Entain has been officially moved from the FTSE 100 index to the FTSE 250, as confirmed by a recent update from the London Stock Exchange Group (LSEG). The company entered the FTSE 100 on June 22, 2020, earning its place among the UK's top one hundred most capitalized blue-chip firms listed on the exchange.
Though it will still be a part of the FTSE 250, Entain's demotion from the FTSE 100 will take effect on September 21. This transition follows a strategic restructuring phase for the operator, which included a rebranding from GVC Holdings and a commitment to generating all its revenue from regulated markets.
However, Entain’s share price has seen significant decline over the past year, plummeting by as much as 37% since September 2025, resulting in a current market capitalization of £3.39 billion. The company launched its operations on the LSEG’s main market in February 2016 under the GVC Holdings name, after previously delisting from the Alternative Investment Market (AIM).
The last few years have been difficult for Entain. After hitting an all-time high in September 2021, its share price dropped 73% over five years, settling at 530p. The company has faced challenges, including leadership instability with four CEOs in a short timeframe. In November 2023, Entain agreed to pay a total of £585 million in financial penalties, along with a £20 million charitable donation and £10 million to cover costs related to a bribery investigation into its past operations in Turkey.
Struggles continued as the company reported declining growth in its digital segment. Difficulties ensued from failed integrations amid a series of acquisitions, prompting a commitment to a major turnaround initiative aimed at cost-cutting and regaining growth in its digital operations. Entain also began updating its outdated technology, with acting CEO Gavin Isaacs stating in January 2025 that modernizing the core platform was his primary challenge.
Despite the demotion from the FTSE 100, management has expressed positive sentiment regarding their revitalization plan, with indicators of growth returning to their core markets, despite facing regulatory and taxation challenges in Europe.
In the first quarter of 2025, Entain reported double-digit growth in its digital sector, driven by strong performances in the UK, Brazil, and the US. This period marked a pivotal moment for Stella David during her initial quarter as full-time group CEO. She noted a “cautiously optimistic” outlook regarding Q1 performance.
A year later, various markets like Australia, New Zealand, Spain, and the UK were recognized as key growth contributors for the company. To bolster finances, Entain has reduced its retail presence and operational workforce this year. The company has also opted to divest from its Central and Eastern European (CEE) business, expecting to de-lever and return capital to shareholders through this exit strategy.
The anticipated proceeds from this divestment aim to decrease Entain’s leverage ratio below 3x and funnel surplus capital back to shareholders.
In light of the H1 earnings report, analysts remain optimistic about Entain’s future. A note from Goodbody on August 13 highlighted a favorable earnings report, with H1 adjusted EBITDA surpassing expectations. The company’s performance in the UK and Ireland was noted as particularly strong, with Entain gaining market share amid recent challenges in the sector due to the UK's remote gaming duty tax increase in April.
UBS reaffirmed its buy rating for Entain in a note dated August 14, suggesting that the shares present significant upside potential within the European gaming market, although with heightened risk compared to competitors.
The drop in Entain’s share price is part of a broader trend affecting gaming stocks in recent years, coinciding with an overall decline in interest in the LSEG as more companies choose to exit. Notably, Flutter also withdrew from a secondary listing on the LSEG in August, opting for the potentially more lucrative US market. Analysts have observed a similar downward trajectory in Flutter's stock price, which has declined by around 60% in a year, raising concerns about it becoming just another mid-tier stock on a larger exchange.
