Entain Reports 2% Q3 Growth Despite Brazil Betting Market Challenges
United Kingdom.- 16 October 2026 | www.zonadeazar.com Entain, the international sports betting and online gaming group behind brands including Ladbrokes, Coral, bwin and Sportingbet, has reported a 2% year-on-year increase in net gaming revenue (NGR) for the third quarter of 2026.
Positive performance was primarily driven by operations in the United Kingdom and Ireland, which helped offset challenging conditions in Brazil and other international markets.
The company also reaffirmed its full-year financial guidance despite the impact of the online gambling prohibition announced by the Brazilian Government in September.
Online Revenue Increases by 3%
During the period from July to September 2026, Entain recorded the following results:
- Group net gaming revenue: +2%.
- Online net gaming revenue: +3%.
- Online gaming revenue: +8%.
- Online sports betting revenue: -3%.
- Retail revenue: -2%.
The company highlighted that, excluding Brazil, online revenue would have increased by 5% year-on-year.
Customer-friendly sporting results during August and September affected bookmaker margins, limiting growth in the sports betting segment.
UK and Ireland Lead Performance
Operations in the United Kingdom and Ireland were the principal growth drivers during the quarter.
Regional net gaming revenue increased by 8%, exceeding company expectations.
Within this segment:
- Online revenue: +14%.
- Online gaming revenue: +17%.
- Online sports betting revenue: +3%.
- Online activity volumes: +15%.
- Retail revenue: +1%.
The Ladbrokes and Coral brands played an important role in the group’s commercial performance.
Growth reflects Entain’s investment in improving digital products and strengthening its position in the British market.
Brazil Records a 36% Revenue Decline
Brazil represented one of Entain’s principal challenges during the third quarter.
Net gaming revenue in Brazil declined by 36% year-on-year, reflecting an increasingly difficult commercial environment and the restrictive measures announced by the Government.
On 25 September 2026, Brazilian authorities announced an immediate ban on online betting and gambling.
Entain indicated that challenging market conditions had already affected its performance before the announcement.
The group operated in Brazil through Sportingbet, one of the country’s established international sports betting brands.
The reduction in Brazilian activity presents a challenge for Entain’s regional growth strategy and its wider Latin American operations.
Mixed Results Across International Markets
Entain’s international division recorded an overall 4% decrease in net gaming revenue.
Performance varied across individual markets.
Australia
Online revenue increased by 1%, in line with company expectations.
Entain operates through brands including Ladbrokes and Neds.
Italy
Net gaming revenue declined by 6%, despite 9% growth in underlying activity volumes.
The company attributed the difference to customer-friendly sporting results, particularly football outcomes in August and September.
New Zealand, Spain and Canada
All three markets delivered double-digit growth in online revenue, helping partially offset weaker performance in Brazil and Italy.
Sporting Results Affect Betting Margins
Entain highlighted the influence of sporting outcomes on its quarterly performance.
Although the closing stages of the 2026 FIFA World Cup generated favourable conditions for the business in July, football results during August and September benefited customers.
According to the company, these outcomes reduced the quarterly sports betting margin by approximately one to two percentage points compared with a normalised scenario.
The equivalent impact on online revenue growth was approximately four percentage points.
The figures demonstrate that operator profitability can fluctuate even when underlying betting activity continues growing.
Entain Warns About UK Taxation Pressures
Alongside its international challenges, the company expressed concern about existing and proposed gambling tax changes in the United Kingdom.
The increase in Remote Gaming Duty, introduced in April 2026, raised the tax obligations associated with certain online gambling activities.
Entain believes further tax increases could threaten the sustainability of land-based betting shops.
The company warned that additional taxation could affect:
- The commercial viability of individual betting shops.
- Jobs supported by the industry.
- Economic activity within local communities.
- Operators’ capacity to invest.
These concerns are particularly relevant ahead of further UK Government budget discussions.
Statements From Stella David
Stella David, CEO of Entain, highlighted that the third-quarter results demonstrate the group’s ability to maintain growth through a diversified international portfolio.
She emphasised that both online operations and retail betting shops contribute to economic activity and tax revenue.
David urged the British Government to carefully consider any additional gambling tax increases.
She warned that such measures could have consequences for retail businesses, employment and local communities.
The executive also expressed confidence in Entain’s growth and optimisation strategy to strengthen future cash generation.
Central and Eastern Europe: Divestment Progresses
Entain continues pursuing its phased exit from selected Central and Eastern European (CEE) operations.
The company maintains an agreement with EMMA Capital to sell an initial 20% stake in Entain Holdings (CEE).
The transaction is expected to close during the fourth quarter of 2026.
Within the division, online net gaming revenue increased by 4%, while retail revenue declined by 22%.
The company linked these contrasting results to digital growth in Poland and adverse sporting margins in Croatia.
The process forms part of a wider restructuring strategy designed to concentrate resources on priority markets and business activities.
BetMGM Maintains Its Outlook
BetMGM, the joint venture equally owned by Entain and MGM Resorts International, also recently reported its third-quarter results.
During the period, BetMGM recorded:
- $710 million in net revenue, up 7% year-on-year.
- $86 million in adjusted EBITDA, representing 112% growth.
The US operator maintained its full-year 2026 guidance:
- Net revenue: between $2.9 billion and $3.1 billion.
- Adjusted EBITDA: between $300 million and $350 million.
However, the business expects to deliver towards the lower end of both ranges.
BetMGM represents an important component of Entain’s exposure to the North American gambling market.
Entain Reaffirms Full-Year 2026 Guidance
Despite international challenges, Entain confirmed its financial targets for the year.
The company expects:
- Online revenue growth: between 4% and 6%.
- Underlying EBITDA: towards the lower end of the £910 million to £960 million range.
- Online EBITDA margin: towards the lower end of the 21% to 22% range.
Excluding Brazil, the group expects online revenue growth towards the upper end of the 5% to 7% range.
These projections assume that the restrictions announced in Brazil remain in place throughout the remainder of 2026.
Looking further ahead, Entain continues targeting approximately £500 million in annual adjusted cash flow by 2028, while acknowledging uncertainty concerning future taxation and regulatory changes.
Next Steps and Impact
The third-quarter results demonstrate that Entain maintained revenue growth despite the contraction of its Brazilian business and increasing taxation pressures in the UK.
The 14% increase in UK and Ireland online revenue was particularly important in offsetting the 36% decline recorded in Brazil.
The company has maintained its financial guidance, although it anticipates finishing 2026 towards the lower end of its underlying EBITDA expectations.
Over the coming months, key developments will include the regulatory situation in Brazil, potential UK tax changes and performance across international markets.
Digital expansion and portfolio optimisation will remain central to Entain’s strategy.
Editó: @fonta
