Entain Divests Crystalbet to Georgian Private Equity Group for €385 Million
Entain has agreed to sell its Georgian subsidiary Crystalbet to Tbilisi-based BGP Capital for €385 million, marking the operator's latest step in refocusing on regulated Western markets. The deal is expected to close in Q1 2027 pending approval from the National Bank of Georgia.
Entain plc confirmed on Monday that it has reached a binding agreement to divest its Georgian operating business Crystalbet to BGP Capital, a Tbilisi-headquartered private equity firm, for a total consideration of €385 million in cash. The transaction continues the FTSE 100 group's portfolio simplification programme announced under CEO Stella David earlier this year, which has already seen Entain exit several non-core jurisdictions to concentrate capital on the UK, US, Brazil and core European markets.
Crystalbet, which Entain acquired a majority stake in back in 2018 before taking full ownership in 2021, is one of Georgia's largest licensed online operators with an estimated 38% share of the regulated sports betting market. The business generated approximately €92 million in net gaming revenue during the twelve months to June 2026, according to figures disclosed in the announcement. Entain said the sale price represents roughly 7.1x trailing EBITDA, a multiple broadly in line with recent regional comparables.
BGP Capital, which manages around $1.4 billion in assets across the Caucasus region, said it intends to retain Crystalbet's existing management team led by CEO Nika Kurdiani and will accelerate investment in product localisation and retail expansion. The firm has also signalled interest in pursuing cross-border opportunities in Armenia and Azerbaijan, where regulatory frameworks remain in flux. Entain and BGP have agreed a three-year technology services arrangement under which Crystalbet will continue to access selected platform modules during the transition period.
Analysts at Jefferies described the disposal as "modestly accretive" to Entain's leverage profile, noting the proceeds will reduce net debt by roughly 0.15x on a pro-forma basis. Entain shares rose 2.4% in London trading following the announcement. Completion is subject to customary regulatory approvals, including clearance from the National Bank of Georgia and the Georgian Competition Agency, with closing targeted for the first quarter of 2027.