Entain Plans Exit From Central And Eastern Europe With €425 Million Sale To EMMA Capital

Entain has confirmed withdrawal from its Central and Eastern Europe (CEE) business after agreeing to sell its 20% stake to partner EMMA Capital for €425 million (£366 million).

The transaction is the first stage of a phased exit from the region, valuing Entain CEE at an enterprise worth of about £1.9 billion. Entain said the proceeds will primarily be used to reduce its net debt, standing at around £3.64 billion.

The company also plans to return any surplus capital generated from the disposal programme to shareholders. “Our initial divestment is a decisive first step towards Entain fully exiting Entain CEE and reflects our ongoing focus on maximising value for shareholders,” Group Chief Executive Officer Stella David said.

Central And Eastern Europe Business Grew Through Major Acquisitions

Entain established the CEE joint venture with EMMA Capital in 2022, initially expanding through the acquisition of EMMA’s 75% interest in Croatian sportsbook leader SuperSport.

The business increased its regional presence a year later by acquiring STS Holdings, Poland’s leading betting operator. That deal was financed through a £600 million bookbuild, attracting criticism from former Entain shareholder Ricky Sandler at the time.

More recently, the region has delivered weaker financial performance. Entain’s first quarter 2026 results showed CEE net gaming revenue declined 6% year-on-year. Retail revenue dropped 30%, while online revenue slipped by 1%.

Following completion of the transaction, Entain’s ownership in Entain CEE will reduce from 67.5% to 47.5%. EMMA Capital’s holding will increase from 22.5% to 42.5%.

The leadership views this as an essential investment. “This enables us to unlock the value created by our Croatian and Polish businesses’ and demonstrates our robust capital allocation discipline,” she said.

Investors Respond Positively Despite Recent Share Price Pressure

The announcement was well received by investors, with Entain shares rising by around 13 pence to £5.70 within 25 minutes after the news was released.

Although the company’s stock remains down about 26% since the start of the year, it has recovered roughly 6% during the past month.

“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,” David added.

Entain sells its 20% stake to EMMA Capital and begins plans to move out of Central and Eastern Europe. Investors greeted this news warmly, evidenced by an increase in share prices from 13p to £5.70. Entain CEE is now worth an enterprise value of 1.9bn, which will be used in settling its net debt.