Entain Q3 revenue rises 2% as UK growth offsets Brazil decline

Entain reported group net gaming revenue up 2% in the third quarter of 2026 after stronger online performance in the UK and Ireland offset a sharp decline in Brazil and weaker sports betting elsewhere. UK and Ireland online revenue rose 14%, Brazil revenue fell 36%, and the International division declined 4%; the group kept its full-year guidance but now expects earnings toward the lower end of its range.

What Entain announced for Q3 2026

Entain said the mix of results left underlying group performance marginally positive. The company retained its annual guidance of underlying EBITDA in a range between $1.2 billion and $1.27 billion, but now expects underlying EBITDA to be nearer the bottom of that range for 2026. Management also maintained the company’s forecast for annual online net gaming revenue growth of 4% to 6% and said that, excluding Brazil, online growth is expected to be near 7%.

The company’s outlook assumes the Brazilian online gambling ban remains in place through the end of the year. Entain reiterated its longer-term target of approximately $662.9 million in annual adjusted cash flow in 2028 while cautioning that future tax and regulatory decisions remain uncertain.

Regional performance: UK & Ireland, Brazil and International

UK and Ireland online revenue was the standout, rising 14% and ahead of market expectations. Entain reported online gaming revenue in the UK and Ireland increased 17%, driven by a 15% rise in gaming volume; online sports revenue in the same market rose 3%, with wagers up 6%.

Brazil was the largest negative contributor, with revenue down 36% in the quarter. Management said the guidance and growth assumptions exclude any recovery from Brazil while the online ban is assumed to stay in force through year-end.

The International division fell 4%, with pockets of growth offset by declines in some markets. Double-digit revenue growth in New Zealand, Canada and Spain partly cushioned the drop. Italy revenue fell 6% despite a 9% increase in volume. International retail sports revenue declined 7% even as wagers increased 13%.

“Both online and retail are important parts of our business and valued contributors to tax revenues and local communities,” CEO Stella David said. “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.”

Sports betting, customer wins and the quarter’s margin dynamics

Across Entain’s online operations, sports wagers fell 1% for the quarter. The company reported that customer wins in August and September outweighed the stronger sports margin seen in July, despite the quarter including the World Cup knockout stage. The effect was that increased betting activity did not translate uniformly into revenue when customers had higher win rates.

BetMGM, the joint venture Entain owns with MGM Resorts International, delivered a comparatively stronger sports betting performance. BetMGM reported total quarterly revenue of $710 million and adjusted EBITDA of $86 million. BetMGM’s online sports revenue increased 7%, while the main Entain online sports business saw a 3% decline in online sports revenue.

Capital, disposals and outlook details

Entain said it expects to complete the initial sale of a 20% stake in its Central and Eastern European business during Q4 2026. The company continues to target its previously stated 2028 adjusted cash flow figure, but highlighted that tax and regulatory decisions in key markets create uncertainty for that target.

The firm’s maintained targets assume the persistence of Brazil’s online ban through year-end; if that assumption changes, the growth outlook would need to be revisited. For readers tracking policy and compliance, Entain noted the continuing sensitivity of its model to regulatory shifts — see the company’s comments on tax and regulatory risk in the regulation section.

What operators, investors and suppliers should watch next

The key items to monitor are threefold:

1. whether Brazil’s online gambling ban is lifted before the end of the year; Entain currently assumes it is not;

2. the completion and terms of the planned sale of a 20% stake in the Central and Eastern European business in Q4 2026; and

3. UK policy, where CEO Stella David publicly warned against additional gambling tax increases that could affect retail viability.

Platform vendors and payment providers should note the differing trends between online gaming and sports in specific markets. Operators responding to the Q3 figures will be focused on margin recovery in sports and on sustaining the double-digit online growth the UK and Ireland produced. Suppliers can expect demand for tools that report margin drivers and customer win rates to increase, and those products are commonly marketed to operators in the b2b and casino verticals.

Entain’s holding in BetMGM and the stronger performance of that JV also matter for investors assessing the group’s segmental contribution to revenue and adjusted EBITDA. BetMGM’s Q3 numbers — $710 million of revenue and $86 million adjusted EBITDA — will feature in analysts’ models for near-term cash generation.

Bottom line for the quarter

The headline is simple: group net gaming revenue rose 2% in Q3 2026, supported by 14% UK and Ireland online growth that offset a 36% decline in Brazil and a 4% fall in the International division. Entain retained its guidance but signalled earnings will likely land near the low end of the $1.2bn–$1.27bn underlying EBITDA range for 2026, while continuing to target its 2028 adjusted cashflow objective of $662.9m.