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Entain Q3 Growth Splits Between UK Online Strength and Brazil Weakness

Sasha Mednikova · 2 min read in Industry

Entain's third-quarter update shows why a single growth rate tells only part of the story. Group net gaming revenue rose 2% at constant currency, while online revenue grew 3%. Within online, UK and Ireland growth reached 14%, but Brazil revenue fell 36%.

Entain Q3 NGR summary showing group growth of two percent, UK and Ireland online growth of fourteen percent and Brazil decline of thirty-six percent
Entain’s reported constant-currency NGR comparisons for Q3 2026, with continuing operations excluding CEE. Source: October 15 trading update.

The October 15 company announcement covers July 1 to September 30. Unless stated otherwise, its figures describe continuing operations excluding Entain CEE. Readers comparing the release with an older group total need to keep that boundary intact.

Growth was not evenly spread across products

Online gaming NGR increased 8%, while online sports NGR declined 3%. Entain attributes pressure on sports to customer-friendly football results in August and September. Its volume measure adjusts NGR to remove sports-margin fluctuations, so volume growth and revenue growth are not interchangeable measures of customer activity.

Retail NGR fell 2% despite volume increasing 2%. The difference is a reminder that more activity does not guarantee higher revenue when the results of the events being bet on move in customers' favor. It also prevents treating every weak revenue line as evidence of a shrinking customer base.

Geography adds another split. UK and Ireland online NGR rose 14%, with gaming up 17% and sports up 3%. International online NGR fell 3%; excluding Brazil, it grew 1%. These comparisons describe different parts of the business, rather than competing versions of the same headline.

Reiterated guidance still contains an assumption

Entain maintained its full-year online NGR growth expectation of 4% to 6% at constant currency. It expects underlying EBITDA, excluding parent fees, toward the lower end of the £910 million to £960 million range. That is guidance for a future full-year result, not profit already earned in the quarter.

The outlook assumes Brazil's immediate online gambling ban, announced on September 25, remains in place for the rest of 2026. A reader should retain that condition when interpreting the unchanged forecast. It is not an unconditional prediction of how the market will develop.

Keep the parent and joint venture figures apart

The release separately repeats BetMGM's net revenue and adjusted EBITDA guidance. Those dollar-denominated figures should not be substituted for Entain's pound-denominated group forecast or its NGR growth rates. They have different scopes and measures.

Our BetMGM Q3 results report covers that business's revenue and active-player comparison. Read alongside this update, it gives a clearer view of where growth is occurring without adding unlike metrics together. The important questions are which operations are included, which exchange-rate basis is used and whether a number is an actual result or an outlook.

#Entain Q3

Sasha Mednikova

Sasha Mednikova writes about gambling regulation, market access and the companies working across different jurisdictions. Her CasinoPost coverage follows the detail in regulator notices and official announcements: which activities a licence permits, when a rule takes effect and who is actually covered. She connects new decisions with relevant earlier events so readers can follow a developing story without confusing a proposal with a final rule. Sasha also contributes across the group’s technology and music publications, bringing a broad interest in digital platforms and the way public policy shapes them. Her articles aim to make specialist source material readable while keeping important qualifications intact.