Key Moments
- Entain’s UK and Ireland online operations have grown 14% in the third quarter of 2026.
- Group net gaming revenue rose 2% year-on-year for the period ending September 30, 2026.
- Net gaming revenue in Brazil fell 36% in Q3 2026 after an immediate online gambling ban was announced on September 25.
Online Expansion in the UK and Ireland Fuels Group Performance
Entain PLC (LSE: ENT), the parent company of Ladbrokes, Coral, and bwin, experienced a robust boost from its UK and Ireland online segment, which achieved a 14% increase in revenue for the third quarter of 2026. The company reported an 8% rise in combined net gaming revenue (NGR) for this region compared to the same quarter in 2025, driven largely by a 17% lift in online casino gaming and a 3% uptick in sports betting revenue. Underlying volumes in online operations climbed 15%, surpassing the group’s forecasts. Meanwhile, betting shops saw 3% like-for-like revenue growth, despite ongoing concerns about the tax landscape for land-based gambling venues.
Across the broader group, online gaming revenue increased 8% over the quarter, while online sports betting was down 3%. Excluding Brazil, Entain’s online revenue advanced 5%, highlighting the company’s resilience in key markets.
Table of Regional Performance
| Region | Q3 2026 NGR Change | Online Revenue Change | Retail Revenue Change |
|---|---|---|---|
| UK & Ireland | +8% | +14% | +3% (like-for-like) |
| Brazil | -36% | -36% | Not stated |
| Italy | -6% | Not stated | Not stated |
| International (exc. Brazil) | -4% | +1% (exc. Brazil) | Not stated |
| Central & Eastern Europe | Flat | +4% | -22% |
Brazil’s Sharp Decline Undermines International Progress
Entain’s operations in Brazil encountered a 36% decrease in net gaming revenue during the third quarter. The challenging regulatory climate, intensified player engagement restrictions, and the September 25 immediate online gambling ban significantly contributed to this downturn. The firm’s international division reported a 4% decline in NGR in Q3 2026, and online international revenue fell 3%. Without Brazil, online international growth would have been positive at 1%.
The company’s outlook for the remainder of 2026 assumes the Brazilian online gambling restrictions will persist through year-end. Management cited Brazil’s impact as a clear example of how market-specific conditions can sway a globally diversified business, with growth elsewhere unable to fully counterbalance the decline.
Football Outcomes Dampened Sports Betting Revenue
Unfavorable football results during August and September further weighed on quarterly online revenue. Entain estimated these sports outcomes trimmed online revenue growth by around four percentage points versus a scenario with normal sports margins. While July saw stronger margins, the subsequent two months offset these gains. In Italy, total NGR was down 6% despite volumes climbing 9%, as the sports betting margin slipped by 3.1 percentage points compared to a year prior. Retail revenue across the group decreased 2%, though underlying volumes were up 2%.
The group highlighted that total third-quarter sports margins were about flat year-on-year, with both periods reflecting historically muted results for betting profitability.
Double-Digit Gains in Other International Markets
Outside Brazil and Italy, performance was more favorable. New Zealand, Spain, and Canada registered double-digit online NGR growth, helping to offset underperformance elsewhere. Australia saw a 1% increase in online revenue, in line with group expectations. Central and Eastern Europe delivered flat overall revenue, with online revenue up 4% (supported by strong growth in Poland), but retail revenue down 22%, affected by weaker sports betting margins in Croatia.
Entain is continuing its phased exit from the Central and Eastern Europe business, with the planned sale of an initial 20% stake to EMMA Capital on track for completion in the fourth quarter of 2026.
- Author
Daniel Williams
