Entain divesting European interest, selling 20% of Entain CEE to Emma Capital for US$484 million
Global sports betting and gaming group Entain has announced the “phased exit” of its Central and Eastern Europe operation (Entain CEE), selling back a 20% interest to its joint venture partner EMMA Capital for €425 million (US$484 million)1 EUR = 1.1377 USD
2026-06-26Powered by CMG CurrenShift.
Entain CEE was formed in 2022, when EMMA Capital sold its 75% stake in Croatian gaming firm SuperSport to Entain. EMMA retained a 25% stake in the joint venture after the sale. In 2023, Entain CEE purchased Poland’s largest bookmaker STS. Following the acquisition, EMMA Capital’s stake in Entain CEE reduced to 22.5%.
After the new transaction, EMMA Capital will hold 42.5% of Entain CEE, with Entain holding 47.5%.
The valuation of the sale, comprising €395 million (US$449 million)1 EUR = 1.1377 USD
2026-06-26Powered by CMG CurrenShift payable on completion plus an “additional payment” in early 2027 “to reflect FY26 financial performance,” implies a €2.1 billion (US$2.4 billion)1 EUR = 1.1377 USD
2026-06-26Powered by CMG CurrenShift value for Entain CEE.
Entain indicated in a 25 June release that the net proceeds will be used to reduce its outstanding debt, with completion of the sale expected in 4Q26, subject to regulatory approvals.
The global gaming group indicated that its exit from Entain CEE will “unlock the value created within Entain’s attractive portfolio,” with the group continuing “to evaluate all strategic options to exit its remaining minority shareholding.” The proceeds of the future exit would be used to reduce the group’s reported leverage below 3x, with excess capital returned to shareholders.
“Our initial divestment is a decisive first step towards Entain fully exiting Entain CEE and reflects our ongoing focus on maximizing value for shareholders. This enables us to unlock the value created by our Croatian and Polish businesses’ and demonstrates our robust capital allocation discipline,” indicated Entain CEO Stella David.
“Driven by structural growth across our globally scaled portfolio and our improving operational execution, I am confident in our ability to deliver strong future cash-generation. Entain remains well positioned to be a long-term industry winner,” stated the executive.
Following the divestment, Entain will no longer recognize its share of Entain CEE profits and dividends in its financial statements until the full exit is achieved.
The sale also updated its guidance to reflect the divestment, reiterating expectations of 5-7% FY26 Online net gaming revenue (NGR) growth in constant currency, a FY26 Online EBITDA margin between 21-22% (compared to 23-24% previously) and £500 million (US$660 million)1 GBP = 1.3201 USD
2026-06-26Powered by CMG CurrenShift in annual adjusted cashflow in 2028.
Entain is one of the world’s largest sports betting and gaming operators, with both online and retail operations. The group has a 50/50 joint venture with MGM Resorts for BetMGM – operating sports betting and iGaming in the US. It also operates a portfolio of brands in Europe and the UK including Ladbrokes, bwin and Eurobet and iGaming brands Gala, Partypoker and PartyCasino. In New Zealand, the group operates TAB NZ as part of a long-term strategic partnership with TAB New Zealand.
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