Entain plc (LON:ENT), the global sports betting and gaming group, has reported its trading1 for the period from 1 July to 30 September 2026.
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) |
Q3 trading highlights
• 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 |
