Entain Reiterates Full-Year Guidance as Q3 Update Announced
Entain has reported a third-quarter trading update pointing to continued underlying momentum across its business, with the group reiterating its full-year 2026 guidance. The statement, published on 15 October 2026 under the banner “Diverse portfolio supports continuing underlying momentum,” arrives at a time when the FTSE 100 gambling operator is reshaping its portfolio and managing profitability pressures in key regulated markets.
The central message of the update was continuity. Entain reaffirmed its FY26 guidance, including constant-currency net gaming revenue (NGR) growth of 5–7% for its online business and an online EBITDA margin of 21–22%. The reiterated outlook follows a first half in which group NGR rose 5% in constant currency to £2.55 billion, ahead of expectations, although underlying EBITDA declined 2% year-on-year to £479.3 million – a reduction the company attributed in part to the increase in the UK’s Remote Gaming Duty.
CEO Stella David, who has led the group through a period of strategic repositioning, has previously characterised the trajectory of the business as one of steady operational improvement, with the company emphasising volume growth and market share gains across its online operations.
BetMGM Delivers Profitable Growth
Two days before the group update, Entain and its joint venture partner MGM Resorts published BetMGM’s Q3 business update, which showed net revenue of $710 million for the quarter, up 7% year-on-year. iGaming generated $483 million (+6%), while online sports net revenue reached $216 million (+7%), supported in part by betting activity around the World Cup.
Profitability was the standout metric. Adjusted EBITDA more than doubled year-on-year to $86 million, bringing the year-to-date figure to $185 million. Notably, this was achieved despite a modest year-on-year decline in average monthly active players, with growth instead driven by higher net gaming revenue per active – a dynamic consistent with BetMGM’s stated strategy of prioritising sustainable, profitable customer acquisition over volume. The joint venture reiterated its full-year 2026 guidance of net revenue of $2.9–3.1 billion and adjusted EBITDA of $300–350 million.
The Q3 update comes as Entain progresses a phased exit from Entain CEE, its Central and Eastern European joint venture. Announced in June 2026, the initial step involves the divestment of a 20% stake for €425 million, reducing Entain’s holding from 67.5% to 47.5%. Completion of the first phase is expected in the fourth quarter of 2026, subject to regulatory approvals, with Entain CEE subsequently excluded from the group’s continuing operations. Proceeds are expected to support deleveraging, with the group targeting leverage below 3x.
The update presents a company balancing growth against structural headwinds. Online momentum – particularly in the UK and Ireland, where online NGR grew 13% in constant currency in the first half – remains a strength. Retail, by contrast, has been more subdued, while regulatory cost increases in the UK continue to weigh on margins
