Ladbrokes owner prepares to cut 400 jobs weeks after profit boost
Summary
Entain, the company that owns Ladbrokes, plans to cut 400 jobs after reporting a higher profit than expected earlier this year. The company says the move is needed because of rising costs, including possible new taxes on gambling in the UK.Key Facts
- Entain owns several gambling brands like Ladbrokes, Coral, and BetMGM.
- The company is consulting on cutting 400 jobs, mostly in customer care.
- This would be about 20% of its 2,000 customer care roles.
- Entain made a profit of £479 million in the first half of 2024.
- The UK government may increase taxes on gambling machines, affecting Entain’s costs.
- The proposed tax changes could lead to many betting shop closures and job losses.
- Entain employs more than 28,000 people worldwide.
- The company’s shares have dropped by about 36% this year and will move to a lower stock market index soon.
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