Entain PLC (LSE:ENT) reported a solid start to 2026, with first-quarter net gaming revenue increasing 3% on a constant currency basis, in line with expectations, as the global betting and gaming group reaffirmed its full-year outlook.
The company recorded strong activity levels, with total volumes up 8% year on year, supported by a 10% increase in online volumes. This was partly offset by a 1.5 percentage point decline in sports margins. Online net gaming revenue grew 5%, driven by a 9% rise in gaming, while sports revenue slipped 1% as a result of a 1.3 percentage point margin impact.
Performance in the UK and Ireland stood out, with net gaming revenue climbing 13% and exceeding expectations. Australia also returned to growth, delivering a 12% increase in net gaming revenue.
Shares moved 6.2% higher following the update, reflecting investor confidence as the company held its full-year guidance unchanged.
“We entered 2026 with strong momentum which has continued in Q1, with strong volume growth across our diversified portfolio,” said Stella David, CEO of Entain. “This further demonstrates our ongoing strategic execution and strengthening operations, and also highlights the growth embedded in our globally scaled business.”
Entain reiterated its forecast for fiscal 2026 online net gaming revenue growth of 5% to 7% on a constant currency basis, with the midpoint of 6% broadly matching analyst consensus. The company also said it remains comfortable with market expectations for group underlying EBITDA of £1,131 million for the year, excluding BetMGM-related fees, based on estimates from 11 analysts as of April 10.
BetMGM, the group’s US joint venture, reported first-quarter net revenue of $696 million, up 6%, with adjusted EBITDA of $25 million. However, it revised its full-year 2026 revenue outlook to between $2.9 billion and $3.1 billion, with adjusted EBITDA now expected toward the lower end of its previously guided $300 million to $350 million range.
Entain also reaffirmed its longer-term target of generating at least £500 million in annual adjusted cash flow by 2028.
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