Entain has announced a major change in one of its leadership roles heading into 2026, but the news received a nervous reaction on the London exchange with the firm’s stock falling 3.5% during morning trading.
The future of the UK gambling industry is under the spotlight, with fallout expected after November’s punitive Budget.
Chancellor Rachel Reeves increased Remote Gaming Duty from 21% to 40% to kick in from April of next year.
General Betting Duty is being hiked up from 15% to 25% in 2027.
As Entain is the owner of leading UK brands Ladbrokes and Coral, it appears that any news of change is being taken as a negative in uncertain times.
That is despite the Group confirming in their statement issued on December 11 that “year to date trading continues to be in line with market expectations for FY25”.
Rob Wood Stepping Down As CFO
Rob Wood is to step down as Group Chief Financial Officer (CFO) and Group Deputy Chief Executive Officer (CEO) after 13 years with the company.
He will continue to serve as an Executive Director of the Board until March 6 next year and will leave in June after ensuring a smooth handover to his successor.
In a statement regarding the Group’s Chief Financial Officer succession plan, CEO Stella David praised Wood’s long-term contribution to the firm’s achievements.
“His expertise and dedication have helped us to successfully transform into the global business we are today,” she said.
Michael Snape will join the Group as CFO Designate in February, after fulfilling his role as Group CFO at International Distribution Services.
“His seasoned leadership, financial and operational expertise, and international experience will be invaluable as we continue to execute our strategic priorities,” said David.
Entain Remain Resilient After A Strong Q3 2025
Entain’s performance during the third quarter of this year was promising.
The firm’s 2025 Q3 trading update reported strong UK returns, with both online and retail revenue up from 2024.
For the UK and Ireland, Q3 revenue showed an increase of 8% over July to September the previous year.
Online revenue led the way with a 15% rise, while retail weighed in with a modest 2% jump.
Entain is a global Group and houses some top performing brands across Europe such as Bwin and SuperSport.
It also has made big strides in the US, owning a 50% shareholding in the BetMGM venture.
Fallout From UK Gambling Tax Increase
The outlook is looking bleaker for some of Entain’s rivals in the UK.
Evoke has declared that it may have to sell popular brand William Hill in the face of tax duty increases.
The bookmaker’s owner announced yesterday that it is undergoing an immediate strategic review of all its business interests.
The company also owns 888 and Mr Green and has appointed Morgan Stanley and Rothschild & Co as joint financial advisers.
Evoke originally paid £2.2 billion for William Hill and it’s 1,400 retail units in July 2022.
After the first six months of this year, Evoke showed a net debt of £1.82 billion.
