Addictive: Entain’s earnings will be hit by around £40m this year
Ladbrokes and Coral owner Entain faces a hit of about £40million this year due to regulatory challenges.
It swung to a pre-tax loss of £842.6million in 2023, from a profit of £102.9million in 2022, after paying £585million to resolve a probe into alleged bribery at a former Turkish subsidiary, and impairment charges mainly related to Australian operations.
Earnings edged 1 per cent higher to £1billion but this year will be hit by about £40million due to regulatory changes in the UK – with limits on online slot games – and the Netherlands, which plans tighter deposit limits.
Former boss Jette Nygaard-Andersen, stepped down in December just weeks after the legal settlement and sports results that went against the bookmaker.
She was replaced by non-executive director Stella David on an interim basis until a successor is appointed.
Entain has also been under pressure from activist investors, one of whom – Ricky Sandler – has been appointed to its board.
The company’s shares fell 4.9 per cent, or 40.4p, to 790p.
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