Entain delivered stronger-than-expected results in the first half of 2026, with online growth across several major markets helping the gambling group absorb higher taxation in the UK and maintain its full-year outlook.
For the six months ended June 30, group net gaming revenue from continuing operations reached £2.55 billion, representing a 7% reported increase and 5% growth on a constant-currency basis. Online NGR climbed 7% at constant currency, while retail revenue increased 1%.
Underlying EBITDA came to £479 million, down 2% year-on-year but ahead of the approximately £455 million expected by analysts. Entain said revenue outperformance was more than offset at the earnings level by increased UK online gambling taxes. The group nevertheless reduced its loss after tax to £11.4 million, an improvement of £74 million from the previous year.
UK and Ireland Lead Online Growth
The UK and Ireland remained one of Entain’s strongest-performing regions. Total NGR increased 8% year-on-year, with online NGR rising 13% and retail advancing 2% on a constant-currency basis.
Online gaming NGR in the region grew 13%, while sports betting NGR increased 11%. Entain also reported a 13% increase in online volumes, supporting further market-share gains despite the heavier tax burden affecting the British gambling sector.
Australia also exceeded expectations, recording 13% online NGR growth. Canada rose 11%, New Zealand increased 21% and Spain posted a 28% jump. Italy delivered more moderate growth of 2% overall, including a 3% increase online.
Brazil remained a weaker point in the international portfolio. NGR fell 25% on a constant-currency basis following unfavorable sports betting margins during the first quarter, although sports wagers increased 10% and customer metrics improved later in the half.
World Cup Drives Customer Activity
Entain reported particularly strong customer engagement during the 2026 men’s World Cup, supported by improvements to its betting products and marketing activity. The number of first-time depositors during the tournament was double the level recorded during the 2022 World Cup.
Chief executive Stella David said the increase in engagement continued into the current quarter, providing further momentum after the first-half performance. Reuters reported that the tournament helped Entain counter some of the financial pressure from higher British gambling taxes.
Online gaming NGR across the group rose 9% on a constant-currency basis during H1, while online sports NGR increased 4%. Overall online volumes were 9% higher than a year earlier.
CEE Exit Forms Part of Wider Restructuring
Entain is also progressing with its phased withdrawal from Central and Eastern Europe as management focuses on simplifying the group and reducing leverage.
In June, the company agreed to sell an initial 20% interest in Entain Holdings CEE to joint-venture partner EMMA Capital for €425 million. The transaction implies an enterprise value of approximately €2.1 billion for the business and is expected to complete early in the fourth quarter of 2026. Proceeds from the eventual full exit are expected to help bring group leverage below three times EBITDA, with excess capital potentially returned to shareholders.
The CEE operation, now classified as discontinued, still recorded 2% constant-currency NGR growth during H1. Online revenue increased 7%, but retail NGR fell 22%.
Entain ended June with net debt of £3.60 billion and leverage of 3.1 times. The group has also been pursuing broader cost reductions, including plans affecting around 500 jobs as it works to improve efficiency and lower debt.
For the full year, Entain maintained its forecast for online NGR growth of 5% to 7% on a constant-currency basis. It expects underlying EBITDA excluding BetMGM parent fees to reach between £910 million and £960 million and continues to target at least £500 million in annual adjusted cash flow by 2028. The board also declared an interim dividend of 10.3 pence per share, up 5% year-on-year.