Entain H1 revenue rises 7% to £2.51bn as EBITDA falls 2%

Entain has reported H1 2026 revenue of £2.51bn ($3.40bn), up 7% year-on-year, as growth across its online operations offset the impact of higher UK online gambling taxes.

NGR from continuing operations reached £2.55bn, representing 5% growth on a constant-currency basis. Online NGR increased 7%, while retail NGR rose 1%. Group underlying EBITDA was £479m, down 2%, with online underlying EBITDA falling 5% to £395m and retail underlying EBITDA increasing 6% to £142m.

The operator recorded a statutory loss after tax of £11.4m, compared with £85.8m in H1 2025.

UK and Ireland NGR increased 8% on a constant-currency basis, led by 13% growth online. Australia also recorded 13% online NGR growth, while Spain increased 28%. Brazil NGR fell 25%, with Entain attributing the decline to adverse sports margins during Q1, although sports wagers increased 10%.

The results cover the first reporting period since the UK's Remote Gaming Duty increased from 21% to 40% on 1 April. Entain had previously outlined plans to mitigate around 25% of the impact of the higher tax during FY26.

Entain is also progressing a phased exit from Entain CEE. It agreed to sell an initial 20% interest to joint venture partner EMMA Capital for €425m ($497m), implying an enterprise value of €2.1bn. 

Proceeds from the eventual full exit are intended to reduce reported leverage below 3x, with excess capital earmarked for return to shareholders.

The restructuring comes as Entain focuses its portfolio around markets including the UK, Australia, Italy and Brazil, alongside its 50% interest in BetMGM. Entain's net debt stood at £3.60bn at 30 June, with reported leverage unchanged year-on-year at 3.1x. 

BetMGM has meanwhile maintained FY26 revenue guidance of $2.9bn to $3.1bn and adjusted EBITDA guidance of $300m to $350m, although it expects results towards the lower end of both ranges.

Entain reiterated FY26 online NGR growth guidance of 5% to 7% on a constant-currency basis. Group underlying EBITDA excluding BetMGM parent fees is expected between £910m and £960m.

In March, Entain reported FY25 underlying EBITDA of £1.16bn, up 8% on a constant-currency basis, while a £488m impairment linked to the UK online gambling tax increase contributed to a £681m statutory loss after tax. The operator also completed its CFO transition to Michael Snape as it entered the new financial year.