Entain is set to release its H1 2026 results on Thursday against a backdrop of widespread regulatory issues and a share price crisis.

It’s fair to say a lot has changed since multinational, a FTSE 100 firm and owner of Ladbrokes Coral, bwin and PartyPoker, last gave investors its Q1 trading update in mid-April.

A sell off of its Central and Eastern Europe (CEE) operations followed a whole host of board changes, including the departure of Ricky Sandler, as one of Entain’s biggest shareholders, Eminence Capital, collapsed. 

Entain’s US-facing joint venture BetMGM has seemed to struggle in 2026 too, revealing last month that it expects full-year revenue and EBITDA at the lower end of expectations. 

Chief Executive Officer, Stella David, has also U-turned on her statement that she would not cut jobs, as it was announced in July that 500 staff are set to lose their jobs. 

What impact could this all have on Entain’s H1 2026 results? SBC News examines the impact that a variety of factors could have on the much-anticipated results release. 

Stella to open an Entain Chop House? 

Year 2 of David’s tenure as CEO sees the board and executive team prioritise the shrinking and simplification of the FTSE 100 gambling group – a dynamic long-sought by investors and analysts.

The initiative began this summer with the company divesting a 20% shareholding in Entain CEE, the unit made of STS Poland and SuperSport Croatia, to strategic partner EMMA Capital.

The transaction nets Entain circa €425m in capital, as EMMA takes a majority 67% ownership of Entain CEE valued at over €2bn.

Leadership plans to work towards a planned ‘full exit’ of Entain CEE, with proceeds primarily reserved to reduce the firm’s £3bn debt back to a target ratio of 3X EBITDA.

While Entain’s CEE divestment carries clear strategic significance and value, can the same be said of Entain’s other European brands and their exposure to stagnant markets?

CEE was one of the Group’s stronger growth and earnings assets, generating £522m in NGR and £184m in EBITDA in 2025, with STS and SuperSport retaining ‘podium positions’ in Poland and Croatia. 

Entain’s initial disposal values the division at approximately €2.1bn, or around 10x EBITDA.

The question is what comes next. Much of Entain’s remaining European portfolio is stuck in stagnant waters, notably Bwin and Party Gaming in Germany and BetCity in the Netherlands, where high taxation and compliance demands have long constrained growth.

As it stands, Entain operates a 35 brand portfolio spanning over 30 markets. If simplification is a key dynamic of leadership, will David trigger a brand reduction via fire sale?

This could be a tempting way to improve debt-leverage, a key KPI for investor sentiment and market confidence.

Anarchy in the UK!

One of the major elephants in the room will undoubtedly be the impact that the increase in remote gaming duty (RGD) tax from 21% to 40% has had on Entain.

The rise was announced back in the November 2025 budget, but came into effect in April 2026 – immediately after a quarter in which Entain’s UK and Ireland operations had been showing promising signs.

Online net gaming revenue (NGR) in the region rose by 13% year-on-year in Q1, offsetting a 1% decline in retail – which will not be impacted by the now-implemented tax hikes. 

Despite there being no concrete figures, the company reiterated that NGR was in line with expectations. 

And on the above mentioned topic of things for the chop, could there be a further rollback of retail activity? Many of Entain’s contemporaries have been doing this – Flutter Entertainment with Paddy Power, evoke with William Hill, and Betfred’s choice to close one-tenth of its shops.

Entain has closed some shops too, mainly in Ireland. However, a newly signed deal with a tech partner for its Ladbrokes Coral retail estate suggests some confidence remains in its high-street activity, perhaps buoyed by the fact this business is free of any new tax burdens.

You’re gonna be the one that saves me

Regardless of retail outlooks, however, Entain needs a further increase in NGR to offset the impact of the tax rises. The good news is that it may just find it, given that the end of H1 saw the early stages of the record-breaking 2026 World Cup. 

We have already seen various operators from around the world benefit from the North American footballing bonanza, so it would be foolish to expect that Entain, a global gambling conglomerate, will not follow suit. 

It may be after the impacts of the World Cup have blown over (as in Q4 2026) that we truly get a reflection of what results could look like for Entain and the rest of the UK’s gambling PLC contingent post-tax rise.

Nevertheless, investors will be optimistic that Entain has exceeded expectations and managed to be one of the major winners to come out of the tournament. 

I’m still standing 

The reality is that all PLCs exposed to UK RGD increases are in the same boat navigating this generational adjustment of the 40% era. All publicly listed leadership teams appear to be signing to the hymn sheet of a return to UK growth by the end of 2027.

With such low expectations City analysts are probing which Plc can harness the best platform to return to growth and take market share against competition and a squeezed mid-tier of UK igaming brands.

A premium is carried on positive news, as leadership should showcase that Entain can deliver unique IP and continued innovation across its iGaming portfolio. 

Case in point, analysts took positive note of Entain’s 2025 roll-out of proprietary titles including Pig Banker: Bacon Train, Big Banker X, Lock O’ The Irish and Rich Sharky.

In an era of Ozempic margins for PLCs, cost controls, savings and profits are being prioritised. Yet product exclusivity and the delivery of meaningful upgrades remain valued commodities – and are still recognised by investors, even in these dire times.

Article co-authored by Patrick Killeen and Ted Menmuir