Entain, the London-listed owner of Ladbrokes, Coral and a half-share of BetMGM in the US, reported modest third-quarter growth on 15 October, with a strong UK performance largely cancelled out by Brazil’s sudden ban on online betting. Group net gaming revenue (NGR) rose 2% at constant currency in the three months to 30 September, and online NGR rose 3%, or 5% excluding Brazil.
UK and Ireland ahead of expectations
The UK and Ireland was the standout. Total UK&I NGR rose 8%, and online NGR grew 14% on volumes up 15%. Online gaming, which covers casino and slots, rose 17%, while online sports betting revenue grew 3%.
That growth came despite Remote Gaming Duty on online casino rising from 21% to 40% in April 2026, a change that affects every licensed UK operator. Retail was weaker: shop NGR across the group fell 2% even though betting volumes rose 2%, which Entain put down to sports results going the way of customers.
Entain also said New Zealand, Spain and Canada each delivered double-digit online growth.
The Brazil hit
Brazil’s government announced an immediate ban on fixed-odds betting and online casino games on 25 September, and it took effect before the quarter ended. Entain’s Brazilian revenue fell 36% in the period, which it put down to disciplined marketing in an increasingly challenging market before the ban was announced, and that pulled international NGR down 4%. Excluding Brazil, international online NGR rose 1%. Chief executive Stella David told analysts she expects Brazil’s regulated market to reopen in some form. iGaming Business reported that the ban was imposed through a provisional measure that Brazil’s Congress has yet to vote on.
The company’s full-year guidance now assumes the ban stays in place for the rest of 2026. On that basis Entain is forecasting online NGR growth of between 4% and 6% in constant currency terms (which would sit at the upper end of 5% to 7% if Brazil were stripped out), with underlying EBITDA close to the bottom of its £910m to £960m target.
BetMGM and other moves
Two days earlier, on 13 October, BetMGM, Entain’s US joint venture with MGM Resorts, reconfirmed its full-year guidance of $2.9bn to $3.1bn in net revenue and $300m to $350m in adjusted EBITDA, and said it expected to land towards the lower end of both ranges. Entain also said the sale of an initial 20% stake in its Central and Eastern European business remains on course to close in the fourth quarter.
David also used the update to urge the UK government to think carefully before raising gambling taxes again, pointing to the pressure on betting shops and jobs. The Budget on 28 October left online duties unchanged but raised Machine Games Duty on higher-stake machines from April 2027.
What it means for players
For UK customers, the numbers show that online casino play is still growing at Ladbrokes, Coral and Entain’s other brands despite the much higher duty bill. Operators absorbing that kind of cost often respond by trimming promotions or tightening bonus terms over time, so it is worth reading offer conditions carefully rather than assuming they will stay the same. Our explainer on how casino bonuses work covers wagering requirements and other terms.
The Brazil episode is also a reminder that a licence can be withdrawn at short notice by a government. Wherever you play, keep only what you need in an account and withdraw winnings regularly.
Sources
- Q3 Trading Update (Entain plc via Investegate (RNS))
- Entain reiterates FY26 guidance as Brazil slump weighs on Q3 growth (Hargreaves Lansdown (Sharecast))
- Entain CEO expects Brazil market will reopen, and it will be ready (iGaming Business)
Written in our own words from the sources above. Spotted an error? Tell us and we will correct it and log it on our corrections page.
About the author
The BettingSeeker News Desk covers regulation, operator news and safer gambling developments in the UK, the US and Canada. Every story is based on primary sources such as regulator announcements, government publications and company filings, or on reporting by established news outlets, and every source is linked at the end of the article.
- Gambling regulation in the UK, US and Canada
- Sports betting and online casino legalisation
- Operator and industry news