Entain reiterated its full-year 2026 guidance on Thursday after group net gaming revenue rose 2% in the third quarter. Online NGR grew 3% in the three months to September 30 against the same period last year. Gaming came up 8%; sports fell 3% on football results that went the customers' way.
Stripping out Brazil, online NGR was up 5% on volumes 7% higher, and up 8% year to date on the same basis. Group NGR was held back by adverse sports results and by Brazil.
UK and Ireland up, international down
UK and Ireland NGR rose 8%, ahead of expectations. Online there added 14%, online gaming 17% and sports 3%, with volumes up 15%. Retail in the region was up 3% like-for-like.
International NGR fell 4%: online down 3%, retail down 12%. Brazil did most of the damage, with NGR down 36%. Entain puts that on marketing and player-management discipline in a market that grew harder ahead of the immediate ban on online gambling announced on September 25. Without Brazil, international online NGR rose 1%.
Australia posted online NGR up 1%. Italy saw total NGR down 6%, online down 5% and retail down 8%, with sports margin 3.1 percentage points lower year on year. New Zealand, Spain and Canada each delivered double-digit online NGR growth.
Guidance and tax
For the year Entain expects online NGR growth of 4–6% in constant currency, or the top of a 5–7% range excluding Brazil. Underlying EBITDA before parent fees is guided to the bottom of a £910 million to £960 million range, with online EBITDA margin at the bottom of 21–22%. BetMGM, in which Entain holds 47.5%, kept its targets of $2.9–3.1 billion in revenue and $300–350 million in adjusted EBITDA, both nearer the lower end. The sale of the first 20% of Entain CEE should close in the fourth quarter of 2026. The group still expects £500 million of annual adjusted cash flow in 2028.
The guidance assumes Brazil's online gambling ban stays in place through the end of 2026. Stella David urged the UK government to weigh the consequences of any further rise in gambling tax: 'We strongly encourage the UK government to carefully consider any further increase in gambling tax, which would put at risk the viability of many betting shops, jobs and livelihoods.'
By material from Yogonet International.
