Entain shares rise 8 per cent in London as betting and gaming operator reiterates full year Online NGR guidance after solid start in Q1
Entain has reported a 3 per cent increase in group net gaming revenue (NGR) in constant currency for the first quarter of 2026, as growth in Gaming offset a decline in Sports, which was impacted by a lower sports margin.
Online NGR rose 5 per cent in the first quarter, driven by growth in Gaming NGR (+9 per cent). Sports NGR fell by 1 per cent, despite an 11 per cent increase in sports wagers. This was due to a lower sports margin, which fell by 1.3 percentage points year-on-year.
In the Retail sector, NGR decreased by 3 per cent in Q1 2026 as a 1 per cent rise in Gaming NGR was offset by a 6 per cent drop in Sports NGR. Retail sports wagers were up 6 per cent, but the sports margin fell by 1.9 percentage points versus the prior year period.
The United Kingdom & Ireland (UK&I) segment recorded the biggest growth in the first quarter as NGR grew 6 per cent, comprising an 8 per cent increase in Gaming NGR and a 1 per cent rise in Sports NGR. Sports wagers grew 9 per cent but the sports margin was 1.1 percentage points lower than Q1 2025.
Online UK&I NGR rose 13 per cent as Gaming NGR increased 12 per cent and Sports NGR climbed 8 per cent, offsetting a 1 per cent decline in Retail UK&I NGR, which included growth of 2 per cent in Gaming NGR and a decline of 3 per cent in Sports NGR.
Buoyed by a return to growth in Australia (+12 per cent), International NGR climbed 1 per cent compared to Q1 2025, with Gaming NGR up 8 per cent and Sports NGR falling 3 per cent. International sports wagers were up 11 per cent, but the sports margin was 1.5 percentage points lower year-on-year.
Online International NGR grew 2 per cent on the back of an 8 per cent increase in Gaming NGR, while Sports NGR fell by 2 per cent. Retail International NGR declined 4 per cent, with declines in both Gaming (-4 per cent) and Sports (-5 per cent).
In the Central and Eastern European (CEE) region, first quarter NGR was down 6 per cent following a 3 per cent fall in Gaming and an 8 per cent decline in Sports, which was weighed down by “highly” customer-friendly sports results, particularly in Croatia. CEE sports wagers grew 6 per cent, but the sports margin was 2.7 percentage points lower than a year ago.
Online CEE NGR fell by 1 per cent as growth in Gaming (+2 per cent) overcame a decline in Sports (-4 per cent). Retail CEE NGR decreased by 30 per cent, as Gaming NGR fell 54 per cent and Sports NGR declined by 25 per cent.
Across all segments, Gaming NGR rose 7 per cent in the first quarter, while Sports NGR decreased by 3 per cent. Sports wagers were up 10 per cent, but the sports margin was 1.5 percentage points lower than the prior year period.
As earlier reported, BetMGM‘s NGR increased by 6 per cent in Q1 2026, as a 7 per cent increase in Online NGR offset a 43 per cent decline in Retail NGR.
“We entered 2026 with strong momentum which has continued in Q1, with strong volume growth across our diversified portfolio,” said Entain CEO Stella David. “This further demonstrates our ongoing strategic execution and strengthening operations, and also highlights the growth embedded in our globally scaled business.”
First Quarter of 2026 Net Gaming Revenue Comparison
| Gaming | Sports | Total | |
| UK & Ireland | +8% | +1% | +6% |
| – Online | +12% | +8% | +13% |
| – Retail | (1%) | +2% | (3%) |
| International | +8% | (3%) | +1% |
| – Online | +8% | (2%) | +2% |
| – Retail | (4%) | (5%) | (4%) |
| CEE | (3%) | (8%) | (6%) |
| – Online | +2% | (4%) | (1%) |
| – Retail | (54%) | (25%) | (30%) |
| Group | +7% | (3%) | +3% |
| – Online | +9% | (1%) | +5% |
| – Retail | +1% | (6%) | (3%) |
| BetMGM | – | – | +6% |
| – Online | +9% | 4% | +7% |
| – Retail | – | – | (43%) |
| Group including 50%. of BetMGM | – | – | +3% |
Entain has reiterated its full year 2026 guidance of between 5 and 7 per cent Online NGR growth on a constant currency basis, and said it “remains comfortable” with market expectations of £1.13 billion in group EBITDA for the year (excluding BetMGM parent fees).
“Our strong and resilient business has started the year well, and we continue to build on this momentum,” said David. “Our sharper focus and optimisation initiatives reinforce our conviction in delivering sustainable growth and improving cash generation.
“Entain remains well positioned to be a long-term industry winner, seizing the many opportunities ahead, and I am confident in our future.”
Shares in Entain plc (LSE:ENT) gained 8 per cent to 631.80 pence per share in London Thursday following the announcement.