Entain Outperforms Revenue Expectations; World Cup Cited For Growth

Entain has delivered its first-half (H1) financial results, exceeding expectations. The Ladbrokes and Coral owner produced a promising set of results across the board, covering the period up to June 30 2026.

Propped up by improved trading across its UK and Ireland (UK&I) operations, Entain helped unlock shareholder value. Moreover, Entain’s strong revenues, driven by the World Cup, helped heap the pressure on its rivals.

Snapshot of the key figures

Although Entain reported a loss after tax of £11.4 million, this still represented a £74 million improvement year-on-year (YoY), owed to a net benefit on financial instruments and foreign exchange (FX). Among the other eye-catching numbers that were flagged up in the interim results were as follows:

• H1 profit fell 2% to £479 million, but still surpassed company projections of £455 million.
• Group net gaming revenue rose by 5%, driven by strong retail and online performances.
• Net gaming revenue (NGR) for UK and Ireland (UK&I) shot up by 8%.
• Online NGR for UK&I proliferated by 13%, defying previous forecasts.

World Cup offsets turbulent tax headwinds

The importance of the 2026 World Cup can’t be negated. Indeed, Entain noted strong user engagement, and the number of first-time depositors doubled compared to the 2022 iteration of the tournament. An active marketing campaign brought about a much-needed uplift, and recent figures pulled up illustrated that wagers placed on goalscorer betting volumes quadrupled compared to four years ago.

To a certain extent, the success of promoting the World Cup on its Ladbrokes platform helped offset the growing worries over gambling taxes. In April, a steep rise in tax levels was enforced, where remote gaming duty (RGD) paid on online casino bets surged from 21% of gross gambling yield (GGY) to 40%, while in April 2027, duty paid on online sports bets will rise from 15% to 25%, with horseracing exempt.

Moreover, to mitigate the impact of the stringent UK gambling tax regime, Entain initiated an efficiency programme, which saw 500 jobs cut, equating to 2% of the company’s global workforce. Added to that, Entain took steps to pull out of central and eastern Europe, selling a 20% stake in its joint venture in the region to partner EMMA Capital for £366 million.

A busy week for Entain

The H1 results come off the back of a busy week for Entain. A three-year contract was agreed with leading IT services provider Barron McCann to enhance the digital infrastructure of its 2,000 betting shop locations, serving to challenge the notion of retail betting being a dead sector.

Also, ahead of the new Premier League season, Entain launched itself into the free-to-play (F2P) sphere with a new game named Seven. Aimed at players aged 25-35, Entain’s fresh spin on its squad-style fantasy game, it is hoped, will help it stand out in a crowded market from competitors, such as Sky Bet and BetMGM.

Entain unwavering in its ambitions

Having defied industry expectations, Entain remains committed to online growth and improving cash generation. And Entain CEO Stella David appears emboldened by the company’s long-term prospects.

She said: “This performance reflects our strengthening operations and focused execution, which reinforces the resilience of our globally scaled business and its ability to consistently deliver high-quality growth.

“We have continued to take decisive strategic actions to deliver shareholder value. Entain is becoming a sharper, fitter, and better connected business. I am confident our disciplined focus on growth and optimisation will deliver strong future cash-generation, and that Entain remains well positioned to be a long-term industry winner.”

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