Entain Reiterates FY26 Guidance After Strong Q1 Growth

Entain has reaffirmed its full-year 2026 outlook after delivering a solid first quarter. These results are a result of online growth in key markets.

Group net gaming revenue (NGR) increased by 3% in the three months to 31 March. This was broadly in line with expectations. The uplift was driven by an 8% rise in volumes. This increase shows continued customer engagement across its core regions.

Online performance stood out. NGR climbed 5% overall. iGaming led the gains (this rose 9%). Sports betting dipped slightly by 1% due to softer margins.

The UK and Ireland delivered the strongest performance. Online revenue was up 13%. Entain said this reflected continued market share gains. It means the operator is ahead of broader market trends. Australia also recorded 13% growth, which exceeded internal expectations

FY26 guidance remains unchanged

Following the Q1 update,  Entain confirmed it remains on track to deliver full-year online NGR growth of between 5% and 7% on a constant currency basis.

The company also reiterated confidence in meeting wider financial targets. It expects to achieve group EBITDA of £1.13 billion for FY26. This excludes BetMGM-related fees. The longer-term goal is to achieve at least £500 million in annual adjusted cash flow by 2028.

Chief executive Stella David said the results reflect a strong start to the year and reinforce confidence in the company’s strategy:

“We entered 2026 with strong momentum which has continued in Q1, with strong volume growth across our diversified portfolio. […]  Our strong and resilient business has started the year well, and we continue to build on this momentum. […] 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

Mixed regional performance across markets

Performance across regions was varied, though key markets remained resilient.

In the UK and Ireland, total NGR across online and retail rose 6%. Online growth of 13% offset a slight 1% decline in retail. There are known ongoing pressures on land-based operations. Entain also confirmed the closure of 39 Irish Ladbrokes shops. This equates to more than a third of its estate in the country.

Internationally, NGR increased by 1%. Online growth of 2% was offset by a 4% drop in retail. Volume rose 9%, although customer-friendly sports results in markets like Italy and Brazil impacted margins.

Central and Eastern Europe (CEE) proved more challenging. NGR fell 6% here. Retail performance was the main drag, declining 30% year-on-year. Online only slipped by 1%.

Looking ahead, Entain highlighted potential expansion opportunities. This includes plans to target three licences in New Zealand’s regulated iGaming market when it launches in 2027.

BetMGM delivers steady growth

BetMGM, Entain’s joint venture with MGM Resorts International, also reported growth in the quarter.

Net revenue rose 6% to $696 million. This was supported by a 9% increase in iGaming and 4% growth in online sports betting. Adjusted EBITDA reached $25 million.

However, BetMGM revised its full-year outlook slightly. It now expects FY26 revenue between $2.9 billion and $3.1 billion. EBITDA is projected at the lower end of its $300 million to $350 million guidance range.

Outlook supported by scale and market share gains

Entain said its diversified portfolio and continued market share gains leave it well-positioned for the remainder of the year.

While retail headwinds and margin pressures persist in some regions, the company’s focus on online growth and operational efficiency is expected to support long-term performance.

With momentum in the UK and other key markets, the operator believes it remains on track to deliver against its FY26 targets and strengthen its position in the global iGaming sector.