Entain reported a post‑tax loss of £681mn for 2025, a sharp rise from £461mn in 2024. The jump follows the UK chancellor’s November Budget, which lifted the remote betting levy from 15% to 25% and increased remote gaming duty from 21% to 40%. The company blamed the tax hikes for the widening loss.

An unexpected £488mn impairment charge accounted for most of the loss, the company said. The charge stems from the new levies, which will take effect from April next year for remote betting and next month for remote gaming. Entain expects to offset about half of the tax impact by 2027 through reduced marketing spend.

Annual revenues hit £5.26bn, up 3% from the previous year, while BetMGM, Entain’s joint U.S. venture with MGM Resorts, returned to profit. Chief executive Stella David said the firm was well positioned to navigate the tax and regulatory challenges and seize new opportunities. Analyst Greg Johnson rated the stock a “buy” despite the loss.

The Office for Budget Responsibility estimates the new gambling