika
2,3,4
100.0
100.0
SIA Klondaika Caf\u00e9
100.0
100.0
SIA Laimz
3
100.0
100.0
SIA Optibet
2,3,4
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Orsos g. 4-101, Vilnius, Lithuania
UAB Baltic Bet
3
100.0
100.0
UAB Party Casino
3
100.0
100.0
Unit 6 ST Business Centre, 120 The Strand,
bwin (Deutschland) Limited
2,3
100.0
100.0
Gzira GZR 1027, Malta
2,3
bwin.gr Limited
100.0
100.0
bwin Holdings (Malta) Limited
1,2,4
100.0
100.0
bwin.party services (Malta) Limited
100.0
100.0
Online-Wetten (Austria) Limited
100.0
100.0
Deis Limited
4
100.0
100.0
ElectraWorks (France) Limited
4
100.0
100.0
ElectraWorks (Kiel) Limited
100.0
100.0
ElectraWorks (Svenska) Limited
100.0
100.0
ElectraWorks Europe Ltd
2,3
100.0
100.0
Entain Holdings (Malta) Limited
5
100.0
100.0
Entertainment Technologies Group Limited
4
100.0
100.0
Gaming VC Corporation Limited
5
100.0
100.0
Ladbrokes (Deutschland) Limited
3
100.0
100.0
Martingale Europe Limited
3
100.0
100.0
Martingale Malta 2 Limited
100.0
100.0
Sportingbet (Deutschland) Limited
3
100.0
100.0
Scandic Bookmakers Limited
5
100.0
100.0
Spread Your Wings Bravo Limited
100.0
100.0
STS Gaming Group Limited
67.5
67.5
STS.Bet Limited
67.5
67.5
Entain (Romania) Limited
1
100.0
100.0
VistaBet Limited
2,3
100.0
100.0
120
The Strand, Unit 6, Trig Ix-Xatt, Gzira GZR 1027,
BestBet Limited
3,4
100.0
100.0
Malta
3
Elec Games C1 Limited
100.0
100.0
Elec Games Holding Limited
4
100.0
100.0
Elec Games Limited
100.0
100.0
Evora International Limited
100.0
100.0
Future Domain Lead Generation Limited
100.0
100.0
Future Lead Generation Limited
4
100.0
100.0
Lifland Holdings Limited
4
100.0
100.0
Ninja Global Limited
3
100.0
100.0
Entain Holdings (CEE) Limited
4
67.5
67.5
West African Gaming Limited
4,5
100.0
100.0
San Francisco 1005, Dolonia Del Valle,
Bwin Operations Mexico, S.A. de C.V.isr
5
100.0
100.0
Alcald\u00eda Benito Ju\u00e1rez, Mexico City, C.P. 03100, Mexico
3
Entain Mexico, S.A. de C.V.
100.0
100.0
Johan Cruijff Boulevard 61, Amsterdam, 1101DL,
Netherlands
Entain Holdings (Netherlands) B.V.
4
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Keurenplein 4, Unit D1442, 1069CD, Amsterdam,
Netherlands
Betent B.V.
2,3
100.0
100.0
106-110 Jackson Street, Petone, Lower Hutt, 5012,
New Zealand
Entain New Zealand Limited
2,3
100.0
100.0
Floor 6 Exchange Place, 5 Willeston Street, Wellington
TIIDAL GAMING NZ LIMITED
100.0
100.0
Central, Wellington, 6011, New Zealand
Level 10, Asteron Centre, 55 Featherston Street, Pipitea
Playvia Gaming (NZ) Limited
100.0
\u2013
Wellington, 601, New Zealand
6F Tower 3 Double Dragon Plaza, EDSA Ext. cor.
InteractiveSports Asia Limited Inc.
100.0
100.0
Macapagal Avenue, Pasay City, Philippines
2
NCH Customer Support Services, Inc
100.0
100.0
Porcelanowa 8, 40-246 Katowice, Poland
BetSys Poland Sp. Z.o.o.
67.5
67.5
STS S.A.
2,3,4
67.5
67.5
UI. Taneczna 18A, 02-829 Warsaw, Poland
bwin Poland S.A.
100.0
100.0
Praceta Ant\u00f3nio Gede\u00e3o, 1 B, Pai\u00f5es, 2635 \u2013 002 Sintra,
Infield \u2013 Servicos de Consultoria Marketing Unipessoal
100.0
100.0
Portugal
LDA.
