Entain plc has reported a measured start to 2026, with first-quarter performance broadly in line with expectations as steady online growth helped balance weaker sports margins.
For the three months to 31 March 2026, the group recorded a three per cent rise in Net Gaming Revenue (NGR) on a constant currency basis. The increase was supported by an eight per cent jump in underlying volumes, hinting at continued customer activity across key markets.
Online operations remained the main driver. Digital NGR rose five per cent, with gaming revenue up nine per cent, offsetting a marginal one per cent dip in online sports. The softer sports performance was largely attributed to a 1.3 percentage-point decline in margins, as results favoured customers over operators.
UK, Ireland boost online revenue
The UK and Ireland stood out, with online NGR climbing 13 per cent, ahead of expectations. Australia also delivered a stronger-than-anticipated performance, posting 12 per cent growth as the market returned to positive territory. Across the group’s largest regions, online volumes increased by 10 per cent year-on-year.
Retail performance, however, remained under pressure. Overall retail NGR fell three per cent, reflecting a 1.9-percentage-point margin decline in sports betting. While gaming activity in physical venues showed simple growth, it was not enough to recover from damage in sports outcomes.
Regionally, the picture was mixed. UK and Ireland NGR rose 6 per cent overall, supported by strong digital gains, while retail slipped slightly. International operations recorded a one per cent increase, with online growth partially offset by a four per cent decline in retail revenue.
As operators focus on strengthening digital engagement and product breadth to counter margin pressure, competition among platforms offering the best online sportsbetting options has continued to intensify across key regulated markets.
Challenges in Europe
Central and Eastern Europe proved more challenging. Revenue in the region slipped by six per cent, with retail taking a particularly heavy hit, down 30 per cent. But there was hardly any drop in activity; it was more about how results played out. Outcomes in football markets like Croatia tended to favour players, which squeezed margins. Poland, however, offered a bit of relief after moving onto the SuperSport platform, helping steady the picture slightly.
In the United States, Entain’s joint venture BetMGM continued to expand. BetMGM reported net revenue of $696 million (around £555 million), up 6 per cent. Growth was led by iGaming, which rose 9 per cent, while online sports increased by 4 per cent despite similarly customer-friendly outcomes. Adjusted EBITDA for the quarter stood at $25 million. Including its 50 per cent share of BetMGM, Entain’s total group NGR also rose three per cent.
On the results, Stella David, the Chief Executive Officer (CEO) of Entain, said the company had entered the year with “strong momentum” and continued to see benefits from its operational focus and global scale. She pointed to sustained volume growth as evidence of improving execution across markets.
Looking ahead, the company expects online NGR growth of five to seven per cent on a constant currency basis. The group also maintained confidence in market forecasts for earnings and long-term cash generation, targeting at least £500 million ($676 million) in annual adjusted cash flow by 2028.
BetMGM has slightly refined its own outlook, now expecting full-year revenue of between $2.9 billion and $3.1 billion, with earnings likely towards the lower end of its previously stated range.
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