Ladbrokes owner Entain pays back some furlough after outcry

Entain, the video gaming giant which owns Ladbrokes, is to repay ₤ 44m of the yohaig code furlough cash it claimed during the pandemic, however keep ₤ 57.5 m.

Carolyn Harris MP called it "absolutely shameful" that Entain was not repaying it all, regardless of skyrocketing revenues.

The group made ₤ 393m in pre-tax revenue in 2021, up 125% on the year before.

It stated the furlough scheme had actually assisted to safeguard 14,000 tasks, and a "more specific medium-term outlook" made the partial payment possible.

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 because of coronavirus restrictions.

However, punters did not stop betting, they just moved online. Entain's online business grew quickly, and helping to push the group's profits up 8% last year.

In response to a BBC News story in January, MPs called on Entain to pay back the cash it had gotten under the furlough scheme, with former Conservative leader Sir Iain Duncan Smith stating the company must "instantly hand the cash back to the UK taxpayer".

Entain has actually stated previously that the situation was "under review". On Thursday, it announced that it would return the ₤ 44m it declared in 2021, but keep the ₤ 57.5 m it declared in 2020.

Labour MP Carolyn Harris, chair of the Gambling Related Harm All Party Parliamentary Group, said; "Given that this promotion code company made hundreds of millions of pounds in earnings last year directly from gamblers who lost money, it is definitely disgraceful that they have actually also taken from taxpayers, which they have actually not paid back the full furlough amount."

Entain said in a declaration: "The plan was a reasonable and highly bet9ja's welcome offer policy intervention that helped us, as one of the nation's largest merchants, to preserve the incomes of more than 14,000 retail colleagues on complete pay.

"We have kept the situation under review considering that we initially used the scheme and are delighted to be in a position to repay these monies."

One of Entain's rivals, William Hill, also had to close its wagering shops, however it returned the yohaig code ₤ 24.5 m furlough it declared in 2020, and took no more, mentioning the "strength of the post-lockdown healing".

Bookmakers Betfred declared a minimum of ₤ 46.6 m from the furlough throughout the pandemic, regardless of making ₤ 205m revenue in their newest accounts.

The BBC has asked Betfred for a comment in reaction to Entain's move.

In January, a representative for the firm stated: "Thanks to the federal government's Job Retention [furlough] Scheme we have not needed to make a single redundancy due to the pandemic and we will continue to purchase our shops on the High Street."

Ladbrokes ₤ 102m furlough claim regardless of online lift