Avenida D Jo\u00e3o II, Lote 1.07.2.1, 5\u00baA, Parque das Na\u00e7\u00f5es,
Gobet \u2013 Entretenimento SA
3
100.0
100.0
1990-096 Lisbon, Portugal
Entain Operations Portugal SA
100.0
100.0
1 Harbourfront Avenue, Keppel Bay Tower, 14-03/07,
098632,
Singapore
Florent Pte Limited
5
\u2013
100.0
Calle Amador de los R\u00edos n\u00b01, 6 planta, 28010 Madrid,
Spain
bwin Interactive Marketing Espana S.L.
100.0
100.0
Calle Josep Pl\u00e1, n\u00famero 2, planta 5\u00aaD, Edificio Torre
Entain Services Iberia S.L
4
100.0
100.0
Diagonal Litoral, 08019, Barcelona, Spain
Calle Real Numero 74, 51001 Ceuta, Spain
Electraworks (Ceuta) S.A.
2,3
100.0
100.0
CL Conde de Aranda 20, 28001 Madrid, Spain
Sportingbet Spain S.A.
5
100.0
100.0
San Justo Desvern, calle de la Constituci\u00f3n 1, 5\u00ba planta,
local 3, 08960,
Barcelona, Spain
Atlantic Version 2014 SLU
5
100.0
100.0
Suite 4 Constantia House, Steenbert Office Park,
Constantia, 7800, South Africa
SBT Software Operations (SA) (Pty)
100.0
100.0
24A 18th Street, Menlo Park, Pretoria,
0081,
South Africa
Ladbrokes (SA) (Pty) Limited
100.0
100.0
Office 519, Spaces, Dock Road Junction, Corner of
Stanley & Dock Road, Waterfront, Cape Town, 8001,
South Africa
Wave SA (Pty) Limited
85.0
85.0
Stora Gatan 46, Sigtuna Kommun, 19330, Sweden
Enlabs AB
4
100.0
100.0
Entraction AB
4
100.0
100.0
Score24 AB
3
100.0
100.0
c/o The Corporation Trust Company, 1209 Orange Street,
GVC Finance LLC
1
100.0
100.0
Country of New Castle, Wilmington DE 19891,
4
United States
GVC Holdings (USA) Inc
100.0
100.0
Ladbrokes Holdco, Inc.
4
100.0
100.0
7251
Amigo Street, Suite 100, Las Vegas, NV 89119,
Stadium Technology Group, LLC
100.0
100.0
United States
1013
Centre Road, Suite 403-B, Wilmington, DE 19805,
Angstrom Sports Inc
100.0
100.0
United Estates
4445
Corporation Ln Ste 264, Virginia Beach,
Angstrom Sports Virginia LLC
100.0
100.0
VA 23462-3262, United States
Five Greentree Centre, 525 Route 72 North, STE 104,
Marlton, New Jersey 08053, United States
Angstrom Sports NJ LLC
100.0
100.0
% equity interest
Registered address
Company
2025
2024
701
S.Carson Street, Suite 200, Carson City, NV 90801,
bwin.party (USA) Inc
2,4
100.0
100.0
United States
bwin.party entertainment (NJ) LLC
100.0
100.0
bwin.party services (NJ) Inc
100.0
100.0
Ladbrokes Subco LLC
4
100.0
100.0
c/o Saiber LLC, 18 Columbia Turnpike, Suite 200,
Florham Park, New Jersey, United States
The Entain Foundation US, Inc
100.0
100.0
2 Mykoly Solovtsova St, Office 38/1, 01014 Kyiv, Ukraine
Entain (Ukraine) LLC
5
100.0
100.0
Office 13, 39 Dzhona Makkeina, Steer 01042 Kyiv,
Ukraine
LLC Bwin
5
100.0
100.0
Dr Luis Bonavita, 1294, Torre 2 WTC Free Zone, Oficina
Gomifer S.A.
