Entain Q3 Online Revenue Rises 3% With FY26 Guidance Reiterated

Entain published its third-quarter trading update on 15 ตุลาคม 2026, reporting a 2% rise in group net gaming revenue and a 3% rise in online net gaming revenue, or 5% excluding Brazil, for the period from July 1 to 30 กันยายน 2026, while reiterating its full-year 2026 guidance with underlying EBITDA expected at the lower end of a £910 million to £960 million range.

All figures are presented on a constant currency basis and reflect continuing operations excluding Entain CEE. The group said its online growth was led by gaming NGR, up 8%, partly offset by a 3% decline in sports NGR, which it attributed to particularly customer-friendly football results in August and September that outweighed a strong sports margin in July. Entain estimated a sports margin headwind of approximately 1 to 2 percentage points in the quarter, implying an approximately 4% year-on-year drag on third-quarter online growth from the adverse sports results. Group retail NGR fell 2% despite volumes rising 2%.

UK & Ireland and International

UK and Ireland NGR rose 8%, which Entain described as ahead of expectations, reflecting its strategic execution and investment in the UK against a tax environment it described as increasingly challenging. UK and Ireland online NGR rose 14%, with gaming up 17% and sports up 3% on volume growth of 15%, which the company said illustrated ongoing momentum and market share gains. UK and Ireland retail NGR rose 3% on a like-for-like basis.

International NGR fell 4%, with online down 3% and retail down 12%, a performance Entain said was impacted by market challenges in Brazil; excluding Brazil, international online NGR rose 1%. Brazil NGR fell 36%, a decline the company said reflected disciplined spending on marketing and player engagement as conditions in the market became more difficult ahead of the immediate online gambling ban announced on 25 กันยายน 2026. Australia online NGR rose 1%, in line with the company’s expectations, against a tougher prior-year volume comparator in the second half. Italy NGR fell 6%, with online down 5% and retail down 8%, as volume growth of 9% was offset by customer-friendly football results that reduced the sports margin by 3.1 percentage points year on year. New Zealand, Spain and Canada delivered double-digit online NGR growth.

In a regulatory announcement on 28 กันยายน 2026, Entain said an executive measure published on 25 กันยายน 2026, had provisionally withdrawn all operators’ authority to operate online sports betting and gaming in Brazil with immediate effect, and that the measure required Congressional approval within 120 days to remain valid. The company said at the time that it had expected Brazil to represent approximately 5% of its FY26 online NGR, with a modest EBITDA contribution, and that its Brazil operations were complying with the measure.

FY26 Guidance and BetMGM

Entain reiterated the FY26 guidance it provided on 28 กันยายน 2026, which the company said reflects Brazil’s year-to-date performance and assumes the immediate ban on online gambling in Brazil is upheld for the remainder of 2026. FY26 online NGR is expected to grow between 4% and 6% on a constant currency basis, with underlying EBITDA excluding parent fees at the lower end of the £910 million to £960 million range. Excluding Brazil, FY26 online NGR growth is expected at the top end of a 5% to 7% range, and the FY26 online underlying EBITDA margin is expected at the lower end of a 21% to 22% range.

BetMGM reconfirmed its FY26 net revenue guidance of $2.9 billion to $3.1 billion and its adjusted EBITDA guidance of $300 million to $350 million, with the expectation of delivering towards the lower end of both ranges, Entain said; that guidance was provided on 13 ตุลาคม 2026. Entain also said it continues to expect the group, including its 47.5% minority stake of Entain CEE, to generate £500 million of annual adjusted cashflow in 2028, while noting that potential impacts from forthcoming taxation and regulatory developments remain unknown.

CEE Divestment and CEO Statement

Entain CEE is reported as discontinued operations. Its third-quarter NGR was flat year on year, with online NGR up 4% on double-digit growth in Poland and retail NGR down 22% amid an adverse sports margin in Croatia. Under the group’s phased exit, the previously announced divestment of an initial 20% stake in Entain Holdings (CEE) Ltd to joint venture partner EMMA Capital, agreed as announced on 25 มิถุนายน 2026, remains on track to close during the fourth quarter of 2026.

“I am pleased with our Q3 performance which reflects the strength of our execution and reinforces the resilience of our globally scaled business as well as its ability to consistently deliver high-quality growth,” Stella David, Entain’s chief executive, said in the update.

David said the momentum across the group’s portfolio underpinned its confidence in reiterating FY26 guidance, and expressed confidence that its disciplined focus on growth and optimisation would produce strong cash generation in the future. On UK gambling taxation, she added: “We strongly urge the UK Government to carefully consider any further gambling tax increases which would threaten the viability of many shops, jobs and livelihoods.”

David also said both the group’s online and retail operations contribute tax revenues and support local communities. Entain said an analyst call and audio webcast would be held at 9:00am BST on 15 ตุลาคม 2026, with a replay and transcript to be made available in the results centre of its website.