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Entain reported stronger online results across Australia, New Zealand and Spain in H1 2026, giving the group several growth markets while it prepares to leave its Central and Eastern Europe business. Australia online NGR increased 13% on a constant currency basis, while New Zealand online NGR rose 21% and Spain climbed 28%.
Good to Know
- Australia online NGR increased 13% in H1 2026, compared with a 7% decline in H1 2025.
- New Zealand online NGR rose 21% as Entain prepares for the new regulated online casino market.
- Spain online NGR increased 28% before nationwide cross operator deposit limits take effect in March 2027.
Australia Rebounds as Entain Broadens Sports Focus
Australia provided one of the clearest turnarounds in Entain H1 2026 results. Online NGR increased 13% in constant currency, following 12% growth during Q1 alone. Entain credited changes to its apps, Bet Builder product and a broader sports betting mix rather than relying as heavily on racing.
CEO Stella David told analysts:
“If you take Australia, we’re in healthy, double-digit growth because of changes that we’ve made to the way that we operate. So we think that is sustainable based on good inputs, focusing on more broad sports, a less exclusive focus on racing, for example, streamlining the way that we operate, focusing in on the things that really move the dial.
“Long term I think Austria is an opportunity for us because we’ve been playing there all the way through.”
Entain installed Andrew Vouris as Australia and New Zealand CEO in August 2025. Meanwhile, New Zealand also delivered stronger numbers, with online NGR up 21% and retail NGR up 29% in constant currency.
Growth comes at an important time for the New Zealand gambling market. The Online Casino Gambling Act 2026 is already in force, and the country will offer up to 15 online casino licences. Each operator can secure no more than three licences. Expressions of interest close on August 14, followed by an auction in September and licence applications from October. Operators without an application must leave the market from December 1, while the full licensed system will operate during 2027.
Entain has previously indicated interest in three licences.
David said:
“If you go to New Zealand, which is in double-digit growth at the moment, it’s very exciting that we’re going to get the casino regulations start at the beginning of 2027, which is a new opportunity for us.”
Bwin Drives Spain Higher While Entain Prepares CEE Exit
Spain produced another strong H1 result. Online NGR increased 28% in constant currency, helped by improved performance from Bwin, stronger player acquisition and greater brand visibility.
David said:
“We’re in great growth in Spain. We have great momentum there. We’ve got a great brand with Bwin. And so we think that the inputs are gonna continue to generate market share growth.”
A new regulatory test will follow. Spain will introduce combined deposit limits across licensed operators from March 25, 2027. The limits cover €700 per day, €1,750 per week and €3,300 across four weeks, replacing a system where limits applied separately at each operator.
Entain is taking a different approach in Central and Eastern Europe. The group agreed in June to sell 20% of Entain CEE to EMMA Capital as the first stage of a full exit. The transaction carries total expected cash consideration of about €425 million and will reduce the Entain holding from 67.5% to 47.5%.
CEE NGR still increased 2% during H1. Online NGR rose 7%, although retail fell 22%. Entain now reports the division as discontinued operations.
David said:
“There’s no fire sale taking place here. We have really good value businesses that we continue to invest and grow. But the CEE feel is a good example of adding value.”
CFO Michael Snape added:
“We’re very firmly focused on shareholder value and unlocking value from the portfolio.”
Entain plans to use future CEE proceeds to reduce reported leverage below 3x before returning excess capital to shareholders. The initial 20% sale is expected to complete in early Q4 2026.
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