Entain Holds Guidance as Football Results and Brazil Dent Q3 Growth

Entain (LON: ENT), the owner of Ladbrokes and Coral, said on Thursday that group net gaming revenue rose 2% in the third quarter at constant currency and kept its full-year guidance. Online revenue grew 3%, with gaming up 8%, but customer-friendly football results and Brazil held it back.

Shares stood at 438.8p at 8:10 am today, down 1.26%, or 5.6p, from yesterday’s 444.4p close. They opened at 436p and have traded between 435.9p and 443.4p.

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Net gaming revenue (NGR) is revenue before VAT and sales taxes, and every growth figure here is year on year at constant currency, meaning both periods at 2026 exchange rates. Football results in August and September more than offset a strong July for sports margin, the share of wagers the bookmaker keeps.

Entain put that margin headwind at about 1 to 2 percentage points, equal to a drag of about 4% on online growth. Brazil NGR fell 36%, reflecting disciplined marketing in a tougher market, before the immediate online gambling ban announced on the 25th of September.

Excluding Brazil, online NGR rose 5%. The UK and Ireland did best: NGR rose 8%, ahead of expectations, with online up 14% on volumes 15% higher, which Entain described as continuing market share gains. New Zealand, Spain and Canada each posted double-digit online growth.

International online NGR fell 3%, while group retail NGR fell 2% even though retail volumes rose 2%. For 2026, Entain still expects online NGR growth of 4% to 6%. It sees underlying EBITDA, profit before interest, tax, depreciation, share-based payments, joint venture income and one-off items, at the lower end of £910m to £960m. That assumes the Brazil ban holds for the rest of the year.

Chief executive Stella David said she was pleased with the quarter, but she also pressed the UK government on tax.

We strongly urge the UK Government to carefully consider any further gambling tax increases which would threaten the viability of many shops, jobs and livelihoods.

Stella David, CEO, Entain

Entain also said the sale of an initial 20% stake in its CEE business to EMMA Capital, announced on the 25th of June, remains on track to close in the fourth quarter.