Lead brief
Entain will exit the FTSE 100 on 21 September, coinciding with Lottomatica's planned CIRSA merger and a government-ordered review of Hungary's gambling regulator. These developments signal significant shifts in Europe’s online gambling landscape across the UK, Italy, Spain, and Hungary.
Coverage frame
This piece sits inside the wider 31Casino news desk, where single developments are read against regulation, market structure, and reader relevance.
Primary source base
- ▸Entain is set to leave the FTSE 100 index effective 21 September 2026.
- ▸The Italian operator Lottomatica is finalizing its acquisition of Spanish gaming giant CIRSA.
- ▸Hungary has initiated a government-led review into its national gambling regulator.
- ▸These moves underscore mounting pressure on European iGaming operators amid market consolidation and evolving regulatory scrutiny.
What Happened
Several high-impact developments are reshaping Europe's online gambling sector this September. Entain, one of the UK’s most prominent gaming operators and owner of brands such as Ladbrokes and bwin, will be removed from the FTSE 100 index. The exclusion from the London Stock Exchange’s blue-chip listing occurs after a period of declining share price and ongoing strategic challenges.
Concurrently, Lottomatica has moved to acquire CIRSA, the Spanish land-based and online casino giant, in a deal widely regarded as one of the year’s largest cross-border mergers in the gambling industry. While financial details are yet to be fully disclosed, the transaction cements Lottomatica’s status as a pan-European operator with significant scale.
Meanwhile, Hungarian authorities have ordered a review of the state’s primary gambling regulator. Although specifics remain limited, industry sources suggest this could signal significant regulatory transformation, potentially tightening oversight or reconfiguring how licensing and enforcement are handled in Hungary.
Why It Matters
The exit of Entain from the FTSE 100 marks a pivotal moment for both the company and the wider UK gambling sector. Typically regarded as a benchmark for corporate stability and investor confidence, FTSE 100 inclusion delivers prestige and often results in greater access to institutional investment. Entain’s removal suggests sustained headwinds, including regulatory tightening in core UK markets, increased compliance costs, and heightened scrutiny over responsible gambling practices.
This delisting also follows a period of turbulence for Entain, which faced leadership changes, regulatory probes (including an historic HMRC investigation into Turkish operations), and competitive pressure from international rivals such as Flutter and Bet365. Market analysts have noted that fluctuating share performance and challenges adapting to spiking compliance demands have rendered the company vulnerable, leaving its next strategic direction uncertain outside the blue-chip club.
Parallel to Entain’s troubles, the Lottomatica–CIRSA transaction highlights a contrasting dynamic of scale and expansion. With Lottomatica seeking to enter Spain and Latin America, and CIRSA offering a complementary mix of retail, online, and lottery assets, the merger reflects ongoing pan-European consolidation.
€4.5 billion — the estimated combined revenue of Lottomatica and CIRSA, creating one of Europe’s largest gambling operators by turnover.
For Hungary, the instigation of a regulatory review indicates the government’s intention to align its oversight framework with evolving European standards. Such a move comes as many EU member states respond to increased risks around consumer protection, anti-money laundering, and cross-border technical challenges. Depending on the review’s outcome, operators targeting Hungary may face new barriers to market entry or changes in licensing conditions, making the market less predictable for local and international stakeholders.
Industry Context
The above developments arrive amid a period of sustained change in European online gambling. The sector has seen an ongoing wave of M&A activity, with operators seeking scale to withstand rising tax burdens, advertising restrictions, and compliance requirements across multiple jurisdictions.
In the UK, stricter regulations recently introduced in the wake of the Gambling Act Review have increased operational costs for licensees. Meanwhile, Italy and Spain remain attractive but heavily-regulated gambling markets. The Lottomatica–CIRSA deal builds on 2025’s major transactions such as Flutter’s purchase of Sisal, and signals the increasing need for geographic diversification and digital investment.
Hungary, historically characterized by a state monopoly and restrictive licensing, has gradually opened up to EU operators since its regulatory reforms began in 2023. However, periodic regulatory reviews like the current one pose uncertainty for international brands seeking access to Eastern European markets.
What Happens Next
Entain’s removal from the FTSE 100 will trigger sales from index-tracking funds, likely resulting in further short-term share price volatility. The company’s future strategy and investor confidence will be closely watched, especially as leadership pursues cost-cutting and potential divestitures to restore stability.
The Lottomatica–CIRSA merger awaits completion of regulatory approvals, particularly from Italian and Spanish authorities. Upon closing, integration efforts must address complex compliance, branding, and operational risks while delivering on promised synergies.
For Hungary, stakeholders await details from the government’s review, which could culminate in new legislative changes or restructuring of regulatory bodies. Operators active in Hungary should prepare for scenario planning, pending clear policy guidance.
Sources
This article is for informational purposes only. 31Casino does not provide gambling services or recommendations. If you're concerned about your gambling, visit our Responsible Gambling page for support resources.