• 목록
• 답변
• 글쓰기

Entain delivered a solid first half of 2026, reporting 5% year-on-year growth in net gaming revenue (NGR) to €3.0 billion, driven by continued momentum across its online business and resilient retail performance. However, higher gambling taxes and increased regulatory costs weighed on profitability, limiting earnings growth despite stronger top-line results.

Core Markets Drive Revenue Growth

Group NGR exceeded management expectations, supported by a 7% increase in online revenue on a constant-currency basis and 1% growth in retail.
The strongest performances came from the UK & Ireland, Australia, and Canada, where improved player engagement and ongoing product enhancements boosted customer activity. In continental Europe, Spain emerged as Entain’s fastest-growing online market, with constant-currency NGR rising 28%.
The company credited much of the momentum to product improvements introduced ahead of the 2026 FIFA World Cup, including enhancements to its sportsbook and mobile experience. Double-digit growth across both sports betting and gaming in the UK and Ireland, together with sustained expansion in Canada, reflected stronger execution across several of Entain’s largest regulated markets.
Chief Executive Officer Stella David said the results demonstrated the resilience of Entain’s operating model and the benefits of continued investment in its products and technology.

Higher Duties Pressure Margins

While revenue strengthened, profitability came under pressure as new gambling tax regimes took effect.
Underlying EBITDA declined 2% to €560.7 million, primarily reflecting higher gambling duties introduced in the UK and other regulated markets following the implementation of the new remote gambling duty framework in April.
Entain’s tax expense increased sharply, with its effective tax rate rising to 34.4% from 30.3% a year earlier. Total tax payments more than doubled to €108.9 million, contributing to lower operating profitability despite higher revenues.
Underlying operating profit fell 10% to €372.1 million, while gross margin eased to 60%. The company also maintained elevated marketing investment during the World Cup, spending €18.7 million to capitalise on heightened customer engagement.
Separately disclosed items totalled €218.8 million, including €112.5 million in legal provisions related to ongoing German player claims.
Despite these headwinds, Entain returned to pre-tax profitability, reporting €54.3 million in profit compared with a €77.6 million loss in the first half of 2025. The group’s after-tax loss also narrowed significantly.

Brazil Remains Challenging

Brazil continued to underperform as the newly regulated market remained highly competitive.
Constant-currency NGR declined 25%, reflecting intense promotional activity and unfavourable sportsbook margins during the first quarter. Nevertheless, customer engagement improved throughout the period, with total sports wagers increasing 10%.
Entain said it would continue prioritising profitability over market share, maintaining a disciplined customer acquisition strategy while positioning Sportingbet as the centrepiece of its Brazilian business.

Strategic Exit From Central and Eastern Europe

The company also advanced its previously announced exit from Central and Eastern Europe.
Entain agreed to sell an initial 20% stake in Entain CEE to EMMA Capital for €425 million, valuing the business at approximately €2.1 billion.
The regional business generated €314.7 million in NGR and €111.2 million in underlying EBITDA during the first half. Completion of the transaction is expected in the fourth quarter of 2026.
Management said proceeds from a full disposal would reduce group leverage below three times EBITDA before considering future capital returns to shareholders.

Outlook Remains Unchanged

Despite increasing regulatory costs, Entain reaffirmed its full-year guidance.
The company continues to expect online NGR growth of 5% to 7% and underlying EBITDA between €1.06 billion and €1.12 billion for 2026.
It also reiterated its longer-term objective of generating €585 million in annual adjusted cash flow by 2028, signalling confidence that ongoing operational improvements and disciplined capital allocation will continue to support sustainable long-term growth.