Entain plc
(“Entain” or the “Group”)
Diverse portfolio supports continuing underlying momentum: FY26 guidance reiterated
Entain plc (LSE: ENT), the global sports betting and gaming group, today reports its trading1 for the period from 1 July to 30 September 2026 (“Q3”).
All figures are constant currency3 and reflect continuing operations (exc. Entain CEE) unless otherwise stated.
• Q3 Group Net Gaming Revenue2 (“NGR”) +2% with continuing underlying momentum demonstrating the resilience and quality of Entain's diverse global portfolio
• Q3 Online NGR2 up +3% with strong gaming growth (+8%) partly offset by particularly customer-friendly sports results and ongoing challenges in Brazil
– UK&I NGR +14%, ahead of expectations, with New Zealand, Spain and Canada also delivering double-digit growth
– Excluding Brazil, Q3 Online NGR2 +5% with strong volumes4 (+7%) and YTD Online NGR2 growth of +8%
• FY26 guidance5 reiterated: expect Online NGR2 growth of 4-6%, on a constant currency3 basis, with Underlying EBITDA6 (exc. Parent fees) at the lower end of £910m to £960m range
– Excluding Brazil, expect FY26 Online NGR2 growth at the top end of 5-7% on a constant currency3 basis
• In line with Entain's phased exit of Entain CEE, the announced7 divestment of an initial 20% stake remains on track to close during Q4 2026
Stella David, CEO of Entain, commented:
“I am pleased with our Q3 performance which reflects the strength of our execution and reinforces the resilience of our globally scaled business as well as its ability to consistently deliver high-quality growth.
Both online and retail are important parts of our business and valued contributors to tax revenues and local communities. 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.
The underlying momentum we are seeing across our diverse portfolio supports our confidence in reiterating FY26 guidance. I am confident our disciplined focus on growth and optimisation will deliver strong future cash-generation, and that Entain remains well positioned to be a long-term industry winner."
Q3 2026 Trading performance:
Q3 2026: 1 July to 30 September | ||||||
YoY CC3 |
NGR2 |
Volume4 |
Gaming NGR2 |
Sports NGR2 |
Sports Wagers |
Sports Margin |
Group1 |
2% |
2% |
6% |
(3%) |
1% |
(0.2pp) |
Online1 |
3% |
3% |
8% |
(3%) |
(1%) |
0.1pp |
Retail1 |
(2%) |
2% |
(1%) |
(1%) |
5% |
(1.1pp) |
UK & Ireland |
8% |
8% |
11% |
2% |
4% |
(0.2pp) |
Online UK&I |
14% |
15% |
17% |
3% |
6% |
(0.4pp) |
Retail UK&I |
1% |
1% |
1% |
1% |
1% |
0.1pp |
International |
(4%) |
(2%) |
1% |
(5%) |
(1%) |
(0.2pp) |
Online International |
(3%) |
(3%) |
1% |
(5%) |
(2%) |
0.2pp |
Retail International |
(12%) |
6% |
n/a |
(7%) |
13% |
(3.2pp) |
CEE (discontinued7) |
-% |
7% |
1% |
(1%) |
11% |
(2.2pp) |
Online CEE (discontinued7) |
4% |
11% |
4% |
3% |
14% |
(1.9pp) |
Retail CEE (discontinued7) |
(22%) |
(14%) |
(44%) |
(17%) |
(8%) |
(2.6pp) |
Group (inc discontinued7) |
1% |
2% |
6% |
(3%) |
1% |
(0.3pp) |
Online (inc discontinued7) |
3% |
3% |
8% |
(2%) |
-% |
-pp |
Retail (inc discontinued7) |
(3%) |
1% |
(1%) |
(3%) |
5% |
(1.3pp) |
• Total Group NGR2 up +2%
– Online NGR2 +3% (+5% excluding Brazil) with continued strong growth in Gaming (+8%) offset by adverse sports margins weighing on Sports performance (-3%)
Customer-friendly football results in August and September more than offset July's strong sport margin
• Approximately c1-2pp8 sports margin headwind in Q3, implying c4% YoY drag on Q3 Online growth from adverse sports results
• Q3 sports margin was broadly flat YoY as Q3 2025 was a weak prior year comparator
– Retail NGR2 -2% reflects positive volumes4 (+2%) despite adverse sports results headwind
• UK & Ireland NGR2 +8%, ahead of expectations, reflecting Entain's strategic execution and investment in the UK whilst digesting the increasingly challenging tax environment
