Entain Q3 Revenue Rises 2% as UK Growth Offsets Brazil Decline

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Altay Celikkaya

Content Manager

Updated: 16/10/26

Reading Time: 3 minutes

Entain reported a 2% year-on-year increase in group net gaming revenue (NGR) for the third quarter of 2026, supported by strong UK and Ireland performance despite weaker results in Brazil. The gambling group, which operates brands including Ladbrokes and Coral, published its trading update on 15 October, covering the three months ending 30 September. Online NGR increased 3%, while gaming revenue rose 8%, offsetting weaker sports betting margins. Entain maintained its full-year revenue guidance but expects underlying EBITDA to be toward the lower end of its previous forecast.

Entain logo, Big Ben and growth chart illustrating the company's Q3 2026 financial results.

Industry News

Key Takeaways From Entain's Q3 2026 Results

Group NGR increased 2%, while online revenue grew 3% year on year.
UK and Ireland online NGR rose 14%, driven by 17% growth in gaming revenue.
Brazilian NGR declined 36%, reflecting market challenges ahead of the September gambling ban.
Entain maintained its 2026 outlook, forecasting online NGR growth of 4–6% and underlying EBITDA at the lower end of £910 million to £960 million.

UK and Ireland Online Revenue Jumps 14%

According to Entain’s official Q3 trading update, UK and Ireland NGR increased 8%, outperforming company expectations. Online revenue in the region grew 14%, supported by a 17% increase in gaming NGR and 3% growth in sports betting revenue. Online volumes also rose 15%, which Entain attributed to continued customer engagement and market-share gains.

UK and Ireland retail revenue increased 3% on a like-for-like basis, despite wider pressure on physical betting operations. However, higher gambling taxes remain a concern. Entain’s previously announced plans to cut approximately 400 additional customer care jobs illustrate the cost pressures affecting its UK operations.

Entain CEO Stella David warned against further gambling tax increases, highlighting their potential impact on retail betting operations and employment.

David said,

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 warning reflects growing concerns about the sustainability of betting shops as operators balance rising costs with regulatory obligations.

Brazil Revenue Falls 36% Amid Gambling Restrictions

Brazil remained Entain’s weakest major market during the quarter, with NGR declining 36% year on year. The company attributed the decline to difficult market conditions and a more disciplined approach to marketing and customer engagement.

Brazil’s decision to introduce an immediate online gambling ban on 25 September added further uncertainty. The shutdown of the country’s betting market and its regulatory transition have created operational challenges for licensed operators.

Across Entain’s international division, NGR declined 4%, including a 3% decrease in online revenue. However, New Zealand, Spain, and Canada delivered double-digit online revenue growth, highlighting differences across the group’s international markets.

Sports Betting Margins Weigh on Quarterly Performance

Sports betting results also affected Entain’s quarterly performance, with sports NGR declining 3% despite continued growth in gaming revenue. Customer-friendly football results during August and September outweighed stronger sports margins recorded in July.

Entain estimated that adverse sports results reduced quarterly online revenue growth by about four percentage points versus normalised margins. Retail NGR declined 2% despite a 2% increase in underlying volumes, reflecting similar pressure from sports results.

Entain Maintains 2026 Financial Guidance

Entain reiterated its full-year 2026 guidance, forecasting online NGR growth of 4–6% on a constant-currency basis. Excluding Brazil, online revenue growth is expected towards the upper end of the 5–7% range.

Underlying EBITDA, excluding parent fees, is forecast towards the lower end of £910 million to £960 million. The group also confirmed that its initial 20% stake sale in Entain CEE remains on track to complete in the fourth quarter.

Meanwhile, BetMGM, Entain’s US joint venture with MGM Resorts International, maintained its 2026 revenue guidance of $2.9 billion to $3.1 billion. Entain continues to target £500 million in annual adjusted cash flow by 2028, although potential changes to gambling taxation and regulation remain uncertain.