On 25 June Entain agreed to sell a 20% stake in Entain CEE to its joint-venture partner EMMA Capital for EUR 425 million in cash, EUR 395 million at completion and the balance in early 2027. Entain CEE owns SuperSport in Croatia and STS in Poland, both market leaders. The reported enterprise value is EUR 2.1 billion, about 10 times EBITDA.
After the deal Entain falls from 67.5% to 47.5% and EMMA rises from 22.5% to 42.5%. The Juroszek family keeps 10% with its votes assigned to EMMA. Entain’s chief executive called it “a decisive first step towards Entain fully exiting Entain CEE”. Completion is expected in the fourth quarter, subject to regulatory approval. Entain CEE’s 2025 net gaming revenue was GBP 522 million, up 7%, with EBITDA of GBP 184 million.
Three observations.
The price. Ten times EBITDA for the region’s leading online betting assets is the best current valuation reference for a CEE operator. A private mid-market business will not get that multiple, but it now knows what the top of the market pays.
The buyer. EMMA Capital is regional money. The largest CEE gaming deal of the year was done between partners who already knew the business. Proximity and existing relationships matter as much as the cheque.
The structure. A staged exit - 20% now, control later - lets the seller reduce debt today without a fire sale and lets the buyer take control at a pace its financing can carry. For owners who want liquidity but are not ready to hand over the keys, that model is worth studying.
Two other items from this month. Bally’s Intralot agreed to buy evoke, owner of William Hill and 888, for GBP 243 million in equity plus a GBP 889 million refinancing. And the ECB raised rates for the first time in three years, to a 2.25% deposit rate. Money is getting dearer just as consolidation speeds up.
(Sources: SBC News, 25 June 2026; European Gaming; CasinoBeats, 5 June 2026; ECB, 11 June 2026)