Entain, the parent company of Ladbrokes and Coral, is set to cut approximately 500 jobs globally, a move driven by new CFO Michael Snape as part of an efficiency initiative.
As initially reported by Reuters, the job reductions will mainly affect the company’s central corporate functions, including finance, human resources, as well as product and technology areas.
The company emphasized that this decision is not a direct response to the recent increase in the UK Remote Gambling Duty, but rather part of a broader cost optimization strategy. An Entain spokesperson explained, "As part of our ongoing focus on enhancing Entain’s operational efficiency and agility, we have begun implementing organisational changes which will regrettably impact a number of roles across the Group over the months ahead."
They added, "These changes will help make Entain a stronger, better business and are a further demonstration of our strategic focus on maximising shareholder value. We are consulting with all those affected to support them during this process."
The announcement comes amid growing regulatory and fiscal pressures faced by Entain and other entities operating within the UK and European markets. These pressures include rising compliance costs, upcoming stricter regulations on online advertising, and increased betting duties.
Earlier this year, in April, Entain announced the closure of 39 Ladbrokes stores in Ireland, which coincided with reports that the company had exited discussions to sell its entire retail estate in that market. A spokesperson for Ladbrokes stated, "We continually review our retail estate to ensure our business remains competitive and financially sustainable." They emphasized a commitment to engaging with colleagues throughout the consultation process, focusing on redeployment when possible, and maintaining operations in Ireland with a sustainable retail footprint.
Additionally, Entain is set to divest from its Central and Eastern European market by selling a 20% stake in Entain CEE to EMMA Capital, its joint venture partner.
