Entain plc (LON:ENT), the global sports betting and gaming group, has reported Interim Results1 for the six-month period ending 30th June 2026.
All figures reflect continuing operations (exc. Entain CEE) unless otherwise stated.
H1 Group Net Gaming Revenue2 (“NGR”) +5%cc³, ahead of expectations with both Online and Retail outperforming
– H1 Online NGR2 +7%cc³ reflects continuing strong volume4 growth (+9%cc³) and stronger than expected performances in UK&I (+13%cc³) and Australia (+13%cc³)
• Online Underlying H1 EBITDA5 margin 21.4%, with Entain CEE reported as discontinued operations6
Group Underlying H1 EBITDA5 £479m, -2% YoY, (£473m -3% exc. Parent Fees7), ahead of expectations
– With NGR2 outperformance more than offset by the impact of increased UK online gambling tax
Group loss after tax of £11.4m, improved £74m YoY, largely due a net benefit on financial instruments and FX
• Announced phased exit of Entain CEE6 to unlock value created within Entain’s portfolio, with initial 20% divestment agreed
• Outlook – reiterate guidance of FY26 Online NGR2 growth of 5-7%, on a constant currency3 basis
– FY26 Group Underlying EBITDA5 (exc. Parent fees7) guidance range of £910m to £960m, with the midpoint in line with market expectations8
– Reaffirming expectation of generating £500m of annual adjusted cashflow9 in 2028
Stella David, CEO of Entain, commented:
“I am pleased with Entain’s start to 2026 with strong momentum and volume growth continuing as well as strong player engagement across the Group throughout the World Cup tournament. This performance reflects our strengthening operations and focused execution which reinforces the resilience of our globally scaled business and its ability to consistently deliver high-quality growth.
We have continued to take decisive strategic actions to deliver shareholder value, including our phased exit of Entain CEE6. Entain is becoming a sharper, fitter, and better connected business. 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.”
H1 2026 Trading performance:
| Net Gaming Revenue2 (NGR) | ||||||
| Q1 | Q2 | H1 | ||||
| YoY Rpt | YoY cc3 | YoY Rpt | YoY cc3 | YoY Rpt | YoY cc3 | |
| Group1 | 5% | 4% | 9% | 7% | 7% | 5% |
| Online1 | 8% | 6% | 11% | 8% | 9% | 7% |
| Retail1 | -% | (1%) | 4% | 3% | 2% | 1% |
| UK & Ireland | 6% | 6% | 9% | 9% | 8% | 8% |
| International | 5% | 1% | 9% | 5% | 7% | 3% |
| CEE (discontinued6) | (2%) | (6%) | 14% | 12% | 6% | 2% |
| Group (inc discontinued6) | 5% | 3% | 10% | 7% | 7% | 5% |
| Online (inc discontinued6) | 7% | 5% | 12% | 9% | 10% | 7% |
| Retail (inc discontinued6) | (2%) | (3%) | 3% | 2% | 1% | (1%) |
H1 financial highlights:
• Group Underlying EBITDA5 £479m -2% YoY, (£473m -3% exc. Parent Fees7), ahead of expectations
– Online Underlying EBITDA5 £395m, -5%, and Retail Underlying EBITDA5 £142m, +6%
• Group loss after tax of £11.4m (improved £74m YoY) after charging separately disclosed items, finance charges, exchange differences and tax. Group loss after tax inc. Entain CEE of £5.6m
• Adjusted diluted EPS10 of 20.3p, -19% YoY, with YoY change reflecting lower Underlying EBITDA and BetMGM JV income, and higher effective tax rate for continuing operations. Adjusted diluted EPS10, inc. Entain CEE of 27.7p
• Declared interim dividend of 10.3p per share, +5% YoY, in line with progressive dividend policy
• Net debt of £3,599m, with reported leverage11 at 3.1x (flat YoY), and available cash12 of £0.9bn, as at 30 June 2026
H1 performance highlights
• Group NGR2 +5%cc³, with strong performances from both Online and Retail, including successful execution of our World Cup campaign
– Online NGR2 +7%cc³, (Gaming +9%cc³, Sports +4%cc³), reflects strong volume4 growth (+9%cc³) through the first half and Q2 returning to normalised sports margin (Q2 +0.4pp, H1 -0.5pp)
– Our geographically diverse portfolio enjoyed strong player engagement throughout the Men’s World Cup tournament supported by our improved product offering, with First Time Depositors double those seen during the 2022 World Cup
– Retail NGR2 +1%cc³, (Gaming +1%cc³, Sports +1%cc³) as our business continued to outperform
• UK & Ireland NGR2 +8%cc³, (Online +13%cc³, Retail +2%cc³), both ahead of expectations
