Entain will be removed from the FTSE 100 and demoted to the FTSE 250 on 21 September, after its share price fell by as much as 37% since September 2025, according to a quarterly index review from the London Stock Exchange Group. Despite the decline, analysts continue to view Entain’s shares as offering the highest theoretical upside potential within Europe’s gaming sector.
Entain’s market capitalisation now sits at £3.39 billion, a steep fall from the position it held when it joined the FTSE 100 on 22 June 2020. Its share price peaked in September 2021 before sliding 73% over five years to 530p. The operator first began trading on LSEG’s main market in February 2016 under the GVC Holdings name, following its delisting from the AIM exchange.
The company’s troubles have not been confined to the market alone. In November 2023, Entain agreed to a £585 million financial penalty, alongside a £20 million charitable donation and £10 million in Crown Prosecution Service and HMRC costs, relating to a bribery case tied to its historic operations in Turkey.
A turnaround built on digital growth
Entain rebranded from GVC Holdings and committed to generating 100% of its revenue from regulated markets, a pivot that has coincided with a rocky stretch of declining digital growth, failed acquisition integrations and four CEOs in short succession. The operator responded with a turnaround programme focused on cost discipline, restoring digital growth and modernising legacy technology, cutting retail shops and operational roles along the way. In Q1 2025, Entain reported double-digit digital growth, driven by strong performances in the UK, Brazil and US online markets, and its BetMGM joint venture remains a closely watched piece of that recovery story.
Analyst sentiment and sector headwinds
Entain’s decline mirrors a broader downturn across listed gaming stocks, compounded by regulatory and tax pressure throughout Europe. A Goodbody note described UK&I as a standout performer, with Entain appearing to take market share despite the UK’s remote gaming duty increase. UBS reiterated its buy rating on 14 August, stating the shares offer the highest theoretical upside potential within the European gaming sector, while cautioning that the risk profile remains elevated relative to peers.
The exit also lands weeks after Flutter removed its secondary LSEG listing in August, adding to a wider pattern of gambling operators stepping back from the London market.
Exiting CEE to unlock capital
Entain has chosen to exit its Central and Eastern European business and sell off a significant share, a move CFO Michael Snape said was expected to delever the group, unlock value and return capital to shareholders. The company said proceeds from a full CEE exit would be used to bring group reported leverage below 3x, with excess capital returned to shareholders.
The FTSE 100 removal takes effect on 21 September, with recent growth in Australia, New Zealand, Spain and the UK underpinning management’s case that the turnaround is gaining traction even as tax and regulatory headwinds persist.
Source: iGaming Business
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.