100.0
100.0
631, Montevideo, Uruguay
34972
Longacres, Lusaka, Lusaka Province, Zambia
Wave Digital Zambia Limited
100.0
100.0
1. Company that is directly owned by Entain plc. 2. Company that forms part of the Group as at 31 December 2025 and which, principally affected the Group\u2019s reported results for the year. 3. Trading entity engaged in activity associated with betting and gaming. 4. Holding company. 5. Dormant company . Joint ventures
% equity interest
Registered address
Company
2025
2024
Corporation Service Company, 251 Little Falls Drive,
Wilmington, Delaware 19808, United States
BetMGM, LLC
50.0
50.0
4th Floor, Millbank Tower, 21-24 Millbank, London,
United Kingdom, SW1P 4QP
Premier Greyhound Racing Limited
50.0
50.0
Associates
% equity interest
Country of incorporation
Company
2025
2024
China
Asia Gaming Technologies (Beijing) Co., Ltd
1
49.0
49.0
Asia Gaming Technologies Limited
49.0
49.0
Belgium
Gran Casino de Dinant SA
20.0
20.0
Infiniti Casino Oostende NV
20.0
20.0
Leaderbet NV
20.0
20.0
Professional Gaming Services SRL/BV
19.0
19.0
United Kingdom
Draw & Code Limited
\u2013
41.6
Games For Good Causes PLC
36.3
36.3
Sports Information Services (Holdings) Limited
23.4
23.4
1. Subsidiary of Asia Gaming Technologies Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-542": { "value": "Terms and conditions of transactions with related parties Sales to, and purchases from, related parties are made at market prices and in the ordinary course of business. Outstanding balances at 31 December 2025 are unsecured and settlement occurs in cash. For the year ended 31 December 2025, the Group has not raised any provision (2024: \u00a3nil) for doubtful debts relating to amounts owed by related parties as the payment history has been good. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. Transactions with Directors and key management personnel of the Group For details of Directors\u2019 remuneration please refer to the Directors\u2019 remuneration table included on pages 147 to 149 of this report. The remuneration of key management personnel is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Key management personnel comprise Executive Directors and members of the Executive Committee. Further information about the remuneration of individual Directors is provided in the Directors\u2019 Remuneration Report.
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
12.3
10.2
Pension-related costs
0.4
0.2
Share-based payments
7.0
5.2
Total compensation paid to key management personnel
19.7
15.6
The consolidated financial statements include the financial statements of Entain plc and its subsidiaries. The companies listed below are those which were part of the Group at 31 December and therefore the results, cash flows and balance sheets of all subsidiaries listed are consolidated into the Group financial statements, furthermore the results of joint ventures and associates are accounted for in accordance with the policy set out in Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-543": { "value": "Subsidiaries based in the United Kingdom
% equity interest
Registered address
Company
2025
2024
7th Floor, One Stratford Place, Westfield Stratford City,
365
Scores UK Limited
100.0
100.0
Montfichet Road, London, United Kingdom, E20 1EJ
5
Arthur Prince (Turf Accountants) Limited
100.0
100.0
Bartletts Limited
5
100.0
100.0
Birchgree Limited
4
100.0
100.0
Bloxhams Bookmakers Limited
5
100.0
100.0
Brickagent Limited
5
100.0
100.0
ASF Limited
4
100.0
100.0
CE Acquisition 1 Limited
4
100.0
100.0
Chas Kendall (Turf Accountant) Limited
5
100.0
100.0
Choicebet Limited
5
100.0
100.0
C L Jennings (1995) Limited
5
100.0
100.0
Competition Management Services Co. Limited
5
97.5
97.5
Coral (Holdings) Limited
4
100.0
100.0
Coral (Stoke) Limited
5
100.0
100.0
Coral Estates Limited
100.0
100.0
Coral Eurobet Limited
100.0
100.0
Coral Eurobet Holdings Limited
4
100.0
100.0
Coral Group Limited
4
100.0
100.0
Coral Group Trading Limited
4
100.0
100.0
Coral Limited
4
100.0
100.0
Coral Racing Limited
100.0
100.0
Coral Stadia Limited
4
100.0
100.0
E.F. Politt & Son Limited
5
\u2013
100.0
Electraworks Maple Limited
3
100.0
100.0
Entain Holdings (UK) Limited
1,2,4
100.0
100.0
