Entain plc (LON:ENT), the global sports betting and gaming group, has reported trading for the period 1 January to 31 March 2026 (“Q1”).
All figures constant currency1 unless otherwise stated.
• Group Net Gaming Revenue (“NGR”) +3%1 in line with expectations, driven by continuing momentum and strong volume2 growth (+8%1)
• Online NGR up +5%1, reflects strong underlying performances across both Gaming (+9%1) and Sports (-1%1) despite sports margin down 1.3pp year on year
◦ UK&I +13%1, and Australia +12%1, ahead of expectations
◦ Online volumes2 +10%1 YoY with growth across all of the Group’s largest markets
• FY26 guidance reiterated: expects Online NGR growth of 5-7% on a constant currency basis, and remains comfortable with market expectations4
Stella David, CEO of Entain, commented:
“We entered 2026 with strong momentum which has continued in Q1, with strong volume2 growth across our diversified portfolio. This further demonstrates our ongoing strategic execution and strengthening operations, and also highlights the growth embedded in our globally scaled business.
Our strong and resilient business has started the year well, and we continue to build on this momentum. Our sharper focus and optimisation initiatives reinforce our conviction in delivering sustainable growth and improving cash generation. Entain remains well positioned to be a long-term industry winner, seizing the many opportunities ahead, and I am confident in our future.”
| Q1 2026: 1 January to 31 March | |||||||
| Volume2 | Gaming NGR | Sports NGR | Sports Wagers | Sports Margin | |||
| Group | 8% | 7% | (3%) | 10% | (1.5pp) | ||
| Online | 10% | 9% | (1%) | 11% | (1.3pp) | ||
| Retail | 3% | 1% | (6%) | 6% | (1.9pp) | ||
| UK & Ireland | 9% | 8% | 1% | 9% | (1.1pp) | ||
| Online UK&I | 14% | 12% | 8% | 9% | (0.4pp) | ||
| Retail UK&I | 4% | 2% | (3%) | 9% | (1.8pp) | ||
| International | 9% | 8% | (3%) | 11% | (1.5pp) | ||
| Online International | 10% | 8% | (2%) | 12% | (1.4pp) | ||
| Retail International | 5% | (4%) | (5%) | 4% | (1.7pp) | ||
| CEE | 2% | (3%) | (8%) | 6% | (2.7pp) | ||
| Online CEE | 6% | 2% | (4%) | 10% | (2.3pp) | ||
| Retail CEE | (21%) | (54%) | (25%) | (13%) | (4.2pp) | ||
| BetMGM | |||||||
| Online | 9% | 4% | 3% | 0.6pp | |||
| Retail | |||||||
| Group (inc 50% of BetMGM) | |||||||
Q1 trading highlights
• Group NGR exc. US up +3%1, with strong volumes2 across both Online (+10%1) and Retail (+3%1) partially offset by softer sports margins -1.5pp
◦ Online NGR up +5%1 (Gaming 9%1, Sports -1%1) supported by double-digit volume2 growth
◦ Retail NGR down -3%1 reflecting -1.9pp YoY sports margin headwind
• UK & Ireland NGR up +6%1 (Online +13%1, Retail -1%1)
◦ Strong UK&I Online NGR growth +13%1, reflecting ongoing market share gains with continued momentum across both gaming and sports
◦ UK Retail continues to outperform the underlying market supported by growth in gaming (+2%1) and volumes2 (+4%1)
• International NGR up +1%1 (Online +2%1, Retail -4%1)
◦ Australia returned to strong positive YoY growth with NGR +12%1, ahead of expectations
◦ +9%1 YoY volume2 growth partially offset by customer-friendly sports results, particularly in Brazil and Italy
• Entain CEE NGR -6%1 (Online-1%1, Retail -30%1)
◦ Poland benefitted from its migration to CEE SuperSport platform, whilst highly customer-friendly sports results (Croatia sports margin -7.1pp YoY) weighed on NGR due to football-heavy sports mix
• BetMGM Q1 Net Revenue of $696m, +6%1, (iGaming +9%1, Online Sports +4%1) reflecting robust iGaming growth alongside softer Online Sports growth including player friendly sports results
◦ Q1 Adjusted EBITDA6 of $25m with positive contributions from both iGaming and Online Sports
• Total Group NGR, including 50% share of BetMGM up +3%1
Outlook:
Entain confirms its FY26 guidance of 5-7% Online NGR growth on a constant currency1 basis. Entain remains comfortable with market expectations4 for FY26 Group Underlying EBITDA and reiterates its confidence in generating at least £500m of annual adjusted cashflow5 in 2028.
As announced on 14 April 2026, BetMGM continues to maintain focus on its areas of strength and delivering profitable and sustainable growth, with FY26 guidance updated to reflect year-to-date performance and revised outlook expectations. BetMGM now expects FY26 revenue of between $2.9-$3.1 billion3 with Adjusted EBITDA6 expected to be towards the lower end of its existing guidance range of $300-$350 million.
Notes
| 1 | Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2026 exchange rates |
| 2 | Volume growth adjusts NGR to remove the impact of sports margin fluctuations (assuming the same sports margin in both years) |
| 3 | BetMGM’s guidance provided at FY25 results (4 February 2026) |
| 4 | As at 10 April 2026, Company compiled consensus for FY26 Group EBITDA of £1,131m (excluding BetMGM parent fees) based on 11 analyst estimates |
| 5 | Cashflow before working capital, equity dividends, acquisitions and associated financing |
| 6 | 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 |
Q1 Conference Call & Audio Webcast
An analyst call will be held today, Thursday 16 April 2026 at 9:00am BST. Participants may join via webcast or by conference call dial in, approximately 10 minutes before the start of the call.
Webcast can be accessed by registration in advance via Registration or on the day via: Entain 2026 Q1 Update
To participate in the Q&A, please register in advance to receive access code & pin, or use dial ins below for operator assisted registration on the day:
UK +44 20 3936 2999
US +1 855 979 6654
Global Dial-In Numbers
Access Code: 302361
A replay and transcript will be available on our website: Results Centre – Entain Group
