Entain Set To Drop From FTSE 100 In September Reshuffle
Entain looks set to lose its place among Britain's biggest listed companies. FTSE Russell, the index arm of London Stock Exchange Group, named sports betting brands Ladbrokes and Coral owner among the indicative deletions from the FTSE 100 in its September 2026 quarterly review, published August 25, 2026. The changes are based on constituent data as of Friday, August 21, 2026.
Under the indicative changes, Entain and housebuilder Persimmon would leave the FTSE 100 and move into the FTSE 250. Easyjet and Ithaca Energy would take their places, moving up from the FTSE 250. On the mid-cap side, Pinewood Technologies Group, Volex and Seraphim Space Investment Trust are indicative additions to the FTSE 250, while Aston Martin Lagonda Global Holdings and GB Group are indicative deletions.
FTSE Russell stressed that these are indicative changes only. The actual review of the FTSE UK Index Series will use data as at market close on Tuesday, September 1, 2026, with confirmed rebalance changes announced after market close on Wednesday, September 2, 2026.
Under FTSE Russell's published ground rules for the index series, constituent changes are implemented after the close of business on the third Friday of the review month, which falls on September 18, 2026, making the changes effective from Monday, September 21, 2026.
Why Entain Is In the Firing Line
FTSE 100 membership is decided purely on market capitalisation, and Entain's has been sliding. Shares in the group were trading at around 515p on August 27, 2026, valuing the company at roughly £3.3 billion, versus a 52-week high of 915.6p, according to live London Stock Exchange pricing data.
The pressure traces back to the UK government's November 2025 decision to raise Remote Gaming Duty from 21% to 40% and introduce a new 25% Remote Betting duty from April 2027. Entain's own full-year 2025 results, published March 5, 2026, showed a statutory loss after tax of £680.5 million, driven largely by a £487.7 million non-cash impairment against its UK online business tied directly to the tax changes.
The group's interim results for H1 2026 showed the tax rise is still biting: Entain absorbed a £56 million hit to underlying EBITDA in the first half from the higher Remote Gaming Duty rate, which only applied for three months of that period after taking effect on April 1, 2026.
Underlying EBITDA fell 2% year-on-year to £479 million even as net gaming revenue grew 5% on a constant-currency basis. The group narrowed its loss after tax to £11.4 million in H1, an improvement of £74 million on the prior year, helped by gains on financial instruments and foreign exchange.
What It Means
A demotion to the FTSE 250 carries no regulatory or operational consequence for Entain's Ladbrokes, Coral or BetMGM businesses, which continue to trade as normal. But it does have market implications: passive funds and exchange-traded funds that track the FTSE 100 are required to sell shares in any company leaving the index, which can add further selling pressure around the effective date. Index reshuffles of this kind are mechanical, driven by ranked market capitalisation at the review cut-off rather than any single company announcement.
Entain has said it expects to offset more than half of the incremental UK tax burden from 2027 through cost optimisation, and it has reaffirmed guidance for at least £500 million in annual adjusted cash flow from 2028.
FTSE Russell will publish confirmed FTSE 100 and FTSE 250 constituent changes after market close on September 2, 2026, with the rebalance taking effect from September 21, 2026. Any change to Entain's indicative status between now and the September 1 data cut-off, driven by its share price over the coming days, would need to show a marked recovery to keep the group in the FTSE 100.
