Entain eyes Australian rebound while seizing on NZ online casino opportunity

As it plots a return to growth for its Australian business, global gambling powerhouse Entain is eying a $200 million annual growth in its New Zealand operation, assuming it can secure a slice of the online casino licenses.

London-headquartered Entain announced its annual results this week, reporting seven per cent growth in net gaming revenue, although its Australian business was one of two jurisdictions to take a backward step.

The past 12 months have seen a major transition in Entain’s Australian operations, which are now headed by ANZ CEO Andrew Vouris after the departure of long-term CEO Dean Shannon midway through last year.

Overall, net gaming revenue fell six per cent year-on-year in Australia compared to 2024 and now represents eight per cent of Entain’s overall online NGR of £5.3 billion.

The expectation from head office is that Australia has now flattened out, according to outgoing CFO Rob Wood  

“We do expect Australia to return to growth in 2026,” Wood told investors.

In its annual announcement, Entain CEO Stella David explained the external and internal factors that contributed to the Australian decline.

“Australia is the largest Online market in our International division. Its performance during 2025 reflects the ongoing softness in the underlying market as well as highly customer-friendly results at the tent-pole sports events through 2025,” it said.

“Whilst NGR2 was six per cent lower versus 2024, year-on-year growth improved through the year with new local management’s reinvigorated approach delivering market share gains through its disciplined focus on returns and product innovation.”

She said turnover was broadly flat year-on-year in Australia and feels that is a reflection of“the improving engagement and quality of our player base as Ladbrokes and Neds continue to differentiate themselves in this product-led market”.

The AUSTRAC action over allegations of breaches of anti-money-laundering regulations is still pending, with a Federal Court case set for late November. There is a £52 million provision in the forecast, but Entain has previously said it is not on the basis of any expectation of what a financial penalty may end up being.

David was particularly bullish about the opportunity in New Zealand, which saw an annual NGR jump of 17 per cent across the TAB NZ and betcha brands, helped by the introduction of a legislative net which, in theory, gives Entain a monopoly.

It also has the IGaming opportunity, with the NZ government currently working through the process for appointing 15 online casino licensees, which will start from July this year. Entain is expected to apply for three of these.

“Going forward, towards the end of 26, maybe the beginning of 27, there will be licensed operators for iGaming,” David told investors.

“We are confident that we’ll probably get three of those licenses and I think the opportunity for us is significant because we’ll be the only player who will be able to do cross-sell.”

“We haven’t explicitly factored it into our numbers, but we have put it forward as one of those opportunity areas that could be significant for us as we go forward. So, really exciting.”

David said the Australasian team, led by Vouris, was already working closely to ensure they can hit the market if given the opportunity, while making the most of their current position within sports and racing in NZ.

“We have lots of opportunities going forward,” David said. “And maybe put some numbers on it, Andrew probably won’t appreciate this, but the opportunity is big.

“We estimate that there’s around a £600 million marketplace and currently we’re less than 200. So, if we have all of sports and a reasonable share of gaming, why can’t that below 200 number go to, say, 300 million? 

“It’s an opportunity for significant growth over a number of years.”

An additional £100 million is equivalent to NZ$220 million in increased value from New Zealand each year.

David said 2025 was a successful year for Entain as a global company, delivering on both strategic and financial fronts. 

“I am confident that Entain is well placed to not only navigate challenges ahead, but seize them as strategic opportunities and emerge stronger,” she said.

“I am excited about our future, continuing our hard work to realise Entain’s full potential; winning together, the right way and delivering value for all our stakeholders.”