Entain has emphasised its appetite for UK gambling, as Chief Executive Officer Stella David detailed that the operator is increasing its share in the market as we enter the 40% remote gaming duty (RGD) era.
Mike Snape, Chief Financial Officer, highlighted that UK gambling has been forced to evolve as a result of tax changes, which have been described by David as ‘draconian’, and has, as a result, opened doors for Entain in terms of capturing market share.
Amidst accelerated market transformation, Snape revealed that the operator has refused to take its foot off the gas, whilst many other players in the market will have had their appetite hindered by such severe tax changes.
“We’re taking advantage of everything that we see in the market at the moment, and this is merely the start of what we think we can achieve with that UK business.”
David also provided a buoyant update on Entain’s progress in the UK market. She told investors that it has its eye on further share gains in the market, reporting a 6% year-over-year increase in UK & Ireland net gaming revenue (NGR), with online NGR up 13%.
When asked about the impact of the UK’s RGD rise, David said: “It’s really too early to say. I think the more important point is that we have definitely been increasing our share in the UK in advance of those tax increases and part of our strategy is to continue to increase our share.
“Certainly in gaming, if you look at the market, there is a long tail of tier two and tier three operators all having very small percentage shares of the market, so within the regulated sector, we definitely see there’s an opportunity to continue to build on that share gain. We will see over time just how much of an impact that the black market has on the overall growth of the regulated sector.”
Nonetheless, as the market continues to evolve, David urged the industry to ensure it doesn’t let up in its lobbying of the government. She stated that it must ensure that further inroads from the black market aren’t enabled as a result of heightened regulations.
The World Cup has been continually earmarked as a key market share growth opportunity for Entain. However, David revealed that the operator is approaching the event with grounded ambitions.
David detailed that the tournament will be ‘a rollercoaster’, emphasising that during its early stages, margins are tight with lopsided games. She added that it is more about the recruitment drive opportunity.
NGR growth amidst retail battles
Entain’s group NGR increased by 3% YoY in Q1, with gaming NGR up 7% YoY but sports NGR down 3% YoY. Online NGR improved by 5% YoY, but retail NGR fell by 3% YoY.
International NGR rose by 1% YoY, with online NGR up 2% YoY, but retail NGR dipped by 4% YoY. CEE NGR was down 6% YoY, with online and retail NGR declining by 1% and 30% YoY, respectively.
BetMGM revenue stood at $696m, up 6% YoY. Total group NGR, including BetMGM, rose by 5% YoY.
Entain also confirmed its 2026 guidance, declaring a 5%-7% online NGR growth on a constant currency basis, remaining comfortable with market expectations for group underlying EBITDA, as well as at least £500m of annual adjusted cashflow in 2028.
