Ladbrokes owner Entain to cut 500 roles as it seeks to lower costs

July 16 (Reuters) - Ladbrokes owner Entain said on Thursday it will cut a number of roles across the group, aiming to cut costs and mitigate the impact of online gambling tax increases and growing competition from prediction markets.

A spokesperson for Entain confirmed to Reuters that 500 roles were being removed.

The gambling industry has been bracing for higher costs from Britain's proposed tax increases on online betting and gaming, with operators rolling out cost-saving measures and warning the hikes could squeeze profitability and growth.

Entain has been looking to offset the impact of tax increases, which it expects will add about £200 million ($269.50 million) to annual costs. The sports betting company had said in March that group-wide cost cuts would offset the impact of more than 50% of the tax hikes.

In late June, Entain said it had agreed to sell a 20% stake in its Central and Eastern European business to partner EMMA Capital for about €425 million as the first step in a phased exit aimed at reducing debt.

Bloomberg News first reported that the London-listed betting group was cutting 2% of its workforce.

($1 = 0.7421 pounds)

(Reporting by Sri Hari N S in Bengaluru; Additional Reporting by Nithyashree R B; Editing by Joyjeet Das and Jonathan Ananda)