– UK&I Online delivered strong growth across both Gaming NGR2 (+13%cc³) and Sports NGR2 (+11%cc³); continuing momentum and volumes4 growth (+13%cc³) driving further market share gains
– UK&I Retail +3%cc³ LFL13, continued to outperform the market, with Q2 LFL13 Sports NGR2 (+10%cc³) boosted by strong volumes4 and sports margins
• International NGR2 +3%cc³ (Online +4%cc³, Retail -2%cc³), improved during Q2 as sports margin recovered
– Australia continued to perform ahead of expectations with Online NGR2 +13%cc³, reflecting the ongoing reinvigoration of the business driving positive YoY growth and market share gains
– Brazil maintained its share in an intensely competitive market, with NGR2 -25%cc³ reflecting highly adverse Q1 sports margin but improving player metrics (H1 sports wagers +10%cc³) supported by disciplined engagement and marketing particularly around the World Cup
– Italy NGR2 grew +2%cc³, (Online +3%cc³, Retail -1%cc³) with double-digit iGaming growth offset by player friendly football results which normalised through Q2
– Canada (+11%cc³), New Zealand (+21%cc³) and Spain (+28%cc³) continue to deliver double-digit Online NGR2 growth
• Entain CEE NGR2 +2%cc³ (Online +7%cc³, Retail -22%cc³) – reported as discontinued operations6
– Continued to perform well with Online NGR2 returning to double-digit growth in Q2 with a stronger than expected uplift from Men’s World Cup and STS benefiting from its migration to SuperSport sportsbook
H1 strategic highlights:
• Pursuing phased exit of Entain CEE6 to unlock value created within Entain’s portfolio
– Initial 20% divestment agreed at €425m, implying a total enterprise value of €2.1bn (c.10x EBITDA5) with expected completion in early Q4 2026
– Future proceeds from Entain’s full exit of Entain CEE will be used to reduce Group reported leverage below 3x, with excess capital returned to shareholders
H1 26 summary: 1 January to 30 June 2026
| Six months to 30 June | Reported results1 | Including discontinued operations6 | ||||||
| 2026 | 2025 | Change | CC3 | 2026 | 2025 | Change | CC3 | |
| £m | £m | % | % | £m | £m | % | % | |
| Net gaming revenue2 (NGR) | 2,545.3 | 2,373.1 | 7% | 5% | 2,814.2 | 2,626.9 | 7% | 5% |
| EU VAT/GST | (37.7) | (31.2) | (21%) | (17%) | (37.7) | (31.2) | (21%) | (17%) |
| BetMGM Parent Fees Revenue | 6.7 | – | -% | -% | 6.7 | – | -% | -% |
| Revenue | 2,514.3 | 2,341.9 | 7% | 5% | 2,783.2 | 2,595.7 | 7% | 5% |
| Gross Profit | 1,484.5 | 1,437.4 | 3% | 1,641.0 | 1,587.2 | 3% | ||
| Underlying EBITDA exc Parent Fees | 472.6 | 488.7 | (3%) | 567.3 | 583.4 | (3%) | ||
| BetMGM Parent Fees EBITDA | 6.7 | – | -% | 6.7 | – | -% | ||
| Underlying EBITDA5 | 479.3 | 488.7 | (2%) | 574.0 | 583.4 | (2%) | ||
| Underlying operating profit14 | 318.9 | 352.4 | (10%) | 403.0 | 437.6 | (8%) | ||
| Loss after tax | (11.4) | (85.8) | (5.6) | (116.9) | ||||
| Adjusted profit attributable to shareholders | 131.1 | 162.3 | 179.4 | 201.8 | ||||
| Diluted EPS (p) | (1.8) | (14.3) | (1.6) | (15.4) | ||||
| Adjusted diluted EPS10 (p) | 20.3 | 25.2 | 27.7 | 31.3 | ||||
| Adjusted diluted EPS10 exc. share of JV (p) | 17.2 | 19.9 | 24.7 | 26.1 | ||||
| Dividend per share (p) | 10.3 | 9.8 | 10.3 | 9.8 | ||||
Q2 2026 Trading performance:
| Q2 2026: 1 April to 30 June | ||||||
| YoY CC3 | NGR2 | Volume4 | Gaming NGR2 | Sports NGR2 | Sports Wagers | Sports Margin |
| Group1 | 7% | 5% | 6% | 8% | 6% | 0.4pp |
| Online1 | 8% | 7% | 8% | 8% | 7% | 0.4pp |
| Retail1 | 3% | 1% | -% | 6% | 2% | 0.7pp |
| UK & Ireland | 9% | 6% | 9% | 10% | 3% | 1.0pp |
| Online UK&I | 14% | 11% | 13% | 14% | 6% | 0.9pp |
| Retail UK&I | 4% | 1% | 1% | 7% | 1% | 1.3pp |
| International | 5% | 4% | 3% | 6% | 7% | 0.2pp |
| Online International | 5% | 4% | 3% | 7% | 7% | 0.2pp |
| Retail International | 1% | 1% | (28%) | 4% | 5% | -pp |
| CEE (discontinued6) | 12% | 7% | 7% | 13% | 6% | 1.3pp |
| Online CEE (discontinued6) | 16% | 11% | 11% | 18% | 10% | 1.4pp |
| Retail CEE (discontinued6) | (13%) | (15%) | (35%) | (7%) | (11%) | 1.0pp |
| Group (inc discontinued6) | 7% | 5% | 6% | 8% | 6% | 0.5pp |
| Online (inc discontinued6) | 9% | 7% | 8% | 10% | 7% | 0.5pp |
| Retail (inc discontinued6) | 2% | -% | -% | 5% | 2% | 0.7pp |
