Entain has been relegated from the FTSE 100 to the FTSE 250 in an update released by the London Stock Exchange Group (LSEG). This change, effective September 21, follows Entain's inclusion in the FTSE 100 index on June 22, 2020, marking its status as one of the UK’s most significant blue-chip firms based on market capitalization.
Despite remaining in the FTSE 250, Entain's shift comes in the context of a strategic rebranding from GVC Holdings and a commitment to generate all revenue from regulated markets. Unfortunately, its share price has significantly declined over the past year, plummeting by as much as 37% since September 2025, with its market capitalization currently at £3.39 billion.
Entain initially began trading on LSEG’s primary market in February 2016 after its delisting from the Alternative Investment Market (AIM) under the former name of GVC Holdings. Following an all-time high of its share price in September 2021, the company has faced a staggering 73% drop, now valued at only 530p.
The last few years have been tumultuous for Entain, which has seen a rapid turnover in leadership with four CEOs in a short span. In November 2023, the company agreed to a substantial financial settlement amounting to £585 million, in addition to a £20 million charitable contribution and £10 million to cover costs related to a bribery investigation by the Crown Prosecution Service (CPS) concerning operations in Turkey.
Entain has also encountered challenges in its digital sector, particularly due to issues stemming from several acquisition integrations. In response, the company has initiated a comprehensive turnaround strategy aimed at cost reduction and revitalizing its digital growth. In January 2025, Gavin Isaacs, then-CEO, identified modernizing the company's core technology as a primary challenge during an industry conference.
Though the company opted not to comment on its removal from the FTSE 100, recent statements from senior management have reflected optimism about ongoing turnaround efforts. In the first quarter of 2025, Entain reported significant digital growth, driven by strong performances in the UK, Brazil, and the United States, marking the first quarter of Stella David's leadership as group CEO. David expressed cautious optimism regarding the company's initial quarter results.
Looking back a year, Entain highlighted strong growth markets including Australia, New Zealand, Spain, and the UK as keys to driving performance. The company has also undertaken cost-reduction measures, including cutting retail locations and certain operational roles, as well as exiting its Central and Eastern European (CEE) business.
As announced by new CFO Michael Snape in August, this exit is anticipated to improve the company’s financial position, aiming to reduce reported leverage below 3x and facilitate capital returns to shareholders.
Following the first half earnings report, analysts have expressed confidence in Entain's future, with a Goodbody report from August 13 stating the company exceeded earnings expectations. The UK & Ireland markets have been particularly notable, with Entain gaining market share despite the remote gaming duty tax increase enacted in April.
UBS reaffirmed a buy rating for Entain on August 14, suggesting that its shares present the most substantial potential upside in the European gaming sector, despite a higher associated risk compared to competitors.
Entain's recent share price decline reflects a broader trend affecting gaming stocks, coinciding with a general decrease in interest in the LSEG as numerous companies, like Flutter, have opted to exit the exchange. Flutter recently removed its secondary listing in August, seeking better valuations in the more liquid US market. Analysts note that despite the shift, Flutter, too, has faced a significant drop in share price.
With its price down around 60% within the year, the risk persists that Flutter may transition into just another mid-tier consumer stock on a larger exchange, as highlighted by Corfai's Ben Robinson who remarked, "Deeper water doesn’t help if the current is moving somewhere else."
