Key Moments
- Entain PLC (LON:ENT) shares declined more than 3% after the company highlighted the impact of Brazil’s provisional online betting ban.
- The group maintained its 2026 underlying EBITDA guidance of £910 million-£960 million and an online EBITDA margin target of 21%-22%, but now anticipates results at the lower end if the ban persists.
- Full-year online net gaming revenue growth is now expected at 4%-6% including Brazil, versus a previous 5%-7% target.
Market Reaction and Earnings Outlook
Entain PLC (LON:ENT) saw its share price fall more than 3% on Monday after the sports betting and gaming operator indicated that a provisional halt on online betting in Brazil is likely to push its 2026 core earnings toward the lower bound of its existing outlook.
The company kept its full-year 2026 guidance for underlying EBITDA unchanged at £910 million-£960 million. It also reiterated its target for an online underlying EBITDA margin of 21%-22%. However, management now expects performance to land at the lower end of both ranges if the Brazilian measures remain in effect for the remainder of the year.
Details of Brazil’s Provisional Measure
According to Entain, Brazil’s provisional measure, published on Sept. 25, immediately removes operators’ authorization to provide online sports betting and gaming services in the country. This introduces a clear near-term headwind for the group’s online business.
The measure still requires approval by Brazil’s Congress within 120 days in order to stay in place, leaving the future policy direction uncertain. Until there is clarity on whether legislators will ratify or reject the measure, Entain faces a less predictable regulatory backdrop in one of its markets.
Revised Net Gaming Revenue Guidance
In response to the new environment in Brazil, Entain adjusted its expectations for online net gaming revenue for the full year. The company now forecasts growth of 4%-6% including Brazil, compared with its previous guidance of 5%-7%.
If Brazil is excluded, Entain expects online net gaming revenue growth toward the upper end of the 5%-7% range on a constant-currency basis, suggesting a more resilient performance across its other online markets.
| Metric | Previous Guidance | Updated Guidance |
|---|---|---|
| 2026 underlying EBITDA | £910 million-£960 million | Unchanged, but now seen toward the lower end if Brazil ban remains |
| Online underlying EBITDA margin | 21%-22% | Unchanged, but now seen toward the lower end if Brazil ban remains |
| Full-year online net gaming revenue growth (including Brazil) | 5%-7% | 4%-6% |
| Full-year online net gaming revenue growth (excluding Brazil, constant currency) | 5%-7% | Toward the top end of 5%-7% |
Role of Brazil in Entain’s 2026 Outlook
Brazil had been projected to provide around 5% of Entain’s online net gaming revenue in 2026. Even before the provisional ban, the company had indicated that the market would add only a modest amount to earnings, pointing to strong competitive pressures and difficult trading conditions there.
The new regulatory uncertainty adds another layer of risk to that outlook, and, as Entain’s latest guidance makes clear, may limit the upside to its medium-term profit and margin targets if the restrictions on online betting and gaming remain in place.





