🔒 🔒 An Entain resurgence: Australian wagering business rebounds under new strategy and leadership

The significant changes made in Entain’s Australian operations over the past 18 months are delivering dividends for the global wagering business, with a 13 per cent growth in Australian revenue in the first half of 2026, compared to the same period in 2025.

Entain, which owns the Ladbrokes and Neds brands in Australia, undertook a massive strategic reset across the first six months of 2025 in the aftermath of AUSTRAC launching enforcement action against the company in late 2024.

While the outcome of that court hearing is not expected until later in 2026, the initiation of legal action prompted a major rethink of operations and strategy in Australia.

A host of senior executives departed the company, including long-term chief executive Dean Shannon, who left in June 2025.

Andrew Vouris was appointed managing director of the Australian and New Zealand business, whose revenue had declined seven per cent from the first half of 2024 until the first half of 2025.

But the past 12 months have seen Entain post very positive results and market share gains.

The revenue growth of 13 per cent on a constant currency basis in the first half of 2026 continues the momentum that began in the second half of last year, with praise from the London headquarters for a “reinvigorated” approach focused on execution, product improvement and operational simplification.

“Our new local leadership have reinvigorated the business by simplifying operations and refocusing on delivering brilliant basics,” the company said. 

“The team’s disciplined approach, focusing on both product and returns, is strengthening our business, improving its competitive position and driving market share gains.”

In its half-year earnings announcement, Entain attributed the turnaround to a refresh of the Ladbrokes and Neds brands, which it said was expanding their appeal beyond traditional racing customers and strengthening their relevance among mainstream sports bettors.

It also pointed to enhancements to its BetBuilder product and upgrades to its native app experience as key contributors to growth.

“If you take Australia, we’re in healthy double-digit growth because of changes that we’ve made to the way that we operate,” Entain CEO Stella David said.

“So we think that is sustainable based on good inputs, focusing on more broad sports, less exclusive focus on racing, for example, streamlining the way that we operate to focus in on the things that really move the dial.”

There was also considerable growth in Entain’s New Zealand business, which for reporting purposes is treated differently, despite the two countries both being under Vouris’ control.

Entain operates TAB NZ under a long-term partnership as well as the betcha brand and reported net gaming revenue grew 23 per cent in the first half in New Zealand.

The company said clearer positioning of betcha helped drive strong double-digit growth and attract returning onshore customers.

“It’s also very exciting that we’re going to get the casino regulation start at the beginning of 2027, which is a new opportunity for us,” David said.

The strong Australia and New Zealand performance helped lead Entain’s broader results, where group revenue rose seven per cent and net gaming revenue increased seven per cent.

Overall revenue reached £2.514bn, while underlying EBITDA was £479m. The loss after tax of £11.4m was described as a significant improvement from the prior year’s loss of £85.8m.

David said the broader strategy of creating a “stronger, fitter and more agile business” was focused on improving execution rather than relying solely on scale.

Across the group, management reported nine consecutive quarters of online growth and highlighted Australia among the clearest examples of how focused operational improvements can translate into accelerated market share gains.

“We continue to execute our strategic priorities of delivering sustainable growth, margin expansion and stronger cash generation. Additionally, our announced phased exit from Entain CEE demonstrates our proactive and disciplined approach to capital allocation and commitment to maximising shareholder value,” David said.

“Entain today is sharper, fitter and more agile than ever before, underpinned by increasingly effective execution and market-leading capabilities. While mindful of the increased tax pressures and competitive market dynamics we face, our portfolio is stronger than ever.”

Entain shares in London initially surged on the announcement but retreated later in the day to be down two per cent.