Entain online revenue grows 3% in Q3 as Brazil ban bites, EBITDA low end

Entain’s online revenue grew 3% in the third quarter, held back by football results that favoured customers and by a 36% fall in Brazil. The group repeated its 2026 guidance, including underlying EBITDA at the lower end of £910m ($1.21bn) to £960m.

The betting and gaming group reported trading for 1 July to 30 September 2026 on 15 October. Figures are in constant currency (both periods at 2026 exchange rates) and cover continuing operations, which exclude Entain CEE.

By the numbers

• Group net gaming revenue (NGR, revenue before VAT and sales taxes): up 2%.
• Online NGR: gaming up 8%, sports down 3%. Excluding Brazil, online NGR rose 5%.
• UK and Ireland online NGR: up 14%.
• Retail NGR: down 2%, while volumes grew.
• Brazil NGR: down 36%.
• Nine months: group NGR up 4%; online up 5%.

What drove it

Entain says football results in August and September more than offset a strong July. It puts the sports margin headwind at about 1 to 2 percentage points, which it says implies a drag of about 4% on online growth.

It attributes the Brazil fall to its marketing and player engagement choices before the immediate online gambling ban announced on 25 September 2026. Italy’s NGR fell 6% despite 9% volume growth. New Zealand, Spain and Canada each posted double-digit online growth.

Chief executive Stella David urged the UK government to consider carefully any further gambling tax increases, which she said threaten shops and jobs.

Guidance

The outlook, first given on 28 September, assumes the Brazil ban is upheld for the rest of 2026. Entain expects:

• online NGR growth of 4-6%, or at the upper end of 5-7% excluding Brazil;
• online underlying EBITDA margin at the lower end of its guided range of 21 to 22 per cent.

The release gives no estimate of the Brazil revenue or EBITDA lost to the ban. BetMGM, the 50/50 US venture, reported its own third quarter on 13 October and also expects the lower end of its ranges.

The big picture

David’s tax comment follows a letter in which six betting chief executives, Entain’s among them, asked the Chancellor to rule out new duty rises at next month’s Budget.

What’s next

Entain says the sale of an initial 20% stake in Entain CEE to EMMA Capital, announced on 25 June 2026, remains on track to close in the fourth quarter of 2026. The release does not give the price.