Entain reports 3% revenue rise as shares climb after Q1 update

Entain shares rose about 5% on 16 April after the operator reported Q1 trading that showed stronger online growth in core markets and reiterated its full-year outlook.

The group posted 3% year-on-year growth in net gaming revenue for the three months to 31 March, with online NGR up 5% and online volumes up 10%.  

Gaming revenue rose 9%, while online sports NGR fell 1% as sports margins declined by 1.3 percentage points year-on-year.

UK and Ireland online performance was ahead of expectations, rising 13%, while Australia posted 12% growth. Retail NGR fell 3%, reflecting weaker sports margins. 

Entain said international NGR rose 1%, while central and eastern Europe declined 6%, with Croatia affected by a football-heavy sports mix and lower sports margins.

Entain CEO Stella David said: “We entered 2026 with strong momentum which has continued in Q1, with strong volume growth across our diversified portfolio.”

The operator reiterated FY26 guidance for online NGR growth of 5% to 7% on a constant currency basis and said it remained comfortable with market expectations for group underlying EBITDA. It also restated its target of generating at least £500m ($677m) in annual adjusted cash flow in 2028.

Analyst reaction was positive. Goldman Sachs said the update represented a “stronger underlying start to the year on volumes” and pointed to a “positive surprise particularly in Australia’s growth following last year’s management changes”. 

Peel Hunt said Entain was “winning at home” and kept its Buy recommendation and 750p target price, while noting “resilient online growth particularly in UK&I”.

BetMGM, in which Entain owns a 50% stake, reported Q1 net revenue of $696m, up 6%, with adjusted EBITDA of $25m.

Earlier this month, Entain opened its refurbished Gibraltar office following a £7.5m ($9.94m) investment and a new 10-year lease, underlining its long-term presence in the jurisdiction.