LONDON, March 10, 2026, 00:30 GMT
Late Monday, Barclays revealed a 5.02% stake in Entain, putting it among the bookmaker’s largest declared shareholders. According to the TR-1 filing—a UK requirement triggered when investors pass significant ownership thresholds—Barclays controlled 32,126,575 voting rights in the company. 1
This shift comes as investors weigh which betting firms can absorb Britain’s steeper online gambling taxes. Entain last week projected it could cushion roughly a quarter of the tax impact in 2026, and more than half from 2027 onward, relying on efficiency gains across the group. 2
Entain isn’t mincing words about the environment. CEO Stella David claims the company is “well positioned” to manage tax and regulatory challenges and says it’s “never been in better shape.” According to Reuters, analysts think larger players like Entain and Flutter can weather the squeeze more effectively than smaller competitors. UK-based Evoke, for example, has kicked off a strategic review after flagging the tax impact. 2
According to Barclays’ filing, just 0.8% of the voting rights came from shares, with the bulk of their exposure tied up in swaps and derivatives linked to Entain stock. The bank noted its trading book exemption—a rule that had allowed less disclosure—was void after March 6, when it reported its stake had dropped below the notifiable threshold. 1
Barclays now appears on Entain’s shareholder page, joining Capital Group with its 10.01% stake and BlackRock at 6.31% among the company’s top reported investors. That same page listed Entain’s shares at 575 pence, down 1.57%. Last week’s results revealed underlying EBITDA at 1.16 billion pounds, but a 488 million-pound impairment, linked to changes in UK tax, dragged the group into a statutory loss. 3
BetMGM is still the clear outlier in a positive sense. David told Reuters Entain has been “using AI a lot now” to trim costs around production and asset generation, part of how the company is grappling with steeper duties. Their U.S. partnership with MGM Resorts kicked back $270 million to the parent firms in 2025; for 2026, it’s shooting for adjusted EBITDA of $300 million to $350 million. Analyst Ivor Jones at Peel Hunt labeled the unit a “standout.” 4
Still, the risks haven’t vanished. Entain wrapped up 2025 carrying adjusted net debt of 3.64 billion pounds and maintained an AUD 100 million provision related to AUSTRAC’s civil penalty case in Australia—though the final bill could end up well above or below that figure. There’s more: if Entain loses a Greek tax dispute, it could be on the hook for roughly 316 million euros plus interest. 5
With Barclays now joining Entain’s shareholder list, another heavyweight is in the mix. Investors are weighing which betting operators have enough scale, international exposure, and U.S. momentum to weather stricter UK taxes. 3