Entain Marketing (UK) Limited
2,4
100.0
100.0
Entain Services Limited
5
100.0
100.0
Entain Wave Limited
4,5
100.0
100.0
Gable House Estates Limited
5
100.0
100.0
Ganton House Investments Limited
100.0
100.0
Greatmark Limited
100.0
100.0
Hillford Estates Limited
5
75.0
75.0
Hindwain Limited
5
100.0
100.0
Impala Digital Limited
4
100.0
100.0
Interactive Sports Limited
5
\u2013
100.0
J. Ward Hill & Company
5
100.0
100.0
Jack Brown (Bookmaker) Limited
5
100.0
100.0
Jerusalem Development (Mamilla) Co. Limited
5
100.0
100.0
Jerusalem Development Corporation (Holdings) Limited
4,5
100.0
100.0
Joe Jennings Limited
5
100.0
100.0
Krullind Limited
5
100.0
100.0
Ladbroke & Co., Limited
5
100.0
100.0
Ladbroke (Rentals) Limited
5
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Ladbroke City & County Land Company Limited
5
100.0
100.0
Ladbroke Dormant Holding Company Limited
4,5
100.0
100.0
Ladbroke Entertainments Limited
100.0
100.0
Ladbroke Group
4
100.0
100.0
Ladbroke Group Homes Limited
5
100.0
100.0
Ladbroke Group Properties Limited
4,5
100.0
100.0
Ladbroke Land Limited
5
100.0
100.0
Ladbroke US Investments Limited
4
100.0
100.0
Ladbrokes Betting & Gaming Limited
2,3,4
100.0
100.0
Ladbrokes Coral Corporate Director Limited
5
100.0
100.0
Ladbrokes Coral Corporate Secretaries Limited
5
100.0
100.0
Ladbrokes Coral Group Life Benefits Trustee Limited
5
100.0
100.0
Ladbrokes Coral Group Limited
2,4
100.0
100.0
Ladbrokes Coral Group Pension Trustee Limited
5
100.0
100.0
Ladbrokes E-Gaming Limited
5
100.0
100.0
Ladbrokes Group Finance plc
2
100.0
100.0
Ladbrokes Investments Holdings Limited
4
100.0
100.0
Ladbrokes IT & Shared Services Limited
5
100.0
100.0
Ladbrokes Trustee Company Limited
5
100.0
100.0
Lightworld Limited
4,5
100.0
100.0
London & Leeds Estates Limited
5
100.0
100.0
Margolis and Ridley Limited
5
100.0
100.0
New Angel Court Limited
5
\u2013
100.0
Reg. Boyle Limited
100.0
100.0
Reuben Page Limited
5
100.0
100.0
Romford Stadium Limited
100.0
100.0
Rousset Capital Limited
5
\u2013
100.0
Sponsio Limited
5
100.0
100.0
Sporting Odds Limited
2,3
100.0
100.0
Sportingbet (IT Services) Limited
5
100.0
100.0
Sportingbet (Management Services) Limited
5
100.0
100.0
Sportingbet Holdings Limited
4
100.0
100.0
Sportingbet Limited
4
100.0
100.0
Sports (Bookmakers) Limited
5
100.0
100.0
Techno Land Improvements Limited
5
100.0
100.0
Town and County Factors Limited
100.0
100.0
Vegas Betting Limited
5
100.0
100.0
Ventmear Limited
4
100.0
100.0
Vernon Sports Data
5
100.0
100.0
1 Bartholomew Lane, London, United Kingdom EC2N 2AX
Techno Limited
5.0
84.0
77A Andersonstown Road, Belfast, United Kingdom
Ladbrokes (Northern Ireland) (Holdings) Limited
4
100.0
100.0
BT11 9AH
5
Ladbrokes (Northern Ireland) Limited
100.0
100.0
North West Bookmakers Limited
2,3
100.0
100.0
Subsidiaries based overseas
% equity interest
Registered address
Company
2025
2024
East Tower, Level 2, 25 Montpelier Road, Bowen Hills,
QLD 4006,
Australia
Ennovate Investments Pty Limited
4
100.0
100.0
Ennovate Labs Pty Limited
100.0
100.0
Entain Group Pty Limited
2,3,4
100.0
100.0
Gaming Investments Pty Limited
4
100.0
100.0
Ladbrokes Racing Club Pty Limited
100.0
100.0
LB Australia Holdings Pty Limited
4
100.0
100.0
Neds International Pty Limited
4
100.0
100.0
Neds.com.au Pty Limited
100.0
100.0
17 Atlantic Dr, Keysborough, VIC 3173, Australia
Full House Group Pty Limited
3,4
100.0
100.0
Full House Group Unit Trust
100.0
\u2013
2 Kosmala Close, Newington, NSW 2127, Australia
Innquizitive Pty Limited
100.0
100.0
Suite 902, Level 9, 146 Arthur Street, North Sydney,
NSW 2060,
Australia
Angstrom Sports Australia Pty Ltd
100.0
100.0
Marxergasse 1b, 1030 Vienna, Austria
Entain Services Austria GmbH
2
100.0
100.0
Chauss\u00e9e de Wavre 1100 Box 3, 1160
Ladbroke Belgium SA
4
100.0
100.0
Auderghem, Belgium
Pari Mutuel Management Services S.A.
100.0
100.0
N.V. Derby S.A.
2,3,4
100.0
100.0
Redsports.be SRL/BV
100.0
100.0
Tierc\u00e9 Ladbroke S.A.
3
100.0
100.0
Tilt SRL/BV
100.0
100.0
Alameda Rio Negro 111 1030, Andar 2 Conj 206 Torre
365
Scores Midia Ltda
100.0
100.0
Stadium Corpor, Alphaville Industrial Barueri; Sao Paulo,
06454911,
Avenida Brigadeiro Faria Lima 4055, Andar 3 Sala
Brazil
Ventmear Brasil S.A.
