Entain Australia and New Zealand is reducing its Australasian workforce by 10 per cent, impacting 120 jobs across the wagering business, as part of an initiative to reduce the company’s ongoing costs by $60 million.

Entain had already reduced its headcount by 60 across both countries over recent months, with another 60 jobs “under consultation” and employees expected to depart in the coming weeks.

Entain staff were told about the changes on Wednesday, with the cuts affecting all aspects of the business except the anti-money laundering and safer gambling teams.

Cuts are focused on what has been termed non-core business, having exited from its Racing Club initiatives in Australia and New Zealand and moved away from the Entain Venues strategy.

It is also likely to impact the volume of sponsorships the company will renew, albeit the headline race club sponsorships are expected to continue.

There will be an operational review of the business expenses, with a view to greater efficiencies, while it will end its nine-day fortnight employee initiative and require staff to work at least two days a week in the office.