Entain Divests Crystalbet to Georgian Investor Consortium for €385 Million
Entain has completed the sale of its Georgian operator Crystalbet to a domestic investor group led by TBC Capital for €385 million, marking the group's continued portfolio consolidation. The transaction reflects Entain's strategy to exit smaller regional markets and refocus capital on its core US and Western European operations.
Entain plc confirmed on Monday that it has finalised the sale of its 100% stake in Crystalbet, Georgia's market-leading online betting and casino operator, to a consortium of local investors led by TBC Capital and several regional private equity partners. The deal, valued at €385 million in cash with an additional €40 million earn-out tied to 2027 EBITDA performance, closes a chapter that began when Entain acquired the brand in 2018 for approximately €126 million as part of its emerging markets push.
Crystalbet has grown into Georgia's dominant operator, commanding an estimated 42% share of the country's regulated online gambling market and generating roughly €95 million in net gaming revenue during 2025. Under Entain's ownership, the brand expanded its live casino vertical and rolled out a redesigned sportsbook platform ahead of the 2024 European Championship. The buyer consortium has committed to retaining the Tbilisi-based workforce of approximately 480 employees and maintaining the existing management team led by CEO Giorgi Sharabidze.
The divestment aligns with Entain CEO Gavin Isaacs's ongoing capital allocation review, first outlined to investors in March, which prioritises the BetMGM joint venture in North America, the UK retail estate, and high-growth regulated European markets including Italy and the Netherlands. Analysts at Jefferies noted the sale multiple of approximately 4.1x NGR represents a solid outcome given tightening advertising restrictions introduced by Georgia's Revenue Service earlier this year, which have compressed margins across the local sector.
The transaction is expected to generate net proceeds of around £310 million after tax and transaction costs, which Entain indicated will be applied primarily to debt reduction and its previously announced £200 million share buyback programme. Regulatory approval from Georgia's National Bank and gambling authority was secured last week, with the ownership transfer taking effect immediately. Entain shares rose 2.3% on the London Stock Exchange following the announcement.