Flutter plans to cut up to 1,400 jobs — The Guardian

Flutter Entertainment has announced plans to cut up to 1,400 jobs in the United Kingdom and Ireland, as well as in Portugal and Romania. The company, which owns the Paddy Power and SkyBet brands, linked the restructuring to rising taxes on the gambling business in Britain. The Guardian reports.

Job cuts across several offices

The restructuring will affect employees in Leeds, Dublin and Sunderland. Cuts are also expected at the company's offices in Porto, Portugal, and Cluj-Napoca, Romania.

The largest share of the cuts is expected to fall on Flutter's domestic market, where the company employs 8,960 people. This means that more than 10% of Flutter's staff in the United Kingdom and Ireland could lose their jobs.

The company expects one-off restructuring costs of $90 million, or £67.3 million. Following the announcement of the restructuring, Flutter shares rose by more than 2% in early trading in the United States.

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The company's position on taxes

Flutter's CEO for the United Kingdom and Ireland, Kevin Harrington, said that the substantial increase in taxes on betting and gambling announced in the UK's 2025 budget had changed the economic model of the regulated gambling sector. According to him, this also contributes to the growth of the unlicensed and unregulated market.

After the 2025 autumn budget, the remote gambling tax rate applied to online casinos was raised from 21% to 40%. The tax on online sports betting increased from 15% to 25%.

The industry is also discussing a possible increase in the tax on gaming machines. Sector representatives warn that such a move could lead to further job losses, while some insiders believe that betting shops and casinos could be at risk of closure. At the same time, Paddy Power founder Stewart Kenny accused the gambling industry of using job losses to scare people in order to avoid higher taxes.