Entain will leave the FTSE 100 in September after a sharp fall in market capitalisation. The Ladbrokes owner ends a six-year run on London's benchmark index.
FTSE Russell confirmed that Entain and housebuilder Persimmon will exit the index on 18 September and move to the FTSE 250 on 21 September. They will be replaced by oil and gas firm Ithaca Energy and low-cost carrier EasyJet.
Entain joined the FTSE 100 in June 2020. Shares climbed from £7.60 to £18 within a year and peaked at £21.56 in October 2021. They now trade at £5.23, down more than 75% from the high. Market cap has dropped to £3.31 million ($4.47 million), the lowest figure among index constituents.
In late July BetMGM, the joint venture between Entain and MGM Resorts International, said net revenue and adjusted EBITDA for the year would come in at the lower end of guidance. That triggered a fresh leg down in Entain's share price.
The exit comes despite the company beating first-half expectations. Net gaming revenue rose 5% at constant currency to £2.55 billion, supported by player activity around early stages of the 2026 World Cup.
CFO Michael Snape said the company is gaining market share while mid-tier operators struggle with the UK remote gambling duty increase from 21% to 40%.
