Entain Divests Georgian Subsidiary Crystalbet in $580M Sale to Regional Investor Group
Entain has completed the sale of its Georgian betting brand Crystalbet to a consortium led by Caucasus-based investment firm Silknet Capital for $580 million. The divestment marks another step in Entain's ongoing portfolio streamlining under CEO Stella David as the operator refocuses on regulated Western markets.
Entain plc confirmed on Friday the completion of its $580 million sale of Crystalbet, the leading online sportsbook and casino operator in Georgia, to a consortium led by Tbilisi-based Silknet Capital alongside minority participation from regional private equity vehicle Caucasus Growth Partners. The transaction, first flagged in Entain's strategic review earlier this year, closes a chapter that began in 2018 when the group acquired a majority stake in what was then a fast-growing Eastern European challenger brand.
Crystalbet has been a consistent contributor to Entain's international segment, generating an estimated $142 million in net gaming revenue during 2025 and holding a dominant share of Georgia's online gambling market. However, tightening domestic regulation — including advertising restrictions introduced in 2022 and a subsequent rise in player identification requirements — has compressed margins, prompting Entain to reassess the asset's long-term fit within its portfolio. CEO Stella David described the sale as "a disciplined step in sharpening our geographic focus on locally regulated markets where we hold clear structural advantages."
The buyers intend to retain Crystalbet's existing management team, led by CEO Giorgi Kadagidze, and have committed to continued investment in the brand's proprietary platform and Tbilisi-based technology hub, which employs over 400 staff. Silknet Capital's managing partner Nikoloz Chkhetiani said the consortium sees "significant runway to expand Crystalbet's regional footprint into Armenia and select CIS markets" pending regulatory pathways. Entain will provide transitional platform services for up to 18 months as part of the deal structure.
Proceeds from the sale will primarily be directed toward debt reduction, with Entain confirming that roughly $400 million will go toward accelerating deleveraging targets set at its Capital Markets Day in March. Analysts at Jefferies described the exit multiple of approximately 4.1x EBITDA as "reasonable given the regulatory backdrop," while noting that the transaction leaves Entain with a cleaner narrative heading into its interim results next month. Shares in the London-listed operator rose 2.3% in early trading following the announcement.