British operator Entain says the UK remote gambling tax rise from 21% to 40% in April is opening opportunities to take market share, even as it absorbs a £56 million hit to EBITDA in the first half. The full impact arrives in H2 when the higher rate runs for six months.
Online NGR in the UK grew 13% in H1, with casino up 13% and sports up 11%. CFO Michael Snape told the earnings call that the tax doubled in the second half of last year, creating 'huge disruption in the UK market — we are taking advantage of that. We are taking share. We are growing very nicely.' Australia posted 13% online NGR growth, Spain 28%, New Zealand 21% and Canada 11%. Brazil fell 25% on poor sports margins. Group NGR rose 5% in constant currency; underlying EBITDA dropped 2% to £479 million. The after-tax loss of £11.4 million improved £74 million year on year.
Entain is targeting £100 million in annual savings by the end of 2027 to offset at least half the EBITDA impact of the UK tax. The group has cut 500 roles and streamlined product and technology. Snape said the programme is not defensive cost-cutting but capital reallocation to high-return projects. Overall marketing spend will rise in 2026 to sustain momentum into 2027.
The UK and Ireland account for more than 45% of group revenue. Management held guidance despite the strong H1: online NGR growth of 5–7%, group EBITDA of £910–960 million excluding BetMGM and winding-down operations in Central and Eastern Europe. CEO Stella David said Entain's scale and diversification let it win while competitors adjust to the new regime. Net debt at end-June stood at £3.6 billion, leverage at 3.1x. The interim dividend rose 5% to 10.3 pence per share.