2,3
100.0
100.0
03-115, Itaim Bibi, Sao Paulo 04538-133, Brazil
Belmont Chambers, Road Town, Tortola,
British Virgin Islands
Creative Trend Limited
\u2013
100.0
CTL Holdings International Limited
\u2013
100.0
SRL Holdings International Limited
\u2013
100.0
Sunrise Resources Limited
\u2013
100.0
Jayla Place, Wickhams Cay 1, Road Town, Tortola,
British Virgin Islands
Westman Holdings Limited
5
100.0
100.0
55 Nikola Vaptsarov Blvd, Office Park Expo 2000,
Building Phase 4, Floor 3, Lozenets Area, Sofia 1407,
Bulgaria
Entain Services (Bulgaria) EOOD
2
100.0
100.0
1565
Carling Avenue, Suite 400, Ottawa, Ontario
Entain Operations Canada Limited
100.0
100.0
K1Z 8R1, Canada
100-2006 Old Malone Road, Kahnawake, Quebec
Kahnawake Management Services Inc
100.0
100.0
J0L1B0, Canada
1500
Royal Centre, 1055 West Georgia Street,
Angstrom Sports Canada Inc.
100.0
100.0
Vancouver, BC V6E 4N7, Canada
5B, First Floor, St Anne\u2019s House, Victoria Street, Alderney,
Interactive Sports (C.I.) Limited
4
100.0
100.0
GY9 3UF, Channel Islands
% equity interest
Registered address
Company
2025
2024
Quay House, South Esplanade St, Peter Port, Guernsey,
GY1 4EJ, PO Box 132, Channel Islands
Longfrie Limited
5
\u2013
100.0
1st Floor, Liberation House, Castle Street, St. Helier,
JE1 1GL, Jersey, Channel Islands
Ladbroke (Channel Islands) Limited
3
5
100.0
100.0
Maple Court Investments (Jersey) Limited
100.0
100.0
Block 3, The Forum, Grenville Street, St. Helier JE2 4UF,
Jersey
Avid International Limited
100.0
100.0
13/F, Gloucester Tower, The Landmark, 15 Queen\u2019s
GVC Technology Consulting (Asia) Co Limited
100.0
100.0
Road, Central Hong Kong, China
69 Jervois St, Jervois Street, Hong Kong, China
365
Scores Limited
100.0
\u2013
CR 15 # 106 32 Of P H 3, BOGOTA D.C., Colombia
Bwin Latam S.A.S.
3
100.0
100.0
Krcka Ulica 18d 10000, Zagreb, Croatia
Emma Gamma Adriatic d.o.o.
4
67.5
67.5
Puni Broj d.o.o.
67.5
67.5
SuperSport d.o.o.
2,3,4
67.5
67.5
SuperSport marketing d.o.o.
67.5
67.5
Ulica Josipa Marohni\u0107a 1/1, Zagreb, Croatia
minus5 d.o.o
68.0
75.0
Emancipatie Boulevard Dominico F. \u201cDon\u201d Martina 29,
Cura\u00e7ao
GVC Services B.V.
5
100.0
100.0
Heelsumstraat 51, E-Commerce Park, Cura\u00e7ao,
P.O. Box 422
Best Global N.V.
5
100.0
100.0
Kaya Richard J. Beaujon Z/N, Landhuls Joonchi II,
Cura\u00e7ao, PO Box 6248
Elec Games N.V.
5
\u2013
100.0
15 Agion Omologiton, Nicosia, 1080, Cyprus
Bellingrath Enterprises Limited
4
100.0
100.0
Na Zatorka, 672/24, Bubene\u00ff, Prague, 18600,
Czech Republic
Sporticon Development s.r.o.
67.5
67.5
Karolinsk\u00e1 650/1, Kral\u00edn, Prague, 18600, Czech Republic
Betsys, s.r.o.
4
67.5
67.5
Fruebjergvej 3, Copenhagen, 2100, Denmark
Interactive Sports (Denmark) ApS
100.0
100.0
Lootsa tn 1\u00b0, Lasnamae Linnaosa, 11415, Estonia
Ninja Global OU
2,3
100.0
100.0
Optiwin OU
3
100.0
100.0
Enlabs Nordics OU
3
100.0
\u2013
Unioninkatu 24, Helsinki, 00130, Finland
Finnplay Technologies Oy
100.0
100.0
19 Boulevard Malesherbes, 75008, Paris, France
B.E.S. S.A.S.
