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.

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.