Entain to Cut 500 Jobs Globally

Entain, the owner of Ladbrokes and Coral, has confirmed that it will reduce its workforce by approximately 500 positions globally as part of a efficiency strategy led by new CFO, Michael Snape. These cuts, initially reported by Reuters, primarily focus on central corporate functions such as finance and human resources, as well as product and technology. The group clarified that this round of layoffs is not a response to the recent increase in Remote Gambling Duty in the United Kingdom but rather part of a long-term cost optimization effort.

Driving Efficiency at Entain

A spokesperson for Entain told iGB: “As part of our ongoing focus on improving operational efficiency and agility at Entain, we have begun to implement organizational changes that will unfortunately affect several roles across the group in the coming months. These changes will help strengthen Entain and are a demonstration of our strategic focus on maximizing shareholder value. We are consulting with all affected to support them through this process.”

Sector Pressures

Entain's announcement comes amid increasing regulatory and fiscal pressure in the United Kingdom and other European markets, with rising compliance costs, proposals for stricter regulations on online advertising, and higher gambling taxes.

In April this year, Entain also announced the closure of 39 Ladbrokes stores in Ireland. This occurred while reports circulated that the company had backed out of negotiations to sell its entire Ladbrokes retail business in the market.

A spokesperson for Ladbrokes commented to iGB: “We continuously review our retail footprint to ensure that our business remains competitive and financially sustainable. Our priority now is to constructively engage with colleagues during the consultation process, with a strong focus on redeployment where possible. Ladbrokes remains committed to Ireland and to operating responsibly within a sustainable retail footprint.”

Sale in CEE

Additionally, Entain will divest its business in Central and Eastern Europe after agreeing to sell a 20% stake in Entain CEE to EMMA Capital, its partner in the joint venture.

Kathryn Evans covers breaking news, focusing mainly on EMEA and US legislation. Proudly from North Wales, she is fluent in Welsh and a long-time fan of Wrexham FC.