Entain, the owner of Ladbrokes, reported a 2% rise in net gaming revenue for the third quarter, the three months ended September 30, 2026. Online revenue grew 3%. The company reiterated the full-year 2026 guidance it issued late last month.
UK and Ireland carried the quarter
The UK and Ireland did the heavy lifting: NGR there rose 8%, with online sales up 14%, ahead of Entain's own expectations. Brazil went the other way. Competition has intensified, and a month ago the country banned online gambling, adding pressure to a sector already carrying high costs and regulatory scrutiny. Excluding Brazil, group online NGR grew 8% year on year. Almost all of the online segment's growth came from markets outside Brazil, and the Brazilian business is dragging on the total.
On profit, Entain has already warned that group core profit for 2026 will land at the bottom of its guidance range of £910 million ($1.20 billion) to £960 million ($1.27 billion). It confirmed that forecast, along with a target of £500 million ($661.7 million) in annual adjusted cash flow for 2028.
'I am pleased with our third-quarter results. They reflect the strength of our execution and confirm the resilience of the global business and its ability to deliver consistent, quality growth,' CEO Stella David said.
For operators and affiliate teams, Brazil remains a source of risk: regulatory pressure and rising costs are already visible in the numbers of a large player. The gap between online in the UK and Ireland (+14%) and group online revenue (+3%) shows how much the result depends on a few key markets. Entain continues to face difficulties in Brazil, where competition is weighing on performance. For operators that is a marker when planning around the Brazilian geo; for affiliate teams it is a reminder of regulatory risk in that market.