– UK&I Online +14% (Gaming +17%, Sports +3%) with strong growth in volumes4 (+15%) illustrating ongoing momentum and market share gains
– UK&I Retail +3% LFL9, continued to perform well across both Sports and Gaming
• International NGR2 -4% (Online -3%, Retail -12%) impacted by market challenges in Brazil. Excluding Brazil, Online NGR +1%
– Australia Online NGR2 +1%, in line with expectations, lapping toughening H2 prior year volume4 comparator
– Italy NGR2 down -6%, (Online -5%, Retail -8%) with strong volume4 growth (+9%) offset by customer friendly football results (sports margin -3.1pp YoY)
– Brazil NGR2 -36%, reflects our disciplined marketing and player engagement in an increasingly challenging market prior to the immediate Online gambling ban announced on 25th September 2026
– New Zealand, Spain and Canada continue to perform strongly, delivering double-digit Online NGR2 growth
• Entain CEE (discontinued operations7) NGR2 flat YoY (Online +4%, Retail -22%) reflecting double-digit Online growth in Poland offset by an adverse sports margin in Croatia
Outlook
Entain reiterates its FY26 guidance provided on 28th September 2026, which reflects Brazil's year to date performance and the assumption that the immediate ban of online gambling in Brazil will be upheld for the remainder of 2026:
• FY26 Online NGR2 is expected to grow by between 4-6%, on a constant currency3 basis
– Excluding Brazil, FY26 Online NGR2 growth is expected to be at the top end of 5-7% range, on a constant currency3 basis
• FY26 Underlying EBITDA6 (exc. Parent fees) is expected at the lower end of £910m to £960m range
• FY26 Online Underlying EBITDA6 margin is expected to be at the lower end of 21-22%
As previously announced10, BetMGM reconfirms its Net Revenue ($2.9-3.1bn) and Adjusted EBITDA11 ($300-350m) guidance ranges for FY26, with the expectation of delivering towards the lower end of both ranges respectively.
Whilst any potential impacts from forthcoming taxation and regulatory developments remain unknown, Entain continues to expect the Group (including 47.5% minority stake of Entain CEE) will generate £500m of annual adjusted cashflow12 in 2028.
Q3 YTD 2026 Trading performance:
Q3 YTD 2026: 1 January to 30 September | ||||||
YoY CC3 |
NGR2 |
Volume4 |
Gaming NGR2 |
Sports NGR2 |
Sports Wagers |
Sports Margin |
Group1 |
4% |
5% |
7% |
1% |
6% |
(0.4pp) |
Online1 |
5% |
7% |
9% |
2% |
6% |
(0.3pp) |
Retail1 |
-% |
2% |
-% |
-% |
5% |
(0.7pp) |
UK & Ireland |
8% |
8% |
9% |
4% |
5% |
(0.1pp) |
Online UK&I |
13% |
13% |
14% |
9% |
7% |
-pp |
Retail UK&I |
1% |
2% |
1% |
2% |
4% |
(0.1pp) |
International |
1% |
3% |
4% |
-% |
6% |
(0.5pp) |
Online International |
2% |
3% |
4% |
-% |
5% |
(0.3pp) |
Retail International |
(5%) |
4% |
n/a |
(2%) |
7% |
(1.7pp) |
CEE (discontinued7) |
1% |
5% |
2% |
1% |
8% |
(1.2pp) |
Online CEE (discontinued7) |
6% |
9% |
6% |
5% |
11% |
(0.9pp) |
Retail CEE (discontinued7) |
(22%) |
(17%) |
(44%) |
(17%) |
(11%) |
(2.0pp) |
Group (inc discontinued7) |
4% |
5% |
6% |
1% |
6% |
(0.5pp) |
Online (inc discontinued7) |
6% |
7% |
8% |
2% |
6% |
(0.3pp) |
Retail (inc discontinued7) |
(1%) |
1% |
-% |
(1%) |
4% |
(0.8pp) |
Notes
1 |
2026 and 2025 statutory results are unaudited, with the tables presented relating to continuing operations and including both statutory and non-statutory measures. 2025 results are restated to exclude the discontinued operations of the CEE segment |
2 |
Net Gaming Revenue (“NGR”) is defined as Net Revenue before charging for VAT and Sales Taxes. |
3 |
Growth on a constant currency basis is calculated by translating both current and prior period performance at the 2026 exchange rates |
4 |
Volume growth adjusts NGR to remove the impact of sports margin fluctuations (assuming the same sports margin in both years) |
5 |
FY2026 guidance updated on 28th September, reflecting Brazil’s year to date performance and assuming the immediate ban of Online gambling in Brazil is upheld for the remainder of 2026 |
