Entain has repeated its FY26 guidance after a solid start to the year, helped by 13% online revenue growth in the UK and Ireland. In its first-quarter trading update, total online net gaming revenue rose 5% on a constant-currency basis, while total group net gaming revenue, including its 50% share of BetMGM, increased 3%.
Strong customer activity supported the quarter, although sports margins came in below expectations. Entain still expects 5% to 7% online NGR growth for FY26 on a constant-currency basis and remains comfortable with market expectations for full-year group underlying EBITDA.
UK and Ireland posted the strongest growth
The strongest performance came from the UK and Ireland, where online NGR rose 13% year on year. That growth was helped by further market share improvement. Australia also delivered double-digit growth, with online NGR up 12% in the quarter.
Across the wider online business, gaming revenue rose 9% while online sports revenue increased 4%. Player activity stayed strong, and that trend continued into the opening weeks of the second quarter.
BetMGM weakens the broader picture
The update was stronger in Entain’s core online business than in its US joint venture. BetMGM recently lowered its 2026 revenue forecast to between $2.9 billion and $3.1 billion after customer-friendly sports results and heavier promotional spending in a competitive market.
Its EBITDA outlook stayed at $300 million to $350 million, although the business now expects to finish toward the lower end of that range. This left Entain’s first-quarter update with mixed signals. Its main online markets delivered healthy growth, but pressure remains in the US, where sportsbook competition and customer-friendly outcomes are still weighing on returns.
Entain keeps FY26 targets unchanged
The year has started in line with expectations, and the opening to Q2 has also been strong. Entain also repeated its confidence in generating at least £500 million of annual adjusted cash flow in 2028. Growth in the UK and Ireland online business helped balance weaker sports margins, and early 2026 trading has been strong enough for Entain to leave its full-year targets unchanged.
