Ladbrokes Owner Entain Repays Some Furlough After Outcry
Ladbrokes owner Entain repays some furlough after protest
Entain, the gaming giant which owns Ladbrokes, is to repay ₤ 44m of the furlough cash it claimed during the pandemic, but keep ₤ 57.5 m.
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Carolyn Harris MP called it "absolutely disgraceful" that Entain was not repaying all of it, despite soaring revenues.
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The group made ₤ 393m in pre-tax earnings in 2021, up 125% on the year before.
It stated the had actually assisted to protect 14,000 jobs, and a "more certain medium-term outlook" made the partial payment possible.
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Entain has around 3,000 wagering shops in the UK branded Ladbrokes or Coral - which it had to close for big parts of 2020 and 2021 since of coronavirus constraints.
However, punters did not stop wagering, they just moved online. Entain's online company proliferated, and assisting to press the group's incomes up 8% last year.
In response to a BBC News story in January, MPs called on Entain to repay the cash it had gotten under the furlough plan, with previous Conservative leader Sir Iain Duncan Smith stating the company should "right away hand the money back to the yohaig code UK taxpayer".
Entain has actually stated previously that the scenario was "under review". On Thursday, it announced that it would return the ₤ 44m it declared in 2021, however keep the ₤ 57.5 m it declared in 2020.
Labour MP Carolyn Harris, chair of the Gambling Related Harm All Party Parliamentary Group, said; "Considered that this promotion code company made hundreds of countless pounds in revenue last year straight from bettors who lost cash, it is definitely shameful that they have actually likewise taken from taxpayers, which they have not paid back the full furlough quantity."
Entain stated in a statement: "The scheme was a reasonable and highly bet9ja's welcome offer policy intervention that helped us, as one of the country's largest retailers, to keep the livelihoods of more than 14,000 retail associates on full pay.
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"We have actually kept the scenario under review given that we initially utilized the scheme and are delighted to be in a position to pay back these cash."
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One of Entain's rivals, William Hill, also needed to close its betting stores, but it returned the ₤ 24.5 m furlough it claimed in 2020, and took no more, pointing out the "strength of the post-lockdown recovery".
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Bookmakers Betfred claimed at least ₤ 46.6 m from the furlough during the pandemic, despite making ₤ 205m profit in their most current accounts.
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The BBC has actually asked Betfred for a remark in action to Entain's move.
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In January, a representative for the firm said: "Thanks to the government's Job Retention [furlough] Scheme we have not had to make a single redundancy due to the pandemic and we will continue to purchase our stores on the High Street."
Ladbrokes ₤ 102m furlough claim in spite of online lift