Entain, the global sports betting and gaming group behind Ladbrokes, Coral, bwin, and partypoker, has agreed to sell a 20% stake in its Central and Eastern European business to joint venture partner EMMA Capital for €425 million, valuing Entain CEE at €2.1 billion. The deal, announced on 25 June 2026, marks the first step in a planned full exit from the region.
Of the €425 million (£366 million) consideration, €395 million is payable on completion, with a further performance-linked payment due in early 2027 reflecting the unit’s FY26 results. Completion is targeted for Q4 2026, subject to regulatory approvals.
The transaction reshapes the ownership structure of Entain Holdings (CEE) Ltd, the vehicle through which Entain operates SuperSport in Croatia and STS in Poland – both market-leading positions. Entain’s stake falls from 67.5% to 47.5% on completion, while EMMA Capital’s rises from 22.5% to 42.5%. The Juroszek family retains a 10% interest but assigns its voting rights to EMMA Capital, handing the Czech investment firm effective majority control of the joint venture ahead of any further disposal.
Entain CEE posted FY25 net gaming revenue of £522 million, up 7% year-on-year, with EBITDA of £184 million, also up 7%. The implied enterprise value of €2.1 billion represents approximately 10 times EBITDA – a multiple that reflects the unit’s strong growth profile and high online mix relative to broader European operator trading levels.
The proceeds are directed squarely at debt reduction. Entain carried net debt of approximately £3.64 billion before this transaction, a figure roughly equal to its market capitalisation, making deleveraging an acute priority. The group expects to save around £20 million annually in interest costs and has stated that proceeds from a full exit would bring reported leverage below three times, with any surplus returned to shareholders. The transaction is described as broadly neutral to earnings per share and adjusted cashflow.
Once the stake sale completes, Entain CEE will no longer be fully consolidated in group accounts. Entain now guides FY26 online EBITDA margin at 21–22%, revised down from the 23–24% previously guided in March when CEE remained fully consolidated, while maintaining its 5–7% online net gaming revenue growth forecast for the year. The company has flagged concerns about the domestic cost environment as it refocuses on core regulated markets including the UK and the US through BetMGM.
Stella David, chief executive of Entain, said: “Our initial divestment is a decisive first step towards Entain fully exiting Entain CEE and reflects our ongoing focus on maximising value for shareholders.” David added that she remained confident in the group’s ability to deliver strong future cash generation and described Entain as well positioned to be a long-term industry winner.
Entain shares have declined approximately 24% year-to-date, trading at around GBX 583 on the London Stock Exchange at the time of the announcement. A consensus of seven analysts rates the stock a buy, with an average 12-month price target of GBX 1,028, ranging from GBX 750 to GBX 1,200. Further detail on the CEE exit timeline and structure is expected at Entain’s interim results on 13 August 2026.
When he is not analysing the latest compliance updates or dissecting quarterly operator results, Florian follows Bundesliga football closely and maintains a healthy skepticism toward anyone claiming to have cracked a winning betting system. He brings a grounded, insider-aware perspective to his writing and is always more interested in the structural story behind the headline than the headline itself.