Entain gets the shove from FTSE 100
The gambling operator will be knocked out of the list of the most valuable London-listed companies this month.
UK.- It’s been confirmed that Entain, the group behind Coral and Ladbrokes, will be removed from London’s FTSE 100 in this month’s quarterly reshuffle. The FTSE Russell has confirmed the decision to remove the gambling operator along with the volume housing developer Persimmon, replacing them with the budget airline Easyjet and the oil and gas company Ithaca Energy.
City analysts had widely expected the decision given that Entain now has the lowest market cap on the index of leading London stocks at £3.31m. On September 21, the company will be shifted to the FTSE 250, which comprises the 101st to the 350th mid-cap blue chip companies on the London Stock Exchange.
Entain’s stock price decline
Entain has been part of the FTSE 100 since June 2020, following GVC’s £4bn acquisition of Ladbrokes Coral in 2018, a landmark deal that contributed to a wave of consolidation across the gambling industry. The expected downgrade comes after a prolonged fall in Entain’s share price. The stock was trading down 2.7% today at around 516p. That’s almost 42 per cent below where it stood 12 months ago and around 70 per cent below its September 2021 spike when the company received a takeover offer from DraftKings.
In the end, the US operator didn’t make a firm offer, and Entain’s stock has been on the decline since, with brief partial recoveries in early 2023 and mid 2025. Since the start of 2026, its share price has dropped by a third after ending 2025 at around 767p.
The decline reflects general investor unease towards UK and European gambling operators amid regulatory pressures and higher tax burdens, while shareholders demand tighter cost controls and stronger profitability. FTSE-listed Evoke has seen a sharp recovery this year but is still down by around 20 per cent compared to 12 months ago, while Rank Group is down by 22 per cent. Flutter, which has moved its listing from London to New York, is down by almost 70 per cent since August 2025.
In Britain, Remote Gaming Duty rose from 21 per cent to 40 per cent in April, and General Betting Duty on online betting is set to climb from 15 per cent to 25 per cent next April. Similar fiscal and regulatory pressures have been felt in the Netherlands, France and Germany.
Entain’s 2026 H1 results were better than expected. Net gaming revenue from continuing operations increased by 7 per cent to £2.55bn, equivalent to 5 per cent growth on a constant‑currency basis. Reported revenue was up 7 per cent at £2.51bn. Strong engagement during the FIFA World Cup boosted performance in the UK and Ireland, where online NGR rose 13 per cent at constant currency. Australia also contributed a 13 per cent increase, while revenue from Spain was up by 28 per cent.
However, this revenue growth did not translate into stronger earnings. Underlying EBITDA fell 2 per cent to £479.3m, while operating profit dropped 10 per cent to £318m from £352m. The company noted that higher tax exposure had offset revenue gains, with tax receipts tripling to £90m during the interim period. Meanwhile, BetMGM, the US joint venture owned by Entain and MGM Resorts International, now expects full-year net revenue and adjusted EBITDA to come in at the lower end of its guidance ranges.
Chief Executive Officer Stella David has said that Entain is building a more resilient platform for long‑term growth, and the group has reaffirmed its full‑year guidance. The group continues to target online NGR growth of 5–7 per cent at constant currency and underlying EBITDA between £910m and £960m, excluding BetMGM parent fees. Online EBITDA margins are expected to remain between 21 and 22 per cent, with management aiming to mitigate roughly 25 per cent of the impact of the UK’s higher online gambling tax this year.
Questions over Entain’s FTSE 100 position have also lingered since the company agreed to a £615m settlement with HMRC and the Crown Prosecution Service relating to historic conduct in GVC Holdings’ former Turkish‑facing operations. The year is seen as a crucial test for the group, following a statutory loss of £681m in 2025, heavily influenced by a £488m impairment charge linked to the UK tax changes.
