Entain holds FY26 EBITDA guidance despite Brazil betting ban
Entain said it is maintaining its full-year earnings guidance after Brazil provisionally withdrew operators' authority to offer online sports betting and gaming, though it now expects to land towards the lower end of its ranges.
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Entain plc said on 28 September 2026 that it was maintaining its FY26 Group Underlying EBITDA guidance of between £910m and £960m, despite a Brazilian regulatory measure banning online sports betting and gaming.
The company said an executive measure was published in Brazil on 25 September 2026, provisionally withdrawing all operators’ authority to operate online sports betting and gaming with immediate effect. Entain said the measure requires approval from Brazil’s Congress within 120 days to remain valid, and that Congress may reject, approve or amend it, meaning the longer-term outcome is likely to stay uncertain during that period.
Entain said it was “disappointed by this sudden development without consultation of industry stakeholders regarding its significant adverse consequences”, but confirmed that its operations in Brazil are complying with the provisional measure.
The company said Brazil had been expected to represent approximately 5% of the Group’s Online Net Gaming Revenue in FY26, though its EBITDA contribution was expected to be modest given a challenging and highly competitive operating environment.
Entain said it was reconfirming its FY26 Group Underlying EBITDA guidance of £910m to £960m and its Online Underlying EBITDA margin guidance of 21-22%, but now expects to be towards the lower end of both ranges as a result of the Brazilian measure.
Excluding Brazil, the company said it remains on track to deliver FY26 Online NGR growth at the top end of its guidance of 5-7% on a constant currency basis. Including Brazil, Entain said it now expects FY26 Online NGR growth of 4-6% on a constant currency basis, reflecting Brazil’s year-to-date performance and assuming the immediate ban is upheld for the remainder of 2026.
Entain said it would continue to monitor the situation and provide updates as appropriate.