Entain posted Group net gaming revenue (NGR) growth of 3% in constant currency terms for the first quarter of 2026, with online up 5% and total volume rising 8%, as CEO Stella David described the business as entering the year with “strong momentum.”
UK&I Online Leads the Group
The UK and Ireland segment was the standout performer. Online NGR rose 13% in Q1, ahead of expectations, with online volumes up 14% year on year. Gaming advanced 12%, sports wagers grew 9%, and sports margin contracted by a relatively contained 0.4pp — far smaller than the headwind seen in other regions.
Retail UK&I fell 1%, reflecting a 1.8pp sports margin decline, though gaming volumes in retail still managed 2% growth and overall wagers were up 9%.
Entain attributed the UK&I online performance to continued market share gains across both gaming and sports. The result marks a clear acceleration from the 8% UK and Ireland revenue growth the group posted in the third quarter of 2025.
Group Online Performance
Online NGR grew 5% across the group, with gaming up 9% and sports down 1%. Sports revenue was held back by a 1.3pp year-on-year contraction in sports margin, driven by customer-friendly outcomes across several markets. Online volumes grew 10%, meaning the underlying activity base is expanding faster than the NGR line suggests.
Retail NGR declined 3%, with a 1.9pp sports margin headwind across the division. Retail volumes still grew 3%, and gaming in retail was up 1%.
International: Australia Recovers, CEE Under Pressure
International NGR grew 1% overall, with online up 2% and retail down 4%. Australia returned to positive territory with NGR up 12%, ahead of expectations. Brazil and Italy both recorded customer-friendly sports results that limited the division’s advance, partially offsetting the 9% volume growth recorded across international online markets.
CEE was the weakest segment. Group CEE NGR fell 6%, with online down 1% and retail down 30%. Croatia’s football-heavy sports mix proved costly — sports margin in the market dropped 7.1pp year on year. Poland provided some offset, benefitting from its migration to the CEE SuperSport platform.
BetMGM: $696m Revenue, EBITDA Guidance Moved to Lower End
BetMGM, Entain’s 50/50 joint venture with MGM Resorts International, generated Q1 net revenue of $696m, up 6% year on year. iGaming advanced 9% and online sports grew 4%, while retail revenue fell 43%. The joint venture posted adjusted EBITDA of $25m in Q1, with positive contributions from both iGaming and online sports.
Two days before this trading update, BetMGM revised its FY26 guidance. Revenue is now expected in the range of $2.9bn to $3.1bn. Adjusted EBITDA is guided towards the lower end of the previously issued $300m to $350m range, reflecting year-to-date performance and a revised outlook. The revenue guidance had been set at February’s full-year results, when BetMGM had raised its full-year 2025 guidance following a strong Q3 performance. The adjusted EBITDA figure is calculated before parent fees — the operating expense charged to BetMGM for licences and services provided by MGM and Entain affiliates.
FY26 Guidance and Outlook
Entain reiterated its FY26 target of 5% to 7% Online NGR growth on a constant currency basis. The company said it remains comfortable with the consensus estimate for FY26 Group Underlying EBITDA of £1,131m, drawn from 11 analyst projections as of 10 April 2026. Entain also reconfirmed its medium-term cashflow target of at least £500m in annual adjusted cashflow by 2028.
“We entered 2026 with strong momentum which has continued in Q1, with strong volume growth across our diversified portfolio. This further demonstrates our ongoing strategic execution and strengthening operations, and also highlights the growth embedded in our globally scaled business. Our strong and resilient business has started the year well, and we continue to build on this momentum. Our sharper focus and optimisation initiatives reinforce our conviction in delivering sustainable growth and improving cash generation. Entain remains well positioned to be a long-term industry winner, seizing the many opportunities ahead, and I am confident in our future.”
— Stella David, CEO, Entain
The FY26 UK tax environment remains a significant variable. Entain previously estimated a £200m annual impact from UK gambling duty increases — a figure that continues to sit above the headline NGR trajectory as operators model the structural consequences of the new rate structure across the full year.
Source: Entain plc
