King Of The West

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Entain has been demoted from the FTSE 100 to the FTSE 250, according to a quarterly update from the London Stock Exchange Group (LSEG).

It joined the FTSE 100 index on 22 June 2020, cementing its position as one of the UK’s 100 most highly capitalised blue chips listed on the London Stock Exchange.

Although it will remain on the FTSE 250, Entain’s relegation will see it removed from the FTSE 100 on 21 September.

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Entain’s removal from the FTSE 100 is a telling sign of what has happened to gambling stocks across both Europe and the US in recent years. The company’s shares have fallen sharply over the past year, even as its first-half results showed continued growth in several important markets.

In the six months to June, Entain’s online net gaming revenue rose 7% in constant currency. Revenue in Britain and Ireland increased 13%, while the company maintained its full-year guidance for online net gaming revenue growth of 5% to 7%. So why is its stock price still so under pressure?

One answer is that the industry is no longer being valued primarily on the promise of endless growth. The market instead wants to see profit, cash generation and manageable regulation maintained across all facets of a listed business. Ed Birkin, managing director of H2 Gambling Capital, says the longer-term decline in gambling stocks runs much deeper than just changes to earnings forecasts.

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