Entain will leave the FTSE 100 and move into the FTSE 250 later this month after its falling market value pushed the Ladbrokes and Coral owner out of the UK’s blue-chip stock index. FTSE Russell confirmed the change on Sept. 2 as part of its quarterly review, with Entain and housebuilder Persimmon making way for EasyJet and Ithaca Energy. The changes take effect from Sept. 21.
Entain joined the FTSE 100 on June 22, 2020, when the company was still called GVC Holdings, and adopted its current name in December of that year. Its departure therefore ends a little over six years in the index, during which the group expanded further into online gambling, built BetMGM with MGM Resorts, and went through a series of acquisitions and management changes.
Entain’s shares have fallen almost 40% over the past 12 months, reducing its market capitalization to just over £3 billion and leaving it among the smallest companies in the FTSE 100. The stock traded above £9 in September 2025 but had fallen to around £5.20 by the beginning of September 2026. FTSE Russell’s quarterly reviews are based largely on market capitalization, so the decline left Entain vulnerable to companies below it becoming large enough to enter the index.
The share-price decline has continued despite an improvement in parts of Entain’s underlying business. First-half net gaming revenue increased 5% year over year on a constant-currency basis, including 7% growth online, while UK and Ireland NGR increased 8%. Underlying EBITDA fell 2% to £479.3 million, however, as the increase in UK online gambling tax offset stronger revenue, and Entain recorded an £11.4 million loss after tax compared with an £85.8 million loss a year earlier.
Entain also carried £3.60 billion in net debt at the end of June, with reported leverage remaining at 3.1x. The company has started selling down its Central and Eastern European business to reduce that burden, agreeing in June to sell an initial 20% stake in Entain CEE to EMMA Capital for approximately €425 million. The transaction values the division at €2.1 billion, with Entain planning a phased full exit and using proceeds to bring group leverage below 3x.
BetMGM, Entain’s 50-50 US joint venture with MGM Resorts, has meanwhile become profitable after years of heavy investment. The business generated $711 million in Q2 revenue and $74 million in adjusted EBITDA, although it now expects full-year revenue and EBITDA toward the bottom of its existing $2.9 billion to $3.1 billion and $300 million to $350 million guidance ranges. BetMGM also pushed back its previous expectation of reaching $500 million in adjusted EBITDA in 2027, citing current market conditions and regulatory uncertainty around prediction markets.
Entain’s valuation has fallen substantially from its 2021 peak, when DraftKings made a takeover proposal worth around £16 billion before walking away from negotiations. The years since have included a large acquisition program, net debt rising to around £3.6 billion, and a £585 million settlement with UK authorities in 2023 over historical bribery offences at a former Turkish business. Entain has also gone through several leadership changes before Stella David became permanent CEO in 2025.
FTSE Russell will remove Entain from the FTSE 100 after market close on Sept. 18 before adding it to the FTSE 250 when trading begins on Sept. 21. The change does not affect Entain’s London Stock Exchange listing or its operations, but index-tracking funds will adjust their holdings as part of the rebalance. Entain entered the FTSE 100 during a period of rapid online gambling growth in 2020; six years later, stronger operating results have not been enough to offset the decline in the market value investors assign to the business.