3
100.0
100.0
Linden Palais, Unter den Linden 40, 10117, Berlin,
Germany
Entain (Germany) GmbH
100.0
100.0
Apt. 48, N19, Vake District, Kavtaradze Str.,
Tbilisi, Georgia
Entain Georgia LLC
4
100.0
100.0
Vake District, Kavtaradze Str., No 5, Entrance 2, Floor 2,
Office Space No 2, Tbilisi, Georgia
MARS LLC
2,3
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Suite 6, Atlantic Suites, Europort Avenue, Gibraltar
Balltree (International) Limited
100.0
\u2013
Bingo Marketing Limited
5
\u2013
100.0
bwin.party holdings Limited
4
100.0
100.0
bwin.party services (Gibraltar) Limited
5
\u2013
100.0
Coral Interactive (Gibraltar) Limited
5
\u2013
100.0
ElectraGames Limited
4
100.0
100.0
ElectraWorks Limited
2,3,4
100.0
100.0
Gala Coral Interactive (Gibraltar) Limited
4,5
100.0
100.0
Gala Interactive (Gibraltar) Limited
5
100.0
100.0
Greyjoy Limited
100.0
100.0
Entain Corporate Services Limited
2
100.0
100.0
Entain Holdings (Gibraltar) Limited
1,2,4
100.0
100.0
Entain Operations Limited
2,3,4
100.0
100.0
Entain Trustees Limited
100.0
100.0
Fusionex Limited
100.0
100.0
IGM Domain Name Services Limited
100.0
100.0
ISG (Gibraltar) Limited
5
\u2013
100.0
LC International Limited
2,3,4
100.0
100.0
PartyGaming IA Limited
5
\u2013
100.0
7th Floor, Madison building, Midtown, Queensway,
GX11 1AA, Gibraltar
The Entain Foundation
100.0
100.0
Messene Enterprises Limited
100.0
100.0
1st Floor Otter House, Naas Road, Dublin 22, Ireland
Avid Ecom Solutions Limited
100.0
100.0
Avid Studios Limited
100.0
100.0
Ladbroke (Ireland) Limited
2,3
100.0
100.0
3 Dublin Landings, North Wall Quay, D01 C4EO, Ireland
Fort Anne Limited
1,5
100.0
100.0
M.L.B. Limited
100.0
100.0
5th Floor, Divyasree Omega Block \u2013 B, Hitec City Road,
Kondapur, Hyderabad, Andhra Pradesh, 500081, India
Entain Comptech Private Limited
4
2
100.0
100.0
Entain Software Development Services Private Limited
100.0
100.0
IVY Foundation Limited
100.0
100.0
Entain Mobitech Services Private Limited
100.0
100.0
Entain Global Shared Services Private Limited
2
100.0
100.0
32 Athol Street, Douglas, IM1 1JB, Isle of Man
Entain (IOM) Limited
1,4
100.0
100.0
Menachem Begin Road 152, Tel Aviv \u2013 Jaffa, Israel
Gala Interactive (Services) Limited
100.0
100.0
GVC Impala R&D Limited
100.0
100.0
Ladbrokes Israel Limited
100.0
\u2013
2 Nahalat Yitchak, Tel-Aviv Yaffo, 6744801, Israel
365
Scores Limited
4
100.0
100.0
Via Lungotevere Arnaldo da Brescia 12, 00196 Rome,
Italy
Entain Holding S.R.L.
4
2,3
100.0
100.0
Entain Italia S.R.L.
