Entain Drops Out of FTSE 100 as Digital Turnaround Continues
Entain, the group behind Ladbrokes and Coral, is about to lose its place among London’s blue-chip elite, even as its digital casino business shows genuine signs of recovery. The index reshuffle lands just as the operator’s UK online brands are meant to be benefiting from years of platform investment, making the timing awkward rather than existential.
What’s been released
Entain, alongside housebuilding company Persimmon, will be deleted from the FTSE 100 at the close of play on 18 September and enter the FTSE 250 on 21 September
, with
the duo being replaced by oil and gas firm Ithaca Energy and low-cost airline Easyjet
. The change was confirmed by FTSE Russell following its quarterly review of the FTSE UK Index Series, and it ends a run that began when
Entain became a fixture of the FTSE 100 since June 2020, when the company operated under the GVC Holdings domain, following GVC’s approximately £4bn acquisition of Ladbrokes Coral in 2018
.
The trigger is straightforward:
the Ladbrokes Coral owner’s market cap is now the lowest on the FTSE 100
, with
analysts believing its shares offer the “highest theoretical upside potential within Europe”
despite the demotion. That combination of a depressed valuation and analyst optimism is unusual, and it says as much about wider City sentiment toward gambling stocks as it does about Entain specifically.
What’s changed
The slide has been gradual rather than sudden.
Entain’s shares currently trade at around 530p, approximately 42% below their 52-week high of 916p, with the stock having ended 2025 at approximately 767p
. Yet the underlying digital numbers tell a more mixed story:
Entain reported net gaming revenue of £2,545.3 million for the six months to June 30, 2026, up from £2,373.1 million a year earlier
, with
underlying EBITDA of £479.3 million, down 2% year on year, and a loss after tax of £11.4 million, an improvement of £74 million on the prior period
. The group also flagged
strong player engagement throughout the 2026 men’s World Cup, with first-time depositors double those seen during the 2022 tournament
, a signal that its consumer-facing product, including its casino offering, is still pulling in new custom.
What’s dragging on sentiment is largely fiscal.
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
, squeezing margins across the sector. Entain has also had to absorb a
£615m settlement with HMRC and the Crown Prosecution Service relating to historic conduct in GVC Holdings’ former Turkish-facing operations
, contributing to a
statutory loss of £681m in 2025, heavily influenced by a £488m impairment charge linked to the UK tax changes
.
Where it fits
For UK casino players, the immediate impact is limited: Ladbrokes and Coral’s casino apps and game libraries continue as normal regardless of which index the parent company sits in. But the backdrop matters for anyone tracking where operators are investing.
Reports of failed integrations amid a frenzy of acquisitions dampened Entain’s reputation, and the operator subsequently committed to a major turnaround effort to cut costs and return its digital business to growth, with efforts to update its legacy tech also set in motion
. That platform work is precisely what underpins new casino features, faster app performance and the game-content deals that eventually reach UK players.
Entain isn’t alone in feeling the squeeze.
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, and Flutter, which has moved its listing from London to New York, is down by almost 70 per cent since August 2025
. Whether Entain’s digital turnaround eventually translates into a swift return to the FTSE 100 will depend on how convincingly its casino and sportsbook products keep growing against that tax backdrop.
