Entain is expected to lose its place in the FTSE 100 at the September index review, with City analysts naming the owner of Ladbrokes and Coral alongside housebuilder Persimmon as the two constituents most likely to move down to the FTSE 250.
FTSE Russell confirms its quarterly index changes after the market close on 2 September, using market capitalisation rankings. Any changes take effect from 21 September.
Entain has been in the FTSE 100 since June 2020, two years after GVC Holdings bought Ladbrokes Coral for £4bn in a deal that contributed to a wave of consolidation across the gambling sector.
The stock traded at around 516p this week, down 2.7% on the day and roughly 42% below its level 12 months ago. It is about 70% below where it stood in September 2021, when DraftKings approached the company about a takeover. The US operator never made a firm offer. Entain shares have fallen since, with partial recoveries in early 2023 and mid-2025. The stock closed 2025 at around 767p and has lost a third of its value since the start of this year.
UK-listed operators under the same pressure
The fall tracks wider investor caution towards UK and European gambling operators, where regulatory tightening and higher tax bills sit alongside shareholder demands for cost control and stronger margins.
Evoke has recovered sharply this year but remains down around 20% over 12 months, and Rank Group is down 22%. Flutter Entertainment, which moved its primary listing from London to New York, has fallen almost 70% since August 2025.
Tax accounts for a large part of the pressure in Britain. Remote Gaming Duty (RGD) rose from 21% to 40% in April, and General Betting Duty (GBD) on online betting is set to climb from 15% to 25% next April. Operators face comparable fiscal and regulatory changes in the Netherlands, France and Germany.
Revenue up, earnings down
Entain’s first-half 2026 results came in ahead of expectations at the top line. Net gaming revenue (NGR) from continuing operations rose 7% to £2.55bn, equivalent to 5% growth at constant currency. Reported revenue was up 7% at £2.51bn.
Online NGR in the UK and Ireland grew 13% at constant currency, helped by engagement during the FIFA World Cup. Australia was also up 13% and Spain up 28%.
Earnings moved the other way. Underlying EBITDA fell 2% to £479.3m, and operating profit dropped 10% to £318m from £352m. Entain attributed the gap to higher tax exposure, with tax receipts tripling to £90m over the interim period.
Full-year guidance unchanged
Chief Executive Officer Stella David says the group is building a more resilient platform for long-term growth, and Entain has reaffirmed its full-year guidance.
The group continues to target online NGR growth of 5% to 7% at constant currency and underlying EBITDA of £910m to £960m, excluding BetMGM parent fees. Online EBITDA margins are expected to stay between 21% and 22%, with management aiming to offset around 25% of the impact of the higher UK online gambling tax this year.
The HMRC settlement in the background
Questions over Entain’s index position have run since the company agreed a £615m settlement with HM Revenue and Customs (HMRC) and the Crown Prosecution Service (CPS) covering historic conduct in GVC Holdings’ former Turkish-facing operations.
The group reported a statutory loss of £681m in 2025, which included a £488m impairment charge linked to the UK tax changes. That leaves 2026 as a test of whether the new cost base holds up under the April duty increases.
A move to the FTSE 250 would force index-tracking funds that follow the FTSE 100 to sell the stock, adding a further round of selling pressure to a share price already down by a third this year. The confirmed list of promotions and demotions lands after the close on 2 September.
Source: Entain
