Entain posts 2% Q3 NGR rise as UK online grows 14%

Entain reported a 2% year-on-year rise in group net gaming revenue for the three months to 30 September 2026, the company announced. Online revenue grew 3% in the quarter. The owner of Ladbrokes, Coral and bwin kept its full-year guidance, which it first revised in September.

UK and Ireland online revenue rose 14%, above the company's expectations, and underlying volumes there increased 15%. Online gaming revenue in the region rose 17% while sports betting revenue grew 3%. Combined UK and Ireland NGR increased 8%, and betting shops in the two markets recorded 3% like-for-like revenue growth.

In Brazil, net gaming revenue dropped 36% during the quarter. Entain blamed tougher trading conditions and a pullback in marketing and player engagement, and also pointed to the 25 September move to ban online gambling with immediate effect. NGR at the international division was down 4%, and online international revenue slipped 3%; without Brazil, group online revenue would have been up 5% and online international revenue would have shown 1% growth.

Group online gaming revenue increased 8% while online sports betting revenue declined 3%. Entain said football results in August and September favoured customers and estimated that adverse sports results reduced quarterly online revenue growth by about four percentage points against normalised margins. In Italy, total NGR fell 6% despite volumes rising 9%, and the sports betting margin there fell 3.1 percentage points year on year. Group retail revenue decreased 2% as underlying volumes rose 2%.

New Zealand, Spain and Canada each recorded double-digit online NGR growth. Australia's online revenue rose 1%, in line with expectations. Central and Eastern European operations reported flat overall revenue, with online revenue up 4% on double-digit growth in Poland and retail revenue down 22%. Entain said the sale of an initial 20% interest in the CEE business to joint venture partner EMMA Capital remains scheduled to complete in Q4 2026.

For 2026, Entain forecasts online NGR growth of 4% to 6% at constant currency, or toward the upper end of 5% to 7% excluding Brazil. It expects underlying EBITDA, excluding parent fees, at the lower end of the £910m to £960m range, and an online underlying EBITDA margin toward the lower end of 21% to 22%. The company said these expectations incorporate its existing assumptions on Brazil and do not improve on the September guidance.

Entain's forecasts for the rest of 2026 assume the Brazilian online gambling ban stays in force through the end of the year. For BetMGM, its US joint venture with MGM Resorts International, Entain reiterated expected full-year net revenue of $2.9bn to $3.1bn and adjusted EBITDA of $300m to $350m, with performance anticipated toward the lower end of both ranges. Entain continues to target annual adjusted cash flow of £500m by 2028, including its expected 47.5% minority interest in Entain CEE, an objective it said remains subject to uncertainty over future taxation and regulation.

Stella David, the Chief Executive, made the case that both online gambling and retail betting bring economic benefits, pointing to jobs, local communities and tax receipts. She called on the government to weigh what higher taxes would mean, especially for betting shops, whose ability to stay viable could be undermined by rising operating costs.