H1 26 Trading performance:
| H1 2026: 1 January to 30 June | ||||||
| YoY CC3 | NGR2 | Volume4 | Gaming NGR2 | Sports NGR2 | Sports Wagers | Sports Margin |
| Group1 | 5% | 7% | 7% | 3% | 8% | (0.6pp) |
| Online1 | 7% | 9% | 9% | 4% | 9% | (0.5pp) |
| Retail1 | 1% | 2% | 1% | 1% | 5% | (0.5pp) |
| UK & Ireland | 8% | 8% | 8% | 5% | 6% | (0.1pp) |
| Online UK&I | 13% | 13% | 13% | 11% | 8% | 0.2pp |
| Retail UK&I | 2% | 2% | 1% | 2% | 5% | (0.3pp) |
| International | 3% | 7% | 5% | 2% | 9% | (0.7pp) |
| Online International | 4% | 7% | 6% | 2% | 10% | (0.7pp) |
| Retail International | (2%) | 3% | (17%) | (1%) | 5% | (1.0pp) |
| CEE (discontinued6) | 2% | 4% | 2% | 2% | 6% | (0.7pp) |
| Online CEE (discontinued6) | 7% | 8% | 6% | 7% | 10% | (0.5pp) |
| Retail CEE (discontinued6) | (22%) | (18%) | (45%) | (17%) | (12%) | (1.7pp) |
| Group (inc discontinued6) | 5% | 7% | 7% | 3% | 8% | (0.5pp) |
| Online (inc discontinued6) | 7% | 9% | 9% | 5% | 9% | (0.5pp) |
| Retail (inc discontinued6) | (1%) | 1% | -% | -% | 4% | (0.6pp) |
Dividend
In line with the Group’s progressive dividend policy, the Board has declared an interim dividend for 2026 of c.65.9m, (10.3p per share, up 5% YoY). The interim dividend in respect of H1 2026 results is expected to be paid on 28 September 2026 to shareholders on the register as at 21 August 2026.
Outlook
Entain reiterates the FY26 guidance provided alongside the announcement of our planned phased exit of Entain CEE6 and initial 20% divestment, which is expected to complete in early Q4 2026.
• FY26 Online NGR2 is expected to grow by 5-7% on a constant currency3 basis
• Entain remains comfortable with market expectations8 for FY26 Group Underlying EBITDA5 (exc. Parent fees7), which is in line with the midpoint of its £910m to £960m guidance range
• FY26 Online Underlying EBITDA5 margin is expected to be in the range of 21-22%, reflecting both the 20% divestment of Entain CEE6 and expectation15 of mitigating approximately 25% of the impact of the increased UK Online gambling tax in FY26
As previously announced16, in FY26 BetMGM reconfirms its revenue ($2.9-3.1bn) and Adjusted EBITDA17 ($300-350m) guidance ranges, with the expectation of delivering towards the lower end of both ranges respectively.
Entain continues to expect15 the Group (including 47.5% minority stake of Entain CEE) will generate £500m of annual adjusted cashflow9 in 2028.
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. A full reconciliation of this non-GAAP measure is provided in the ‘Financial Results and the use of non-GAAP measures’ section |
| 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 | Underlying EBITDA is earnings before interest, tax, depreciation and amortisation, share-based payments and share of JV income and separately disclosed items |
| 6 | 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 |
| 7 | As per the joint venture agreement that formed BetMGM, having reached sustainable profitability in 2026, BetMGM commenced payment of ‘Parent Fees’ for the provisioning of licenses and services by MGM and Entain to BetMGM |
| 8 | As at 17 July 2026, Company compiled consensus for FY26 Group EBITDA of £934m (excluding BetMGM parent fees and discontinued operations) |
| 9 | Cashflow before working capital, equity dividends, acquisitions and associated financing |
| 10 | Adjusted for the impact of separately disclosed items, foreign exchange movements on financial indebtedness and losses/gains on derivative financial instruments (see Note 9) |
| 11 | Reported leverage is adjusted net debt divided by underlying LTM EBITDA, including 100% of Entain CEE EBITDA |
| 12 | Available cash reflects cash plus PSP balances less cash held on behalf of customers and includes amounts available under the RCF |
| 13 | Like-for-like growth performance excludes the impact of store closures |
| 14 | Stated pre separately disclosed items |
| 15 | As outlined during the presentation of our FY2025 results on 5 March 2026 |
| 16 | BetMGM’s reiterated FY2026 guidance provided in the Q2 Business Update on 28 July 2026 |
| 17 | BetMGM Adjusted Underlying EBITDA is defined as Underlying EBITDA before parent fees |
