Entain Hails ‘Strong Momentum’ as UK, Australia Deliver in H1 

Entain (LSE: ENT) pointed to “strong momentum” during the first half of 2026, as impressive growth in the UK and Australia helped drive group revenue up 5% on a constant currency basis.

Group-wide revenue totaled £2.55 billion ($3.44 billion) for the first six months of the year. Online revenue grew 7%, while retail increased 1%. Group Underlying H1 EBITDA was £479m, down 2%.

“I am pleased with Entain’s start to 2026, with strong momentum and volume growth continuing as well as strong player engagement across the Group through the World Cup tournament,” CEO Stella David said.

The performance was driven by impressive results from Entain’s UK and Ireland online operations, where net gaming revenue (NGR) rose 13%. The UK growth is particularly notable given remote gaming duty almost doubled from 21% to 40% on April 1.

Entain said strong NGR growth and mitigation measures helped offset part of the impact. UK and Ireland online EBITDA still fell 8% to £148 million. The company expects to mitigate around 25% of the additional UK online gaming tax burden during 2026.

David described the tax increase as “significant and disappointing,” but said Entain’s scale and momentum could leave it well positioned as the wider market adjusts.

“Entain’s UK business has never been in better shape; our fundamentals are strong and our teams are executing well,” the company said in its results.

The comments echo those made by Evoke earlier this week, with the William Hill and 888 operator pointing to improving UK online performance despite the tax increase.

Earlier this month, Flutter also highlighted how higher UK taxes could create an opportunity to increase its market share.

Australia Rebound Gathers Pace

Australia provided another major bright spot, with online NGR rising 13% on a constant currency basis during H1.

Entain said new local leadership has “reinvigorated” the business by simplifying operations. It has also refocused the Ladbrokes and Neds brands beyond their traditional racing audience.

Product changes included BetBuilder improvements and an upgraded native app, with management saying the turnaround is now driving market share gains.

The improvement extended into New Zealand, where NGR increased 23%, including 21% growth online and 29% in retail.

CEE Exit Moves Forward

Alongside its operating performance, Entain is pushing ahead with its phased exit from Central and Eastern Europe (CEE).

The company agreed to sell an initial 20% stake in Entain CEE to joint venture partner EMMA Capital for €425 million ($497 million). The deal implies a €2.1 billion valuation for the business. Entain expects to complete the deal in early Q4.

Elsewhere, Spain was among Entain’s fastest-growing markets, with online NGR up 28%, while Canada grew 11%.

Brazil remained the notable weak spot. NGR fell 25% amid unfavorable sports results and what Entain described as an “intensely competitive and highly promotional” market.

“Our approach to player engagement focuses on returns, rather than share of voice,” the company said.

Entain maintained its FY2026 online NGR growth guidance of 5% to 7% and underlying EBITDA guidance of £910 million to £960 million.