The chief executive of one of Britain’s biggest gambling companies has warned the government that any further “punitive” tax increases on the industry will put thousands of jobs on the line.

Gavin Isaacs, the new boss of the Ladbrokes and Coral owner Entain, said ministers must be “mindful” of the impact that a speculated £3 billion tax raid would have both on the sector and the wider economy.

Isaacs, an industry veteran who was appointed in July to replace Jette Nygaard-Andersen, said he was aware of reports from “non-government sources” that Rachel Reeves was facing pressure to raise duty on betting to help plug a £22 billion shortfall in public finances.

• Which taxes are most likely to go up in the budget?

“We’d ask