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“This decision has not been made lightly and our immediate priority is to support those of our colleagues who may be impacted through this transition.”

Earlier this year, Entain reported it would be cutting 500 roles globally across operations and its central functions, it insisted it was not a reaction to the earlier increase in RGD, but rather part of new CFO Michael Snape’s restructuring and cost cutting exercise.

Entain said at the time: “As part of our ongoing focus on enhancing Entain’s operational efficiency and agility, we have begun implementing organisational changes which will regrettably impact a number of roles across the group over the months ahead.”  

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Raja’s appetite for high-stakes gambling predates his emergence as a prominent property lender. The Times reported last month that he was declared bankrupt in March 2005 with debts totaling around £350,000 ($470,000), a portion of which was owed to casino operators.

His bankruptcy was discharged a year later, though he remained subject to bankruptcy restrictions until March 2009. MFS was incorporated in November 2006 by Pratibha Dewan, who later became Raja’s wife.

Raja, who has publicly described himself as the company’s founder, did not formally become a registered director until 2017.