Entain Q3: group NGR up 2% as Brazil shutdown weighs on International, while UK and Ireland grows 8%

Entain reported that group-wide net gaming revenue rose 2% year-over-year in the third quarter. Online NGR increased 3%, and the company said it would have been up 5% if Brazil were excluded. The results came in a period that included the knockout stage of the 2026 World Cup.

The company cited ongoing challenges linked to President Lula da Silva's decision in late September to ban online betting and gambling in Brazil. Even so, it said it remains confident of meeting its previously outlined year-end targets. Entain expects full-year online NGR growth of 4-6%, or 5-7% without Brazil, and underlying EBITDA at the lower end of a £910m-£960m range. Chief Executive Stella David said she was pleased with the quarter, which she said reflected the strength of execution and the resilience of the business.

The UK and Ireland segment, driven largely by the Ladbrokes and Coral brands, saw NGR rise 8%, ahead of expectations. Online was the main driver at 14%, while retail grew 1%. The business still faces a substantial tax burden after April's increase in Remote Gaming Duty.

International NGR fell 4%. Brazilian NGR dropped 36%, reflecting what the company described as an increasingly challenging market even before the ban. In Australia, online NGR was up 1%, in line with expectations, though advertising-focused reforms due over coming months could affect 2027 performance. In Italy, where Entain runs Eurobet, NGR fell 6% as 9% volume growth was offset by customer-friendly football results in August and September.

Entain has discontinued its Central and Eastern Europe operations as it divests the segment to EMMA Capital. The business, which includes the STS and SuperSport brands, saw online NGR rise 4% while retail fell 22%.

The group continues to face pressure from tax and regulation across several key markets. It was relegated from the FTSE 100 last month, and its share price is down 44% in 2026. Following the Q3 announcement, the stock dipped 2.3% to £4.34.