6 |
Underlying EBITDA is earnings before interest, tax, depreciation and amortisation, share-based payments and share of JV income and separately disclosed items |
7 |
As announced on 25 June 2026, Entain has entered into an agreement to sell a 20% interest in Entain Holdings (CEE) Ltd to its joint venture partner EMMA Capital. The CEE segment is reported for information only, and in the reported results is included as discontinued operations |
8 |
Comparing Q3 Online NGR growth at normalised sports margin with actual customer-friendly results |
9 |
Like-for-like growth performance excludes the impact of store closures |
10 |
BetMGM's guidance provided on 13 October 2026 |
11 |
BetMGM Adjusted Underlying EBITDA is defined as Underlying EBITDA before parent fees. Parent fees are the operating expense to BetMGM for the provision of certain licenses and services by the parent entities, MGM and Entain, and their affiliates |
12 |
Cashflow before working capital, equity dividends, acquisitions and associated financing |
Enquiries |
|
|
|
Investor Relations – Entain plc |
|
Media – Entain plc |
|
|
|
Sodali & Co Rob Greening/Russ Lynch/Sam Austrums |
Tel: +44 (0) 20 7250 1446 |
Q3 Conference Call and Audio Webcast
An analyst call will be held today, 15th October 2026 at 09:00am (BST).
Participants may join via webcast or conference call dial-in, approximately 10 minutes before the start time.
Live audio webcast link: Entain Q3 2026 Investor Call
To participate in the Q&A, please use the dial ins below and register via the following link: Register for Q&A
Advance registration for Q&A creates a calendar invitation, including call details and an access PIN, and bypasses speaking with an operator to join the call.
UK: +44 20 3936 2999
US: +1 855 979 6654
Access Code: 233115
A replay and transcript of the event will be available on our website: https://entaingroup.com/investor-relations/results-centre/
This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, Directors and employees concerning, amongst other things, results of our operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. These forward-looking statements include all matters that are not historical facts. By their nature, these statements involve risks and uncertainties since future events and circumstances can cause results and developments to differ materially from those anticipated. Any such forward-looking statements reflect knowledge and information available at the date of preparation of this document. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014) as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018, the UK Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules), the Company undertakes no obligation to update or revise any such forward-looking statements. Nothing in this document should be construed as a profit forecast. The Company and its Directors accept no liability to third parties in respect of this document save as would arise under English law.
About Entain plc
Entain plc (LSE: ENT) is a FTSE listed company and is one of the world’s largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group operates the TAB NZ brand as part of a long-term strategic partnership with TAB New Zealand. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations, provides services to a number of third-party customers on a B2B basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios.
The Group is tax resident in the UK and is a global operator focused on regulated or regulating markets, operating in over 30 territories.
Entain is a leader in ESG, being AAA rated by MSCI, and a member of the S&P Global Sustainability Yearbook and the FTSE4Good. For more information see the Group’s website: www.entaingroup.com.
LEI: 213800GNI3K45LQR8L28
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
