Entain has confirmed the elimination of 500 positions across its group to address rising operational costs. The restructuring occurs as the company navigates higher taxation in the UK and initiates the sale of its Central and Eastern European division.
Financial Restructuring and Tax Impact
The workforce reduction is a direct response to the UK online gambling tax hike, which rose from 21% to 40% in April. While Entain remains financially stable, the company is implementing mitigation strategies to counter the financial impact and growing competition from prediction market platforms.
Simultaneously, the operator is divesting its stake in Entain CEE. The process commenced last month with the sale of a 20% share to joint venture partner EMMA Capital for €425m.
Previously, the group outlined plans to manage the effects of the tax increase, positioning itself to withstand the market changes better than many competitors.