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Entain opened 2026 with steady top-line growth and kept its full-year online outlook in place. Online gaming did most of the lifting, while softer sports margins and weaker retail results held back parts of the business.
Good to Know
Entain said Q1 landed in line with expectations, and the shape of the quarter was pretty clear. Online stayed strong, retail looked mixed, and sports margins took some edge off the headline numbers.
Across the group, net gaming revenue rose 3% in the three months to 31 March 2026. Volume increased 8%. Online NGR grew 5%, helped by a 9% rise in iGaming, while online sports slipped 1% because sports margins came in softer.
Management kept its FY2026 online NGR guidance of 5% to 7% growth on a constant currency basis. Entain also said it remains comfortable with market expectations for FY2026 group EBITDA of £1.13 billion, excluding BetMGM parent fees, and for annual adjusted cashflow of at least £500 million in 2028.
CEO Stella David said:
“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.”
UK and Ireland gave Entain one of its better reads in the quarter. Online NGR there rose 13%, while total UK&I NGR across online and retail was up 6%. Retail slipped 1%, although Entain said it still beat the wider market, with gaming up 2% and volumes up 4%. Australia also posted 13% growth, and Entain said both markets came in ahead of expectations.
Outside those areas, the picture was less even. International NGR rose 1%, with online up 2% and retail down 4%. Volume grew 9%, but customer-friendly sports results, especially in Italy and Brazil, limited the upside. In Central and Eastern Europe, NGR fell 6%. Online there dipped 1%, while retail dropped 30%.
Entain also pointed to more upside from future market openings. In its FY26 results, the group said it wants three of the 15 iGaming licences set to be available in New Zealand when that market opens in 2027.
Retail remains part of the pressure points. In April, Entain said it would close 39 Ladbrokes shops in Ireland, more than a third of its estate in that market.
BetMGM added some support to the wider quarter. Revenue at the joint venture with MGM Resorts International rose 6% to $696 million. iGaming increased 9% and online sports betting rose 4%. Adjusted EBITDA reached $25 million. Even so, BetMGM updated FY2026 guidance lower, now expecting full-year revenue of $2.9 billion to $3.1 billion, with adjusted EBITDA at the lower end of its earlier $300 million to $350 million range.