Entain has u-turned on its claim to not cut jobs across the company, after reports from Bloomberg revealed that the multinational betting group is set to cut 500 jobs – roughly 2% of its total workforce.
Earlier this year, Entain Chief Executive Officer Stella David warned that new tax increases coming into force across the UK would impact the brand’s bottom line by as much as £200m, but asserted that job cuts were not planned.
However, it is now reported that 500 job cuts will take place at the group which owns Ladbrokes and Coral, impacting roles in corporate functions, as well as product and technology teams.
An Entain spokesperson told SBC News: “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.
“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.”
Entain offsetting UK tax headwinds
In April 2026, remote gaming duty increased from 21% to 40%, which is expected to generate £1.1bn in additional tax revenues a year by 2031.
The tax increases have been lambasted by much of the iGaming industry, with many citing concerns over the viability of the UK market.
These uncertainties have been felt across the sector, with planned reductions in marketing budgets announced by Entain, William Hill owner evoke, and Sky Bet, Paddy Power and Betfair owner Flutter Entertainment shortly after the taxes were revealed in November last year.
Layoffs were subsequently confirmed at Flutter’s Paddy Power earlier this year, affecting its marketing team.
The latest reports from Bloomberg – which has cited an email sent to Entain staff – have suggested that job cuts will take place with the aim of improving efficiency and delivering on “priorities of growth, margin expansion and cash generation”.
Since the increase to remote gaming duty was first announced, Entain has been looking for new ways to offset the impact of the tax hikes, with a plan to implement group-wide cost cuts that would offset more than 50% of the additional costs incurred by the tax rise.
The LSE-listed business confirmed in April this year that it had closed a number of its Irish Ladbrokes stores, though SBC News understands that these fresh job cuts are not retail-related.
In the last couple of weeks, the company’s Apprenticeship Manager and Global Head of Colleague Engagement and Employer Brand have both confirmed their departures from Entain via LinkedIn.
CEE not impacted
Although not cited directly as a cost-cutting measure, Entain recently announced that it would be selling its 20% stake in its Central and Eastern European business to EMMA Capital.
The sale, for a total cash consideration of around €425m (£366m), has enabled Entain to make a phased exit from the region. SBC News understands that the job cuts are not associated with Entain’s phased exit from the CEE market.
Despite David’s earlier assurances, it does not come as a surprise that the FTSE 100 constituent is offloading staff.
Entain will be looking at all areas of its business as it continues to try and mitigate headwinds in various markets and reduce its debt figure, which stood at a mammoth £3.64bn by the end of 2025.
Another worry for the firm is its dwindling share price, which has experienced a decline to the tune of 40% in the last 12 months and now sits at £5.76.
Entain has a market cap of £3.68bn – slightly higher than its total net debt.
The latest news regarding job cuts will be tough to take for many, though it represents somewhat of a necessary evil for a company looking to remain as one of the biggest and most successful in various global markets.
Additional reporting by Patrick Killeen