ENTAIN overview
Leading global sports betting and gaming group
Entain operates a diverse, high-quality portfolio of iconic brands in podium positions across global markets in the structural growth industry of sports betting and gaming.
c.£5bn
Last 12 monthsNet Gaming Revenue
c.£1bn
Last 12 monthsUnderlying EBITDA
share of NGR (%)
>85%
Revenue from markets with podium positions
#3
BetMGM position in North American market
share of NGR (%)
The investment case
The market opportunity
Global, excluding US
Addressable market, GGR
+8% CAGR
+2% CAGR
US
Addressable market, NGR
+9% CAGR
0% CAGR
Structural growth dynamics
A high-quality portfolio
Diverse portfolio of leading brands, in podium positions, across attractive markets
Geographical diversification
Entain Group NGR (H1 2026)
Online
21%UK&I
Retail
17%Italy
10%AUS
7%NZ
3%BR
3%ES
3%GE
3%BE
3%Other
13%US
17%
Leading positions in our markets
NGR from markets with podium positions
Podium position<15%
Other
Iconic brands
How Entain competes
Distinctive local brands powered by Entain’s global technology, insights and scale
Intuitive apps & user interfaces.
Loyalty & rewards programmes.
Personalised, relevant experiences.
c.200 new games each month.
c.15% new games are exclusives.
c.20k unique games played in H1 2026.
Wide range of sports and racing markets.
BetBuilder/Parlay products.
Personalised in-play options.
Execution, growth and cash generation
Clear pathway to improving cashflow
Adjusted cashflow
Guide
BetMGM offers future strategic opportunity
BetMGM is a 50/50 joint venture with MGM Resorts and the #3 operator in the US. It is powered by Entain technology and product and leverages the MGM brand and customer base.
Why we win
- Market-leading iGaming offering
18% Net Gaming Revenue market share
- Refined approach to sports betting
6% Net Gaming Revenue market share
- Unique omnichannel advantage, particularly in Nevada
- Disciplined focus on “Premium Mass” and higher-value customers
- Prioritise BetMGM’s strengths across multi-product states
- Targeted marketing and best-in-class content, paired with iconic brand heritage
Sustainable and profitable growth
Net Revenue
lower end
Adjusted EBITDA
Capital allocation priorities
Maximise shareholder value
- Disciplined approach with ROI lens
- Reinvestment to drive organic growth
- Dynamic approach to maximising shareholder value
- Strict financial criteria for value-accretion assessment
- Reported target leverage below 3x
- Maintain 2–3x range thereafter
- Progressive dividend policy
- Surplus cash returned to shareholders
Target leverage below 3x
long term
Capital allocation in action
In June 2026 Entain launched a phased exit of Entain CEE, with an initial 20% divestment announced. Entain CEE is a joint venture between Entain (67.5%), Emma Capital (22.5%), and the Juroszek family foundations (10%); consisting of two businesses which are market leaders in their countries, STS in Poland and SuperSport in Croatia. Following the completion of the initial divestment, expected to close in Q4 2026, Entain will be a minority owner until full exit of Entain CEE completed.
Initial 20% divestment agreed for total cash consideration of approximately €425m
Transaction implies an enterprise value of €2.1bn and c.10x EBITDA multiple
Net proceeds will reduce outstanding debt. Completion is expected in Q4 2026, subject to regulatory approvals
Further exit proceeds are intended to reduce reported leverage below 3x, with excess capital returned to shareholders
H1 2026 financial highlights
Key measures exclude Entain CEE, reported as discontinued operations.
Group NGR
£2.5bn
+5%cc
Online NGR
£1.8bn
+7%cc
Group EBITDA
£479m
(2%)
Online EBITDA
£395m
21.4% margin
Adjusted diluted EPS
20.3p
(19%)
Adjusted cashflow
£43m
+£38m YoY
Net Debt
£3.6bn
3.1x reported leverage
Interim dividend
10.3p
Per share; +5%
Reported leverage includes 100% of Entain CEE EBITDA in its calculation.
2026 outlook
28 September 2026
4-6% growth, constant currency (inc. Brazil)
Excludes Entain CEE, which is reported as discontinued operations.