Entain trims 500 jobs to offset UK tax rises and prediction market threat

Ladbrokes is owned by sports betting giant Entain (David Parry Media Assignments/PA) - (PA Wire)

Ladbrokes and Coral owner Entain will attempt to offset tax increases by cutting 500 jobs across the group.

The online gambling tax rate in the UK increased in April from 21 per cent to 40 per cent, impacting the betting sites and online casinos run by Ladbrokes and Coral. The lay-offs continue Entain’s cost-cutting measures.