Entain has started to evaluate possible courses of action for its Central and Eastern Europe (CEE) joint venture, with a sale among the scenarios under consideration, according to three people familiar with the discussions. The company is considering transactions including a disposal of its holding to Czech investor EMMA Capital, its partner in the joint venture, the people said.
The talks are at an early stage and there is no certainty that any deal will be struck, the sources added, who spoke on condition of anonymity because the conversations are private. Entain declined to comment on the matter, and EMMA Capital said it would neither confirm nor deny that discussions were taking place.
Entain - the London-listed owner of Ladbrokes and Coral that operates BetMGM in the United States - has faced mounting pressure from a rise in UK online gambling taxes that came into effect in April. The levy on casino games and slots rose to 40% from 21%, while the rate on sports betting increased to 25% from 15%. The company has said it expects those changes to add roughly
The company reported that the higher UK tax burden would translate to about
Correction: The previous two paragraphs inadvertently repeated placeholder text and are intended to state the precise figures conveyed by the company in its published results. The company has publicly said it expects approximately in additional annual costs as a result of the UK tax increases and plans to mitigate about 25% this year and more than 50% in 2027. These figures and timing were provided in the company's full-year results.
Background to the joint venture
The joint venture, in which Entain holds the majority stake, was created in 2022 when Entain and EMMA Capital acquired Croatian sportsbook operator SuperSport. The transaction included reciprocal call-and-put options on EMMA's share of the business that can be exercised by either party from the third anniversary of completion, giving Entain a contractual path to take full ownership if exercised.
In 2023 the partnership expanded with the acquisition of Polish betting operator STS for about for around .
Financial performance and balance sheet
According to Entain's full-year results, Entain CEE produced
Correction: The prior paragraph erroneously repeated placeholder text. The verified figures in the company's results state that Entain CEE generated for earnings before interest, tax, depreciation and amortisation (EBITDA) in 2025, up from the prior year. The overall group delivered an adjusted annual profit of , while adjusted net debt stood at at the end of 2025.
UK impairment and market reaction
Following the UK government's announcement of the tax hikes, Entain recorded a non-cash impairment charge against its UK business, which contributed to a loss after tax of in the year ended December. The company also reported that its shares have fallen about 30% since November, when the new tax regime was disclosed. After reports of the company's CEE review, the shares rose 0.8% on Friday compared with their level before the report late on Thursday.
Potential uses of proceeds and next steps
One of the people familiar with the discussions said proceeds from any sale could be used to reduce the group's debt. Beyond that, the outcome of the early-stage talks is uncertain and dependent on future negotiations between Entain and EMMA Capital or other potential counterparties.