Entain, the parent company of Ladbrokes and Coral, has announced its decision to cut around 500 jobs globally as part of an efficiency initiative led by new CFO Michael Snape.
The planned reductions, which were initially reported by Reuters, will mainly impact the central corporate functions, including finance, human resources, and technology.
The company emphasized that this job cut is not a direct response to the recent hike in the UK Remote Gambling Duty, but rather a component of a broader strategy aimed at long-term cost optimization.
An Entain spokesperson stated, "As part of our ongoing focus on enhancing Entain’s operational efficiency and agility, we have begun implementing organizational changes which will regrettably impact a number of roles across the Group over the months ahead."
They further explained that these adjustments are intended to strengthen the company and underscore its commitment to maximizing shareholder value. Efforts are being made to consult with those affected and provide support during this transition.
Entain's announcement occurs amid growing regulatory and fiscal pressures in the UK and other European markets, characterized by rising compliance costs, proposals for stricter online advertising regulations, and increased betting duties.
Earlier in April, Entain revealed plans to close 39 Ladbrokes stores in Ireland while also stepping back from discussions to sell its entire Ladbrokes retail estate in the country.
A spokesperson for Ladbrokes commented, "We continually review our retail estate to ensure our business remains competitive and financially sustainable. Our priority now is to engage constructively with colleagues throughout the consultation process, with a strong focus on redeployment wherever possible. Ladbrokes remains committed to Ireland and to operating responsibly within a sustainable retail footprint."
Additionally, Entain is set to divest from its Central and Eastern Europe (CEE) business by selling a 20% stake in Entain CEE to joint venture partner EMMA Capital.
