FTSE 250 owner of Ladbrokes says Brazil's provisional order will reduce growth expectations and push 2026 earnings toward the low end of guidance; the group will comply while the measure seeks congressional approval.
Entain shares fell about 5.1% to 426.9p, their lowest since March 2020, after Brazil banned online sports betting and online casinos.
The company said Brazil would account for roughly 5% of its online net gaming revenues this year and downgraded full-year online growth to 4–6%.
Entain now expects underlying earnings at the lower end of its guidance of £910m–£960m.
# What happened Shares in Entain, the operator behind Ladbrokes and other betting brands, fell to a six-year low after Brazil's president signed an order prohibiting online sports betting and online casinos. The drop was about 5.1%, or 22.7p, to 426.9p — a price not seen since March 2020.
# Why the market reacted
# Impact on guidance and earnings Entain downgraded its full-year online net gaming revenue growth outlook to between 4% and 6%. It said underlying earnings are likely to come in at the lower end of its guidance of £910 million to £960 million. Other market reports note similar pressure on peer companies and suppliers exposed to Brazil.
# Regulatory status and next steps The ban signed by President Luiz Inacio Lula da Silva is provisional and must secure congressional approval within 120 days to become permanent. Entain said it will comply with the provisional order. Flutter, the New York-listed owner of Paddy Power and Betfair, also said it was "extremely disappointed" and may seek legal or political avenues, including an appeal.
# Broader context for Entain and the sector Entain has recently been navigating a tougher tax and regulatory environment in other markets. Earlier in the month it announced a consultation over around 400 job cuts globally, attributing the action to increased gambling taxes and other cost pressures. The consultation could affect up to a fifth of its roughly 2,000 customer care roles across 11 countries. Separately, political decisions on betting taxes in the UK have strained margins across the industry and prompted other operators to reduce headcount.
# What to watch next
# Bottom line Brazil's provisional ban on online sports betting and casinos has prompted an immediate market reaction for Entain and pressured peers. Entain has reduced its online growth outlook and now expects earnings toward the low end of its guidance, while it complies with the new order as the political and legal process plays out.
It comes after former Chancellor Rachel Reeves put up taxes on remote gaming - including online casinos and slots - from 21% to 40% in her last Budget.
Brazil has one of the world’s biggest online betting markets, which made more than $4 billion in revenues in 2025, according to an institute that represents most of the platforms operating in the South American nation
Entain, which also owns Coral and BetMGM, starts consultation process over customer care roles Business live – latest updates The Ladbrokes owner, Entain, has said it is preparing to cut 400 jobs, only weeks after the FTSE 100 business reported better than expected profit in its first half of the year. The gambling gro
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