Entain Drops Out of FTSE 100 but Analysts Back a Comeback
Entain has been relegated from the FTSE 100 Index in the latest quarterly reshuffle, ending a five-year spell among London’s 100 most valuable listed companies. The operator behind Ladbrokes, Coral and bwin will now sit in the FTSE 250, with its market capitalisation currently at £3.34 billion.
According to Casino.org, Entain’s shares have lost more than 70% of their value since it joined the index in 2020 — a bruising run shaped by leadership instability, legal headaches and broader market pressure. The company cycled through four chief executives in that period and faced a significant bribery case connected to its former Turkish operations.
For UK players and industry watchers, the demotion matters because Entain remains one of the biggest operators on British soil. A lower market cap affects the group’s financial firepower and its ability to invest in product, compliance infrastructure and responsible gambling tools — all things that feed through to the high street and online experience.
The picture is not entirely gloomy, however. Entain recently reported a 5% rise in net gaming revenue for the first half of 2026, with UK online revenue climbing 13%, a figure Casino.org notes was “ahead of peers which have recently reported” — a phrase attributed to Deutsche Bank analysts.
Several investment banks have grown more positive in recent weeks. UBS reiterated a buy rating in August, flagging Entain as offering the highest theoretical upside in the European gaming sector, while also warning that the group’s risk profile remains elevated relative to rivals. In September, Kepler Cheuvreux upgraded the stock to buy, pointing to improving cash generation and a free cash flow target of more than £500 million by 2028 — a figure analysts described as large relative to the current market cap. Susquehanna raised its price target to 1,200p from 1,100p.
Entain’s planned withdrawal from Central and Eastern Europe — including Polish and Croatian markets — has also been cited as a potential positive, with Kepler suggesting it could unlock shareholder returns sooner than previously expected.
A Q3 trading update is due on 15 October, which should give investors and industry observers a clearer read on whether the bullish analyst sentiment is being matched by on-the-ground performance.
Keep up with developments like this in our casino news section, or explore our guides for more on how operator changes can affect UK players.
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