Entain lifts group NGR 2% in third quarter of 2026
Online growth in the UK & Ireland offsets a 36% collapse in Brazil
Key Takeaways
- Entain recorded a 2% increase in group net gaming revenue in Q3 2026 driven by online growth in the UK and Ireland.
- Brazil’s online ban caused a 36% revenue drop and the company assumes the ban will remain until year-end.
- BetMGM reported $710m of quarterly revenue and $86m adjusted EBITDA, with its online sports revenue up 7%.
- Entain kept its underlying EBITDA guidance of $1.2bn–$1.27bn for 2026 but expects to be toward the lower end.
- The company targets approximately $662.9m of adjusted cash flow for 2028 and plans to sell an initial 20% of its Central and Eastern Europe business in Q4.
Entain reported a 2% increase in group net gaming revenue for the third quarter of 2026, in results published on 15 October 2026. Online growth in the United Kingdom and Ireland drove revenue, while Brazil fell 36% and the International division declined 4%.
Entain revenues: key figures for the third quarter
The group kept its full-year guidance but expects underlying EBITDA to sit close to the lower end of the $1.2bn to $1.27bn range for 2026. Entain also retained its online net gaming revenue (NGR) annual growth guide of 4% to 6%, and estimated that excluding Brazil online growth would be near 7%. The company assumes the online gambling ban in Brazil will remain in place until the end of the year.
Entain maintains an adjusted cash flow target of around $662.9m for 2028. The company expects to complete in Q4 the initial sale of 20% of its Central and Eastern Europe business.
Performance by markets: United Kingdom & Ireland, Brazil and the International division
In the quarter, the UK & Ireland online line recorded a 14% increase in revenue, with online gaming revenue up 17% supported by a 15% rise in gaming volume. The online sports business in that market rose 3%, with sports wagers up 6%.
Brazil experienced a 36% contraction in revenue, a direct effect of the ban affecting the online market. The International division as a whole fell 4%, although some markets delivered double-digit growth that partially offset the decline. New Zealand, Canada and Spain posted double-digit revenue growth. Italy was an exception: revenues fell 6% despite a 9% higher volume.
BetMGM and sports performance
BetMGM, the business Entain jointly controls with MGM Resorts International, delivered a solid quarter in sports betting. The entity reported total quarterly revenue of $710m and an adjusted EBITDA of $86m. At BetMGM, online sports revenue grew 7%, versus a 3% decline in Entain’s core online sports business. The BetMGM numbers emphasise the JV structure’s role for resilience in sports segments and link to broader [sports](/sports) market dynamics.
Across the group’s online operations, sports wagers fell 1%. Larger customer wins in August and September offset a stronger sports margin in July, despite the quarter including the World Cup knockout phase.
Margin, volume and the betting paradox
Entain noted that the mismatch between increased activity and lower revenue is explained by sporting event outcomes: more bets do not guarantee more revenue if customers win more often. In the International division, wagers increased 13%, but retail sports revenue fell 7%.
Group online gaming growth was 8%, which helped total online revenue rise 3% in the quarter.
CEO message and regulatory risks
Chief executive Stella David warned about the impact of potential tax rises in the United Kingdom:
“Both online and retail are important parts of our business and valued contributors to tax revenues and local communities,” said Stella David. “We strongly urge the U.K. government to carefully consider any further gambling tax increases which would threaten the viability of many shops, jobs and livelihoods.”
David linked the profitability of physical venues and local jobs to U.K. tax policy and urged the Government to be cautious about further gambling tax rises. You can read related regulatory analysis in the [regulation](/regulation) section.
Operational consequences and timetable
The company maintains the assumption that the Brazil ban will continue for the rest of the year, a premise that conditions its 2026 guidance. The sale of 20% of the Central and Eastern Europe unit in Q4 would form part of a balance-sheet optimisation strategy, while the adjusted cash flow forecast for 2028 remains at the $662.9m target.
For operators and suppliers, the report suggests exposure to markets with regulatory restrictions can drag consolidated figures even when other markets offset with online growth. The BetMGM data also underline how participation structures such as [joint ventures](/b2b) can provide resilience in specific segments like sports betting.
What to watch next
The evolution of the ban in Brazil and its ongoing impact on group NGR.
Confirmation of the sale of 20% of the Central and Eastern Europe business in Q4.
Whether underlying EBITDA ultimately sits at the low end of the $1.2bn–$1.27bn range for 2026.
The quarter left Entain with aggregate growth but with regulatory and sporting-outcome risks that limit visibility for the remainder of the financial year.
Report by Emilio Navarro, Technology correspondent for the sector.
Frequently Asked Questions
What was Entain’s NGR variation in Q3 2026?
Entain reported a 2% increase in group net gaming revenue in Q3 2026, driven by online growth in the United Kingdom and Ireland that offset a steep decline in Brazil.
How did Brazil affect Entain’s 2026 outlook?
Brazil reduced revenues by 36% in the quarter; Entain assumes the online ban will continue through year-end, which contributes to the expectation that underlying EBITDA will be near the lower bound of the $1.2bn–$1.27bn range.
How did BetMGM perform and what is its weight in the group?
BetMGM reported quarterly revenue of $710m and adjusted EBITDA of $86m. Its online sports revenue rose 7%, which contrasts with a 3% decline in Entain’s core online sports business and highlights the resilience a joint-venture structure can offer.
What financial targets does Entain maintain for 2028?
Entain continues to target approximately $662.9m of adjusted cash flow for 2028 and plans to complete the initial sale of 20% of its Central and Eastern Europe business in Q4 as part of balance-sheet optimisation.
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About the author
Emilio Navarro
Industry Technology Correspondent
Emilio Navarro covers the cross-cutting technology and business of iGaming — platforms, data and AI, compliance tooling, affiliate marketing, financial results, and the stories that fit no single rubric. The reports open with the announcement, cite vendors and figures exactly as published, and keep a healthy distance from press-release language. When a supplier unveils a new engine or the advertising rulebook changes, Emilio Navarro reports what genuinely changes.
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