PENN praises Q4 online casino growth and seeks break-even EBITDA in 2026
Operator, which switched ESPN Bet to theScore Bet in the US in December, says rebranding has helped drive up core KPIs, including NGR and actives
PENN Entertainment has reported a 51.9% year-on-year (YoY) jump in Q4 2025, with online revenue driven by gains across its online casino portfolio.
Interactive revenue went from $142.2m (£105m) to $216m, with sports betting revenue up 73.1% to $86.2m.
Online casino revenue grew 39.7% YoY to $79.5m while online average monthly active users jumped 25.1% to 678,000.
Average revenue per user increased by around a quarter to $81. Both sports betting and online casino hold also grew, rising to 9% and 3.7%, respectively.
The operator, which last year ditched its ESPN Bet project in favour of theScore Bet in the US (live in 17 US jurisdictions), also noted a reduction in adjusted EBITDAR losses YoY.
Losses shrank from $190.8m in Q4 2024 to $39.9m for the final three months of 2025.
The rebranding took effect from 1 December, with management noting PENN achieved positive adjusted EBITDA in the first full month following the switch.
PENN also runs the Hollywood Casino brand in four states in the US and theScore Casino in Ontario.
Between December 2025 and January 2026, following the shift from ESPN Bet to theScore Bet, PENN confirmed online casino NGR had jumped 32% YoY and online sports was up 102%.
On a full-year 2025 basis, online revenue jumped from $959.9m to $1.3bn and adjusted EBITDAR losses fell from $499.5m to $267.5m.
Overall group revenue, including PENN’s land-based operations, hit $7bn. Adjusted EBITDAR came in at $830.1m.
Bosses expect the business the online arm to post break-even adjusted EBITDA for full-year 2026.
Jay Snowden, PENN CEO, said: “We experienced record interactive segment gaming revenue in the fourth quarter driven by the continued growth of our standalone Hollywood product and increased cross-sell, as well as improvements in our online sportsbook product offering and operations.
“Revenue growth (excluding the tax gross-up) of 52% year on year was primarily attributable to icasino growth of 40% and online sportsbook growth of 73%, including strong revenue and adjusted EBITDA performance in December, our first month operating as theScore Bet in the US.
“We are encouraged by the trajectory of our interactive business, with a more streamlined cost structure and regionally focused marketing strategy that prioritises jurisdictions with both legalised icasino and online sports betting.”
Penn shares are up 6% in out-of-hours trading after closing in New York yesterday at $12.54.
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