Entain will drop out of the FTSE 100 on 18 September after its market cap fell to £3.31m, the lowest among the index's hundred constituents. The Ladbrokes Coral owner will move to the FTSE 250, which covers companies ranked 101st to 350th.
Entain spent six years in the premium index. Shares traded around £7.60 in June 2020, climbed to £18 a year later and peaked at £21.56 in October 2021. They now sit at £5.23, down over 75% in five years.
One driver: the UK's Remote Gaming Duty rose from 21% to 40%. Entain's corporate tax bill jumped from £19.5m to £57.8m in the last period. Net loss for the financial year widened to £681m. The operator is closing shops and losing ground, though first-half NGR rose 5% to £2.55bn on World Cup 2026 qualifier betting.
In late July BetMGM co-owner Entain cut its revenue and EBITDA forecast to the lower end of guidance. Shares slid further. CFO Michael Snape said Entain is taking share from mid-tier operators struggling with the tax load. Management has warned regulators about black-market growth.
Ithaca Energy and Easyjet will replace Entain and housebuilder Persimmon in the FTSE 100 on 21 September.
