Entain’s Brazil NGR Drops 36%, UK Online Rises 14%

The figures cover July 1 to September 30 and were published in Entain’s October 15 trading update. Total Group NGR rose 2%. Excluding Brazil, online growth reached 5%. The figures cover continuing operations and exclude Entain CEE.

Brazil’s Decline Widens by 11 Percentage Points

Entain had reported a 25% decline in Brazilian NGR for the first six months of 2026 in its August 13 interim results. The Q3 figure was -36%.

The difference is 11 percentage points between the two year-on-year growth rates. It does not represent a quarter-on-quarter revenue decline.

Entain gave different details for the two periods. In H1, adverse sports margins hurt Brazilian NGR, although sports wagers increased 10%. The Q3 update described a difficult competitive market and a controlled approach to marketing and player engagement.

Brazil announced its provisional betting ban on September 25, five days before the quarter ended. Entain said the market had become increasingly difficult before that decision. The company did not provide a separate calculation of the ban’s effect on Q3 NGR.

UK Online Gaming NGR Grows 17%

The UK and Ireland business reported total NGR growth of 8%. Online NGR rose 14%, with gaming up 17% and sports up 3%. Online volumes increased 15%.

The gap between UK and Ireland online growth (+14%) and Brazil’s NGR decline (-36%) reached 50 percentage points. Both figures are year-on-year constant-currency comparisons, although they cover different market segments.

Results elsewhere were mixed:

• International. NGR fell 4% in Q3;
• Italy. NGR declined 6% despite 9% volume growth, with customer-friendly football results affecting revenue;
• Australia. Online NGR increased 1%;
• Spain, Canada and New Zealand. Each recorded double-digit online growth. Entain did not disclose separate percentages.

Across the group, online gaming NGR increased 8%, while sports NGR declined 3%. Entain estimated that unfavourable sports results reduced Q3 online growth by approximately four percentage points.

Entain Maintains £910M–£960M EBITDA Outlook

Entain kept its full-year online NGR growth forecast at 4–6%. Underlying EBITDA, excluding parent fees, is still expected at the lower end of the £910 million to £960 million range.

The forecast assumes Brazil’s online gambling ban remains in place for the rest of 2026.

Excluding Brazil, the company expects online NGR growth near the upper end of its 5–7% guidance range. These targets were already set on September 28. The October 15 update did not introduce a further reduction.