100.0
100.0
ALN House Eldama Ravine Close, Off Eldama Ravine
Wave Operations (Kenya) Limited
4
100.0
100.0
Road, Westlands, Nairobi, PO Box 200, Kenya
Wave Online (Kenya) Limited
100.0
100.0
Setekles iela, Riga LV-1050, Latvia
SIA Klondaika
2,3,4
100.0
100.0
SIA Klondaika Caf\u00e9
100.0
100.0
SIA Laimz
3
100.0
100.0
SIA Optibet
2,3,4
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Orsos g. 4-101, Vilnius, Lithuania
UAB Baltic Bet
3
100.0
100.0
UAB Party Casino
3
100.0
100.0
Unit 6 ST Business Centre, 120 The Strand,
bwin (Deutschland) Limited
2,3
100.0
100.0
Gzira GZR 1027, Malta
2,3
bwin.gr Limited
100.0
100.0
bwin Holdings (Malta) Limited
1,2,4
100.0
100.0
bwin.party services (Malta) Limited
100.0
100.0
Online-Wetten (Austria) Limited
100.0
100.0
Deis Limited
4
100.0
100.0
ElectraWorks (France) Limited
4
100.0
100.0
ElectraWorks (Kiel) Limited
100.0
100.0
ElectraWorks (Svenska) Limited
100.0
100.0
ElectraWorks Europe Ltd
2,3
100.0
100.0
Entain Holdings (Malta) Limited
5
100.0
100.0
Entertainment Technologies Group Limited
4
100.0
100.0
Gaming VC Corporation Limited
5
100.0
100.0
Ladbrokes (Deutschland) Limited
3
100.0
100.0
Martingale Europe Limited
3
100.0
100.0
Martingale Malta 2 Limited
100.0
100.0
Sportingbet (Deutschland) Limited
3
100.0
100.0
Scandic Bookmakers Limited
5
100.0
100.0
Spread Your Wings Bravo Limited
100.0
100.0
STS Gaming Group Limited
67.5
67.5
STS.Bet Limited
67.5
67.5
Entain (Romania) Limited
1
100.0
100.0
VistaBet Limited
2,3
100.0
100.0
120
The Strand, Unit 6, Trig Ix-Xatt, Gzira GZR 1027,
BestBet Limited
3,4
100.0
100.0
Malta
3
Elec Games C1 Limited
100.0
100.0
Elec Games Holding Limited
4
100.0
100.0
Elec Games Limited
100.0
100.0
Evora International Limited
100.0
100.0
Future Domain Lead Generation Limited
100.0
100.0
Future Lead Generation Limited
4
100.0
100.0
Lifland Holdings Limited
4
100.0
100.0
Ninja Global Limited
3
100.0
100.0
Entain Holdings (CEE) Limited
4
67.5
67.5
West African Gaming Limited
4,5
100.0
100.0
San Francisco 1005, Dolonia Del Valle,
Bwin Operations Mexico, S.A. de C.V.isr
5
100.0
100.0
Alcald\u00eda Benito Ju\u00e1rez, Mexico City, C.P. 03100, Mexico
3
Entain Mexico, S.A. de C.V.
100.0
100.0
Johan Cruijff Boulevard 61, Amsterdam, 1101DL,
Netherlands
Entain Holdings (Netherlands) B.V.
4
100.0
100.0
% equity interest
Registered address
Company
2025
2024
Keurenplein 4, Unit D1442, 1069CD, Amsterdam,
Netherlands
Betent B.V.
2,3
100.0
100.0
106-110 Jackson Street, Petone, Lower Hutt, 5012,
New Zealand
Entain New Zealand Limited
2,3
100.0
100.0
Floor 6 Exchange Place, 5 Willeston Street, Wellington
TIIDAL GAMING NZ LIMITED
100.0
100.0
Central, Wellington, 6011, New Zealand
Level 10, Asteron Centre, 55 Featherston Street, Pipitea
Playvia Gaming (NZ) Limited
100.0
\u2013
Wellington, 601, New Zealand
6F Tower 3 Double Dragon Plaza, EDSA Ext. cor.
InteractiveSports Asia Limited Inc.
100.0
100.0
Macapagal Avenue, Pasay City, Philippines
2
NCH Customer Support Services, Inc
100.0
100.0
Porcelanowa 8, 40-246 Katowice, Poland
BetSys Poland Sp. Z.o.o.
67.5
67.5
STS S.A.
2,3,4
67.5
67.5
UI. Taneczna 18A, 02-829 Warsaw, Poland
bwin Poland S.A.
100.0
100.0
Praceta Ant\u00f3nio Gede\u00e3o, 1 B, Pai\u00f5es, 2635 \u2013 002 Sintra,
Infield \u2013 Servicos de Consultoria Marketing Unipessoal
100.0
100.0
Portugal
LDA.
Avenida D Jo\u00e3o II, Lote 1.07.2.1, 5\u00baA, Parque das Na\u00e7\u00f5es,
Gobet \u2013 Entretenimento SA
3
100.0
100.0
1990-096 Lisbon, Portugal
Entain Operations Portugal SA
100.0
100.0
1 Harbourfront Avenue, Keppel Bay Tower, 14-03/07,
098632,
Singapore
Florent Pte Limited
5
\u2013
100.0
Calle Amador de los R\u00edos n\u00b01, 6 planta, 28010 Madrid,
Spain
bwin Interactive Marketing Espana S.L.
100.0
100.0
Calle Josep Pl\u00e1, n\u00famero 2, planta 5\u00aaD, Edificio Torre
Entain Services Iberia S.L
4
100.0
100.0
Diagonal Litoral, 08019, Barcelona, Spain
Calle Real Numero 74, 51001 Ceuta, Spain
Electraworks (Ceuta) S.A.
