In a third-quarter trading update on 15 October 2026, Entain said group net gaming revenue for the three months to 30 September rose 2% from the same period last year, while online net gaming revenue increased 3%. The company kept its full-year online NGR growth forecast at 4% to 6% and maintained underlying EBITDA guidance at the lower end of £910m to £960m. UK and Ireland online revenue rose 14%, but Brazil fell 36%, and weaker sports margins also weighed on results.
UK and Ireland outperform
Net gaming revenue in the UK and Ireland was 8% higher and came in above the company's own projection. Online revenue in the region rose 14%, with online gaming up 17% and sports revenue up 3%. Entain said online volumes increased 15%, pointing to sustained commercial momentum and higher market share. Like-for-like retail net gaming revenue grew 3%, with increases in both sports and gaming.
Brazil decline and international performance
International net gaming revenue fell 4%, comprising a 3% decline online and a 12% drop in retail. Brazil was the main drag, with revenue down 36%; excluding Brazil, international online NGR rose 1%. Entain said the decline reflected "disciplined marketing and player engagement" in an increasingly challenging market, ahead of the immediate online gambling ban announced on 25 September. President Luiz Inácio Lula da Silva imposed that ban by provisional measure, according to AG Brief.
In Australia, online NGR advanced just 1%, slowing from double-digit growth in the first half; Entain said this was in line with expectations against a tougher prior-year comparison. Italy's total NGR fell 6%, as a 5% online decline and an 8% retail decline outweighed strong volumes and favourable football results for punters, which cut sports margins by 3.1 percentage points year on year. New Zealand, Spain and Canada each delivered double-digit online NGR growth.
Full-year guidance and margin expectations
Across the group, excluding Brazil, online NGR rose 5% in the quarter, helped by a 7% increase in volumes, and year-to-date online NGR growth on the same basis was 8%. Entain repeated its full-year online NGR growth guidance of 4% to 6% on a constant-currency basis; excluding Brazil, it expects to land at the upper end of its 5% to 7% range. Underlying EBITDA, excluding parent fees, is expected at the lower end of the £910m to £960m range, with the online underlying EBITDA margin at the lower end of 21% to 22%. The full-year forecast assumes the Brazilian ban stays in place for the rest of 2026.
BetMGM and portfolio updates
BetMGM, the 47.5%-owned joint venture, maintained its full-year guidance, with net revenue of $2.9bn to $3.1bn and adjusted EBITDA of $300m to $350m, both expected towards the lower ends of their ranges. Entain also reiterated that the sale of an initial 20% stake in Entain CEE, part of its phased exit, was on track to close in the fourth quarter of 2026. The group continues to expect £500m in annual adjusted cash flow in 2028, including its 47.5% minority stake in Entain CEE, although possible tax and regulatory changes create uncertainty.
Warning on UK gambling tax
Chief executive Stella David also cautioned the UK government against further gambling tax increases. She said: "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."
