Flutter plans up to 1,400 job cuts, citing gambling tax rises

Flutter, the owner of Paddy Power, plans to cut up to 1,400 jobs, saying tax rises on online gambling have changed the economics of its UK and Irish business. The company has not said which roles are at risk.

The cuts could affect staff in the UK and Ireland, as well as British and Irish employees at Flutter sites in Portugal and Romania. Flutter chief executive Kevin Harrington said the company could not fully absorb the tax increase without reducing its fixed costs. [1]

The government raised taxes on online casino and sports betting in last November’s Budget, while exempting horse racing. Flutter said on Tuesday that it expected the increases to have a “very significant impact” on the overall market. Harrington also argued that the higher taxes had helped fuel the unlicensed gambling market. [1]

Flutter employs 28,500 people worldwide, including 9,000 in the UK and Ireland. It also owns Sky Bet and Betfair. The company’s shares have traded solely in New York since it delisted from the London Stock Exchange in August. [1]