Entain Q3 Revenue Rises 2% As UK Growth Offsets Brazil Decline

Entain reported contrasting results across its main markets in the third quarter of 2026. UK and Ireland online growth helped offset weaker sports betting revenue and a sharp decline in Brazil, leaving group net gaming revenue up 2%.

Good to Know

• UK and Ireland online revenue rose 14%, ahead of expectations.
• Brazil revenue fell 36%, while the International division declined 4%.
• Entain retained its annual guidance but expects earnings near the bottom of its forecast range.

Entain Keeps Outlook Despite Brazil Decline

Entain expects underlying EBITDA near the lower end of its $1.2 billion to $1.27 billion range for 2026. The group also maintained its forecast for annual online net gaming revenue growth of 4% to 6%.

Excluding Brazil, Entain expects online growth near 7%. Its outlook assumes the Brazilian online gambling ban remains in place through the end of the year.

The company still targets approximately $662.9 million in annual adjusted cash flow in 2028, although future tax and regulatory decisions remain uncertain. It also expects to complete the initial sale of a 20% stake in its Central and Eastern European business during Q4.

Meanwhile, BetMGM, which Entain jointly owns with MGM Resorts International, delivered a stronger sports betting quarter. Online sports revenue increased 7%, compared with a 3% decline across the main Entain online business. BetMGM reported total quarterly revenue of $710 million and adjusted EBITDA of $86 million.

UK and Ireland provided another source of growth. Online gaming revenue increased 17% on 15% higher gaming volume, while online sports revenue rose 3% and wagers increased 6%.

CEO Stella David warned against further UK gambling tax increases:

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

Elsewhere, double digit revenue growth in New Zealand, Canada and Spain partly cushioned the International decline. Italy revenue fell 6% despite 9% higher volume. International retail sports revenue dropped 7%, even as wagers increased 13%.

The gap between betting activity and revenue reflects the effect of results: more wagers do not necessarily mean more income when customers win more often.

Across Entain online operations, sports wagers fell 1%. Customer wins in August and September outweighed the stronger July sports margin, despite a quarter that included the World Cup knockout stage. However, 8% online gaming growth helped total online revenue increase 3%.

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