Entain, who own Ladbrokes and Neds, have confirmed a week of massive cost cutting.
As mentioned by Betsy on Wednesday, the bookmaker is looking to trim $60 million from its books.
Entain had been aggressive in the market, especially with its partnerships and content strategy.
Entain on Thursday confirmed they would now exit from its non-core businesses, which has included its racing clubs, venue partnerships and certain sponsorships.
At least 60 roles have already been made redundant, with another 60 “under further consultation”.
One of the best perks at the business was its nine day fortnight, which will now be removed early next year.
Betsy has been told the savings are not designed to attract interested buyers but will do little to stop approaches.
CEO Andrew Vouris was installed into the gig full-time in August.
“Entain Australia & New Zealand is making changes to strengthen its business for the long term – getting back to the basics of selling bets and implementing a ‘Win, But not at all costs’ culture,” a spokesperson said.
“These changes will deliver over $60 million of annualised savings and ensure we remain competitive, innovative and compliance-led.”
“To date, around 60 roles have been removed across Australia and New Zealand, and we are currently consulting with a further 60 roles that are potentially impacted. Every person affected is being treated with care, respect and support.”
Entain still has an ongoing Austrac court case against it looming over money laundering allegations, which could conservatively cost the business tens of millions of dollars.
