Entain (LSE: ENT) reported “robust growth” in the first half of 2026, highlighting significant expansion in both the UK and Australia, which propelled the group’s revenue to a 5% increase on a constant currency basis.
The total revenue for the group reached £2.55 billion ($3.44 billion) in the initial six months of the year. Online revenue surged by 7%, while retail revenue saw a modest increase of 1%. The Underlying H1 EBITDA for the group stood at £479 million, experiencing a 2% decline.
“I’m delighted with Entain’s performance in the early part of 2026, marked by strong momentum and volume growth, along with high player engagement across the Group, particularly during the World Cup tournament,” stated CEO Stella David.
Significant gains from Entain’s online operations in the UK and Ireland led the charge, with net gaming revenue (NGR) climbing by 13%. The growth in the UK is especially noteworthy, given the near doubling of remote gaming duty from 21% to 40% on April 1.
Entain indicated that robust NGR growth and strategic mitigation measures helped alleviate some of the tax impact. However, online EBITDA in the UK and Ireland still fell by 8% to £148 million. The company anticipates mitigating approximately 25% of the heightened UK online gaming tax pressures throughout 2026.
David characterized the tax hike as “significant and disappointing,” but asserted that Entain’s scale and ongoing momentum may place the company in a strong position as the broader market adjusts.
“Entain’s UK operations have never been more robust; our fundamentals are solid and our teams are executing effectively,” the company noted in its financial results.
This sentiment aligns with observations made earlier this week by Evoke, whose William Hill and 888 brands pointed toward improving online performance in the UK, despite the recent tax increases.
Earlier this month, Flutter also recognized the potential for enhanced market share opportunities resulting from the elevated UK tax rates.
Australia’s Recovery Accelerates
Australia proved another highlight, with online NGR rising by 13% on a constant currency basis in the first half of the year.
Entain attributed this success to new local leadership that has “revitalized” operations by streamlining processes. The strategy also involves redefining the Ladbrokes and Neds brands to appeal beyond their conventional racing focus.
Product innovations included enhancements to BetBuilder and an upgraded native app, with management stating that these changes are contributing to growing market share.
The positive trend continued in New Zealand, where NGR increased by 23%, reflecting a 21% boost online and a 29% rise in retail operations.
CEE Exit Progresses
In conjunction with its operational strategy, Entain is advancing its planned exit from Central and Eastern Europe (CEE).
The company has agreed to sell an initial 20% stake in Entain CEE to joint venture partner EMMA Capital for €425 million ($497 million), valuing the business at €2.1 billion. Entain aims to finalize the deal in early Q4.
In other regions, Spain emerged as one of Entain’s rapidly expanding markets, with online NGR soaring by 28%, while Canada reported an 11% increase.
Brazil, however, represented a significant challenge, with NGR dropping by 25% due to unfavorable sports outcomes and an “intensely competitive and highly promotional” environment, as remarked by Entain.
“Our engagement strategy prioritizes returns over market share,” the company emphasized.
Entain reaffirmed its full-year 2026 online NGR growth forecast of 5% to 7%, alongside an underlying EBITDA outlook of £910 million to £960 million.