Entain CEO Backs Off Job Cuts, Closures Over Gambling Tax Hikes

Entain Plc is not planning job cuts and store closures on the back of UK gambling tax hikes, despite earlier threats, according to its chief executive officer.

The parent of high-street bookmakers Ladbrokes and Coral now expects small cost-saving measures, including reduced marketing and “optimizing” bonuses, to offset more than half of the additional tax impact by 2027. In January, Coral ended its sponsorship of the British horse-racing event Cheltenham Festival after 52 years, citing higher taxes as a driving factor.

“It’s not about job cuts at all, it’s about gaining share,” Stella David said in an interview on Thursday ...