Entain annual loss widens on 650 million dollar tax charge

Entain Plc reported on Thursday that its annual loss after tax has widened significantly, following a 488 million pound ($650.3 million) charge tied to tax increases in the United Kingdom. The owner of the Ladbrokes, Coral, and Partypoker brands noted that the charge was considerably larger than the 200 million pounds it had originally anticipated when the tax hikes were first announced in November last year. The financial results highlight the scale of the impact from the British government's fiscal adjustments on the gambling sector. Entain had previously signaled that it expected a much smaller hit to its bottom line, but the final assessment of the regulatory changes resulted in a more substantial widening of its losses for the year.