Entain reaffirms full-year 2026 outlook after strong first quarter

Entain saw strong online performance in the UK and Ireland.

UK.- The London-listed gambling operator Entain is sticking to its full-year 2026 outlook with a target of 5 to 7 per cent growth in online net gaming revenue (NGR). It expects £1.13bn in group EBITDA (excluding BetMGM fees) and at least £500m in adjusted annual cash flow by 2028.

Overall Q1 revenue was up 3 per cent year-on-year “in line with expectations,” driven by an 8 per cent increase in volume. Online NGR was up 5 per cent, with igaming revenue up 9 per cent but sports betting revenue down 1 per cent amid weaker margins.

The quarter ending March 31 saw strong results for the UK and Ireland online business, where NGR was up 13 per cent. Combined online and retail NGR rose 6 per cent as retail NGR slipped 1 per cent. The quarter saw Entain announce the closure of over a third of its Ladbrokes shops in Ireland.

International NGR was up just 1 per cent, with a 2 per cent rise in online NGR countered by a 4 per cent retail decline. Volumes rose 9 per cent, but revenue was impacted by customer-friendly sports results in Italy and Brazil. Australian growth was strong, with NGR up 13 per cent. Looking ahead, Entain is hoping to gain three of the 15 igaming licences expected to be available in New Zealand from 2027.

In the CEE region, NGR fell 6 per cent, with online down 1 per cent and retail plummeting 30 per cent. BetMGM, Entain’s joint venture with MGM Resorts, saw Q1 net revenue of $696m, up 6 per cent. igaming grew 9 per cent, while online sports betting increased 4 per cent. Adjusted EBITDA reached $25m. BetMGM has revised its full-year guidance and now forecasts revenue between $2.9bn and $3.1bn and adjusted EBITDA at the lower end of the $300m to $350m range.

Chief Executive Stella David highlighted the strong start to the year: “We entered 2026 with strong momentum which has continued in Q1, with strong volume growth across our diversified portfolio. Our sharper focus and optimisation initiatives reinforce our conviction in delivering sustainable growth and improving cash generation.”