Entain's UK and Ireland Growth Offsets Brazil Hit in Q3

^{A Ladbrokes shop, one of Entain's retail brands in the UK and Ireland. (Photo: Billy McCrorie / Wikimedia Commons)}

Entain reported a 2% rise in third-quarter group net gaming revenue (NGR) on Thursday, with double-digit growth in the UK and Ireland offsetting continued pressure in Brazil, where online gambling was banned last month.

In its Q3 trading update covering 1 July to 30 September, the Ladbrokes and Coral owner said online NGR grew 3%, with gaming revenue up 8% partly offset by customer-friendly sports results and what it called "ongoing challenges" in Brazil. Excluding Brazil, online NGR rose 5%, with year-to-date online growth of 8%. Brazil's online gambling ban, which took effect in September, has weighed on operators across the market after a period of intense competition for licences in what had briefly been one of the industry's fastest-growing regions.

UK & Ireland Outperforms, Alongside New Zealand, Spain and Canada

UK and Ireland NGR climbed 14%, ahead of the company's own expectations, with New Zealand, Spain and Canada also delivering double-digit growth. Retail NGR in the UK and Ireland was 3% higher on a like-for-like basis once shop closures were factored in, a sign the retail estate that remains open is trading more strongly even as the overall shop count shrinks.

Entain reiterated its full-year 2026 guidance, which it had already adjusted in late September to reflect Brazil's year-to-date performance and the working assumption that the online gambling ban will remain in place for the rest of the year. The group expects online NGR growth of 4-6% on a constant-currency basis for the year, with underlying EBITDA, excluding parent company fees, landing at the lower end of its £910m to £960m range. Excluding Brazil, FY26 online NGR growth is expected at the top end of a 5-7% range, and the group also reaffirmed its target of £500m in annual adjusted cash flow by 2028.

CEO Urges Government to Reconsider Further Tax Rises

The update also confirmed the phased divestment of an initial 20% stake in Entain CEE remains on track to close in the fourth quarter of 2026, part of a wider restructuring of the group's central and eastern European business announced earlier this year.

"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," chief executive Stella David said in the statement accompanying the results. "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 results follow a strong showing from Entain's US joint venture, BetMGM, which reported net revenue of $710m for the third quarter, up 7% year-on-year, with adjusted earnings of $86m, up 112%. David said the group's diverse portfolio supported her confidence in reiterating FY26 guidance and that Entain remains well positioned as a long-term industry winner despite the pressure from Brazil and rising UK gambling duties. Entain published the full Q3 trading update as a regulatory announcement on Investegate.