Entain Divests Crystalbet in €650M Sale to CVC Capital as Georgian Market Matures
Entain has agreed to sell its Georgian subsidiary Crystalbet to private equity firm CVC Capital Partners for €650 million, marking the operator's exit from the Caucasus region. The deal reflects Entain's ongoing portfolio streamlining strategy under CEO Stella David as the group refocuses on regulated Western markets.
Entain plc announced Sunday it has reached a definitive agreement to sell Crystalbet, Georgia's leading online gaming operator, to CVC Capital Partners in a transaction valued at €650 million. The sale, expected to close in Q4 2026 subject to regulatory approval from the Georgian Revenue Service, will see Entain fully exit the Caucasus market it entered in 2018 through a majority stake acquisition. Crystalbet has grown to command an estimated 42% share of Georgia's regulated online betting market, generating approximately €180 million in net gaming revenue during 2025.
The divestment continues Entain's strategic portfolio review announced earlier this year, which has already seen the company offload smaller B2C assets in Kenya and Latvia. CEO Stella David told analysts the transaction 'crystallises significant value from a market where our scale advantages are limited' and confirmed proceeds would primarily be directed toward debt reduction and reinvestment in the BetMGM joint venture. Entain acquired its initial 51% stake in Crystalbet for £54 million and subsequently increased ownership to 100% in 2021 for approximately £120 million, making the exit a substantial return on investment.
CVC Capital Partners, which has been steadily building its gaming portfolio following investments in Tipico and Sisal predecessor assets, views Crystalbet as a platform for broader Eastern European and CIS expansion. Managing Partner Jean-Rémy Roussel indicated the firm plans to retain Crystalbet's Tbilisi-based management team and accelerate product development, particularly in live casino and mobile-first sports betting verticals. Georgia's gambling sector has experienced turbulence following 2022 restrictions barring public sector employees and welfare recipients from gambling, though the market has stabilised with roughly 1.1 million active players.
Analysts at Regulus Partners characterised the deal as 'priced attractively for CVC' given Crystalbet's dominant local position, while noting Entain's continued pivot away from higher-risk jurisdictions. The transaction is expected to reduce Entain's net debt to EBITDA ratio to approximately 2.8x, providing additional flexibility as the group navigates ongoing regulatory pressures in the UK and Germany. Entain shares rose 3.2% in pre-market trading following the announcement.