Entain keeps EBITDA guidance despite Brazil ban, expects lower-end result

Entain held its FY26 Group Underlying EBITDA guidance at £910 million to £960 million despite Brazil’s provisional online sports betting and gaming ban, but expects a lower-end result.

The TAB NZ brand operator also expects its Online Underlying EBITDA margin towards the lower end of its unchanged 21 to 22 per cent guidance. Both expectations assume the ban remains in force for the rest of 2026.

Brazil had been expected to account for about 5 per cent of Entain’s online net gaming revenue (NGR) in FY26. Entain said its expected EBITDA contribution was modest in a difficult, competitive market.

Including Brazil, Entain now forecasts online NGR to grow by 4 to 6 per cent at constant currency, reflecting its Brazilian results to date and an assumed ban through year-end. Excluding Brazil, it expects growth at the top end of its existing 5 to 7 per cent guidance.

In its half-year results, Entain reported Brazilian NGR down 25 per cent on a constant-currency basis for the six months to June 30, despite sports wagers rising 10 per cent. It attributed the NGR fall to adverse sports margins in the first quarter.

Congress has 120 days to approve the measure if it is to stay in force, and may amend or reject it. As The Straight reported, a different statute governs horse-race wagering in Brazil, and the measure does not expressly abolish that regime.

“Entain is disappointed by this sudden development without consultation of industry stakeholders regarding its significant adverse consequences,” the group said. It said its Brazilian operations were complying with the measure.