CFO Michael Snape has said Entain is “not chasing growth for growth’s sake” in Brazil after the company posted a 25% year-on-year (YoY) decline in net gaming revenue (NGR) in the market for the first half of 2026.
Speaking on Entain’s analyst call on Thursday, 13 July, Snape said the owner of Sportingbet would retain its discipline in a market that remains “unpredictable”.
While Entain did not provide specific figures for Brazil, NGR dropped 25% on a constant currency basis and 19% on a reported basis.
The regulated online sports betting and igaming market went live on 1 January 2025, with Entain chiefs describing Brazil as “intensely competitive and highly promotional”.
The build-up to the World Cup in H1 proved to be a catalyst for further spend, which Entain said was undertaken “aggressively” by some competitors.
Despite the pressures, the London-listed firm noted that “product and pricing initiatives” helped drive H1 stakes up 10% YoY.
Sportingbet holds sponsorships with Palmeiras and Vasco da Gama in Brazil’s top football division.
Management added that “our localised offering remains central to our improving player KPIs and engagement metrics across both sports and gaming”.
Entain has also launched a new loyalty programme in the market and continues to iterate on its AI-powered betting assistant.
Snape said Entain would not be drawn into pouring marketing spend into Brazil to fend off competition.
Major licensed players in Brazil include Betano, which, as per H2 Gambling Capital, is the market leader, as well as the likes of bet365, Superbet, Esportes da Sorte and Flutter-owned Betnacional.
Snape commented: “Unlike some others in that market, we are not chasing growth for growth’s sake. We still make [a] profit contribution in Brazil. We want to keep it that way.
“Despite the fact we have managed investment tightly, we are really pleased that we have managed to maintain market share.
“There is lots of opportunity in the second half for a recovery in Brazil, but it remains a really difficult environment, both from a competitive point of view, where people are throwing a lot of money at the problem perhaps without a focus on returns like us, [and] also that regulatory environment, which is still very unpredictable.
“We will compete, but we will not compete at any cost. We will make sure that we invest really wisely.
“We are very focused on maintaining the profit contribution that Brazil gives us, as opposed to just trying to drive for a top-line number.”
Brazil’s regulated market has faced challenges, with the tax rate set to rise from 12% to 15% by 2028, while President Luiz Inácio Lula da Silva, known simply as Lula, has expressed his distaste at the proliferation of the sector.
Furthermore, sign-up bonuses and other welcome incentives are not permitted, while there is a winnings tax above a threshold of BRL2,824 (£404).
Ramiro Atucha, an expert on the Brazil market, wrote an opinion piece for EGR in which he suggested Lula’s previous attempt to ban online casino was part of his political positioning ahead of the October election.
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The post Entain CFO: Competitors are “throwing a lot of money at the problem” in Brazil first appeared on EGR Intel.
CFO Michael Snape has said Entain is “not chasing growth for growth’s sake” in Brazil after the company posted a 25% year-on-year (YoY) decline in net gaming revenue (NGR) in the market for the first half of 2026. Speaking on Entain’s analyst call on Thursday, 13 July, Snape said the owner of Sportingbet would retain its discipline in a market that remains “unpredictable”. While Entain
The post Entain CFO: Competitors are “throwing a lot of money at the problem” in Brazil first appeared on EGR Intel.