2,3
100.0
100.0
CL Conde de Aranda 20, 28001 Madrid, Spain
Sportingbet Spain S.A.
5
100.0
100.0
San Justo Desvern, calle de la Constituci\u00f3n 1, 5\u00ba planta,
local 3, 08960,
Barcelona, Spain
Atlantic Version 2014 SLU
5
100.0
100.0
Suite 4 Constantia House, Steenbert Office Park,
Constantia, 7800, South Africa
SBT Software Operations (SA) (Pty)
100.0
100.0
24A 18th Street, Menlo Park, Pretoria,
0081,
South Africa
Ladbrokes (SA) (Pty) Limited
100.0
100.0
Office 519, Spaces, Dock Road Junction, Corner of
Stanley & Dock Road, Waterfront, Cape Town, 8001,
South Africa
Wave SA (Pty) Limited
85.0
85.0
Stora Gatan 46, Sigtuna Kommun, 19330, Sweden
Enlabs AB
4
100.0
100.0
Entraction AB
4
100.0
100.0
Score24 AB
3
100.0
100.0
c/o The Corporation Trust Company, 1209 Orange Street,
GVC Finance LLC
1
100.0
100.0
Country of New Castle, Wilmington DE 19891,
4
United States
GVC Holdings (USA) Inc
100.0
100.0
Ladbrokes Holdco, Inc.
4
100.0
100.0
7251
Amigo Street, Suite 100, Las Vegas, NV 89119,
Stadium Technology Group, LLC
100.0
100.0
United States
1013
Centre Road, Suite 403-B, Wilmington, DE 19805,
Angstrom Sports Inc
100.0
100.0
United Estates
4445
Corporation Ln Ste 264, Virginia Beach,
Angstrom Sports Virginia LLC
100.0
100.0
VA 23462-3262, United States
Five Greentree Centre, 525 Route 72 North, STE 104,
Marlton, New Jersey 08053, United States
Angstrom Sports NJ LLC
100.0
100.0
% equity interest
Registered address
Company
2025
2024
701
S.Carson Street, Suite 200, Carson City, NV 90801,
bwin.party (USA) Inc
2,4
100.0
100.0
United States
bwin.party entertainment (NJ) LLC
100.0
100.0
bwin.party services (NJ) Inc
100.0
100.0
Ladbrokes Subco LLC
4
100.0
100.0
c/o Saiber LLC, 18 Columbia Turnpike, Suite 200,
Florham Park, New Jersey, United States
The Entain Foundation US, Inc
100.0
100.0
2 Mykoly Solovtsova St, Office 38/1, 01014 Kyiv, Ukraine
Entain (Ukraine) LLC
5
100.0
100.0
Office 13, 39 Dzhona Makkeina, Steer 01042 Kyiv,
Ukraine
LLC Bwin
5
100.0
100.0
Dr Luis Bonavita, 1294, Torre 2 WTC Free Zone, Oficina
Gomifer S.A.
100.0
100.0
631, Montevideo, Uruguay
34972
Longacres, Lusaka, Lusaka Province, Zambia
Wave Digital Zambia Limited
100.0
100.0
1. Company that is directly owned by Entain plc. 2. Company that forms part of the Group as at 31 December 2025 and which, principally affected the Group\u2019s reported results for the year. 3. Trading entity engaged in activity associated with betting and gaming. 4. Holding company. 5. Dormant company ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "
33 Non-controlling interests
The principal non-controlling interests at 31 December 2025 held investments in Entain Holdings (CEE) Limited (32.5%).
The total assets relating to subsidiaries with a non-controlling interest were \u00a31,468.7m (2024: \u00a31,667.0m) of which there were related liabilities of
\u00a3157.8m (2024: \u00a3219.7m).
The loss attributable to non-controlling interests was \u00a313.8m (2024: loss of \u00a38.3m).
The balance attributable to non-controlling interest is disclosed in the table below:
Total
\u00a3m
At 1 January 2024
 524.7
Profit attributable to non-controlling interests \u2013 underlying items
 43.9
Separately disclosed items attributable to non-controlling interests
 (52.2)
New minority interest
 1.4
Purchase of minority interest
 (7.6)
Dividends paid
 (12.5)
Foreign exchange
 (24.0)
At 1 January 2025
 473.7
Profit attributable to non-controlling interests \u2013 underlying items
 47.6
Separately disclosed items attributable to non-controlling interests
 (61.4)
Dividends paid
 (48.9)
Foreign exchange
 28.3
At 31 December 2025
 439.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "
34 Subsequent events
No events have occurred subsequent to the end of the reporting period that require adjustment or disclosure.
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