The London Stock Exchange Group has removed Entain from the FTSE 100, effective 21 September. The operator moves to the FTSE 250 after market capitalisation fell 37% over the past year to £3.39bn. Shares trade at 530 pence, down 73% from the September 2021 peak.
Entain cycled through four chief executives in a short period and paid a £585m settlement in 2023 tied to bribery charges linked to its Turkish operations. Digital growth slowed and integration of acquired assets stalled. The operator launched a cost reduction programme, platform modernisation and asset sales — in August it divested its stake in the CEE business to bring net debt below 3x and return capital to shareholders.
In the first half of 2025 Entain posted double-digit online revenue growth driven by the UK, Brazil and the US. Australia, New Zealand, Spain and the UK were named as key drivers. Adjusted EBITDA beat expectations. CEO Stella David called the results encouraging but cautious.
Goodbody noted 'another positive report'. UBS maintained its buy rating and called Entain the stock with the highest theoretical upside potential in European gaming, though at elevated risk. The share price decline fits a wider trend: Flutter also lost around 60% over the year and in August delisted its secondary listing from the LSEG, shifting focus to the US. Appetite for the London exchange is fading.
