Entain exits FTSE 100 as shares slide

• Entain will be removed from the FTSE 100 at the close of business on 18 September and enter the FTSE 250 from the start of trading on 21 September, per FTSE Russell’s confirmation on 2 September.
• Entain’s shares have fallen as much as 37% over the past year, with market cap around £3.3–£3.39 billion as of early September 2026.
• UBS and Goodbody have both reiterated bullish ratings on the stock following Entain’s H1 results.

Entain will be removed from the FTSE 100 index at the close of business on 18 September, dropping into the FTSE 250 from the start of trading on 21 September, after FTSE Russell confirmed the reshuffle on 2 September.

The demotion follows a prolonged share price slide, with Entain’s stock down as much as 37% over the past 12 months and its market capitalisation now around £3.3–£3.39 billion.

Despite the setback, analysts at UBS and Goodbody have reiterated bullish ratings on the stock following Entain’s H1 results.

Blue-chip run ends

Entain joined the FTSE 100 on 22 June 2020, taking its place among the UK’s 100 largest listed companies by market value. The group first traded on the London Stock Exchange’s main market in February 2016, under its previous name, GVC Holdings.

Its share price reached an all-time high in September 2021. Since then it has slipped roughly 73% to around 530p, a decline spanning five years and several changes at the top.

Entain cycled through four CEOs in that period. In November 2023, it agreed a deferred prosecution agreement with the UK’s Crown Prosecution Service (CPS), covering a financial penalty and profit disgorgement totalling £585 million, plus a £20 million charitable donation and £10 million in CPS and HMRC costs, tied to historic bribery in its former Turkey-facing business.

Cost pressure mounts

Legacy technology also weighed on the business. Former CEO Gavin Isaacs, who departed in February 2025 after roughly five months in the role, told iGB in January 2025 that modernising the group’s core platform was his biggest priority.

Entain confirmed roughly 500 job cuts in July 2026, part of efforts to offset the UK’s remote gaming duty, which rose from 21% to 40% from 1 April 2026.

Alongside the cuts, Entain agreed a CEE stake sale, divesting an initial 20% for €425 million, implying a €2.1 billion enterprise value, with completion expected in early Q4 2026. Group CFO Michael Snape said the move was designed to reduce leverage and free up capital for shareholders.

Momentum builds

Stella David served as interim CEO through Q1 2025, when Entain reported double-digit digital growth led by the UK, Brazil and US, before being confirmed as permanent CEO on 29 April 2025.

H1 2026 results, released 13 August, showed Group Underlying EBITDA of £479 million, down 2% year-on-year but ahead of expectations, with UK and Ireland, Australia, Canada and Spain – the fastest-growing market at 28% – as the strongest performers.

That resilience fed into a shift in strategy, with Entain’s cash conversion focus becoming a stated priority for the H1 period, alongside continued digital growth.

Analysts back the stock

Goodbody’s note on 13 August pointed to H1 Underlying EBITDA landing ahead of expectations, with the UK and Ireland business flagged as a standout performer against peers.

UBS reiterated its buy rating the following day. The bank said in a note dated 14 August:

“Entain shares offer the highest theoretical upside potential within the European gaming sector.”

Entain’s exit follows a wider thinning of gaming names on the LSEG. Flutter cancelled its secondary London listing on 3 August, shifting its trading focus to the US, though its own shares have also fallen sharply since the move. For Entain, the FTSE 250 move changes its index profile without altering the operational picture analysts are pricing into their ratings.