Entain reported a 2% year-over-year increase in third-quarter net gaming revenue on October 15, 2026, as an 8% rise in the UK and Ireland offset a regulatory hit in Brazil that pushed Brazilian NGR down 36%. The Ladbrokes and Coral owner reiterated its 2026 guidance and kept its £500 million 2028 cash-flow target. The update shows how home-market momentum and gaming growth are absorbing the effects of Brazil's online gambling ban and softer sports results.
UK and Ireland push ahead
Entain's UK and Ireland division generated 8% more net gaming revenue than a year earlier. Online net gaming revenue jumped 14%, while the retail business rose 1% when including the effect of shop closures. On a like-for-like basis that excludes those closures, retail net gaming revenue was up 3%, according to InterGame Online. Entain said the division's results came in ahead of its own forecast. For the first nine months of the year, UK and Ireland net gaming revenue rose 8%, with online up 13% and retail up 1%, as reported by RTTNews.
Brazil ban weighs on international revenue
International net gaming revenue declined 4% in the third quarter, with online NGR down 3% and retail NGR down 12%. The biggest factor was Brazil, where net gaming revenue dropped 36% after Entain began complying on September 25 with a Provisional Measure that banned online gambling. Entain said the decline was partially offset by double-digit online growth in New Zealand, Spain and Canada. Excluding Brazil, online net gaming revenue was 5% higher in the quarter and 8% higher for the year to date, which surpassed the company's earlier guidance range of 5% to 7%, according to Yahoo Finance. Elsewhere, online net gaming revenue in Australia edged up 1%, while Italy's total NGR fell 6%.
Sports outcomes hide stronger underlying trends
Group online net gaming revenue rose 3% in the third quarter, while retail net gaming revenue fell 2%. Within this, gaming NGR grew 8%, but sports NGR declined 3%. CFO Michael Snape said on the earnings call that customer-friendly football results in August and September reduced online growth by roughly 4 percentage points relative to a normalized planned sports margin. He added that the headline growth rates hide much stronger underlying performance, according to Yahoo Finance. Management also said the quarter marked Entain's tenth consecutive quarter of online growth.
Full-year guidance and tax warning
Entain reiterated its 2026 outlook, projecting online net gaming revenue growth of 4% to 6% on a constant currency basis, or 5% to 7% excluding Brazil. Underlying EBITDA, excluding parent fees from BetMGM, is expected to be at the lower end of the £910 million to £960 million range. For the first nine months of the year, group net revenue increased 4%, with online NGR up 5% and retail revenue flat. The company also reiterated its goal of generating £500 million in annual adjusted cash flow in 2028, including its 47.5% minority interest in Entain CEE. CEO Stella David said she was pleased with the quarter and that underlying momentum supports the guidance. She warned that additional UK gambling tax increases would put many shops and jobs at risk. InterGame reported that a proposed rise in Machine Games Duty from 20% to 40% has been widely discussed ahead of the government's Autumn Budget. Entain shares closed down 0.83% at 444.40 pence in London on Wednesday, RTTNews reported.
