STS Sale: Mateusz Juroszek Sees Perfect Timing for Entain Exit

The international sports betting landscape is in a state of flux, and Mateusz Juroszek is currently one of the most prominent figures navigating this change. The former CEO of Polish market leader STS reflects on the sale of his family business with a mixture of pride and strategic pragmatism. What began in 2023 as an ambitious expansion into Central and Eastern Europe alongside British giant Entain is now shifting toward a managed withdrawal. Entain, the powerhouse behind brands like Bwin and Ladbrokes, has shifted its priorities toward debt reduction and organizational simplification, losing its appetite for direct regional dominance in the CEE market.

For the Juroszek family, the timing of the original deal has proven to be a masterstroke. At that time, STS held over 40% of the Polish market—a level of dominance that Juroszek noted would be difficult to sustain in an increasingly competitive environment fueled by aggressive bonus spending from rivals. By selling at the right moment, the family monetized its leadership position while retaining a stake in the Entain CEE joint venture to benefit from corporate synergies. Juroszek does not view Entain's current phased exit as a sign of weakness in the operating units, but rather as a purely strategic move by the London-based headquarters.

Numbers and facts

The scale of this withdrawal is significant. In June 2026, Entain agreed to sell a 20% interest in Entain CEE to its partner EMMA Capital for approximately €425 million. This price implies an enterprise value of €2.1 billion for the entire CEE business, representing a multiple of roughly ten times EBITDA. The Juroszek family still holds a 10% share and is watching the shift in power with professional composure. Upon completion of the transaction in late 2026, Entain's stake will drop from 67.5% to 47.5%, while EMMA Capital takes over operational control.

Financially, the core businesses—STS in Poland and SuperSport in Croatia—are performing exceptionally well. In the 2025 financial year, both brands generated a combined Net Gaming Revenue (NGR) of approximately €609 million, a 7% year-on-year increase. EBITDA also rose by 7% to €215 million. Despite these robust figures, Entain is pursuing a complete exit to lower the group's leverage below a 3x ratio and return capital to its shareholders.

"The sale of the controlling stake in STS was a great deal for our family, while also giving the company an opportunity to develop as part of a larger group." - Mateusz Juroszek, former CEO of STS

Background

The original plan was for STS to serve as a platform for further regional acquisitions, with projected synergy effects exceeding €11.7 million. However, corporate reality caught up. Entain is under pressure to streamline its portfolio and strengthen its balance sheet. In this context, the partial sale to EMMA Capital is merely the first step. A separate voting agreement ensures that the Juroszek foundations assign their voting rights to EMMA, giving the Czech group majority control despite holding less than 50% of the equity.

Mateusz Juroszek sees no reason to rush his family's final exit. Although they hold a put option allowing them to sell the remaining 10% in three tranches over the next three years, he emphasized that the cooperation with EMMA Capital has been excellent. As long as dividends continue to be paid and the group's valuation remains stable or grows, the family can choose the optimal moment for their final departure. It is the picture of an investor who has done his homework and is now acting from a position of strength.

"We have a route to a full exit through the put option, and we will probably use it one day." - Mateusz Juroszek, former CEO of STS

Why it matters for German players

Although STS and SuperSport primarily operate in Poland and Croatia, Entain's strategy has direct implications for the German market. As a major player with several licenses from the Gemeinsame Glücksspielbehörde der Länder (GGL), Entain’s move shows a refocusing on core markets and strict regulatory compliance. The proceeds from the CEE sale are intended to ensure the financial stability of the entire group, which in turn secures the long-term operation of GGL-licensed brands like Bwin in Germany.

For German players, a stable parent company translates into payout security and reliable player protection. Those who bet with legal providers in Germany benefit from the State Treaty on Gambling 2021 (GlüStV 2021), which mandates a €1,000 monthly deposit limit and a €1 limit per spin on slots. The LUGAS central monitoring system ensures these limits are enforced across all providers. A financially healthy parent company like Entain, reducing its debt through strategic divestments, is more likely to implement these high regulatory standards in Germany without compromise, rather than relying on risky gray-market strategies to fill budget gaps.

What it means for GGL-licensed casinos

GGL-licensed providers are under intense scrutiny. The news of the Entain restructuring sends a clear signal to the industry: quality and regulatory compliance in stable markets are becoming more important than unchecked expansion in volatile regions. Whitelisted casinos and bookmakers must prove they are economically viable while implementing strict player protection measures. When major players like Entain divest their CEE divisions to balance the books, it indirectly strengthens trust in the legal, German-regulated brands within the group. The focus is shifting from pure expansion toward qualitative market leadership under the watchful eye of German authorities.