Flutter Entertainment cuts 1,400 jobs following gambling tax increases

Paddy Power owner Flutter Entertainment is cutting around 1,400 jobs in its United Kingdom and Ireland division, according to reports from BBC News, RTE, and the Irish Times. The job cuts affect approximately 15 percent of staff in the region. The decision follows increases to online gambling taxes introduced by the British government. [1][2][3]

The restructuring will impact workers based in Leeds and Dublin, as well as British and Irish staff at company hubs in Porto, Portugal, and Cluj-Napoca, Romania, RTE reported. The Irish Times said 240 jobs are set to be cut from the Dublin head office, with an industry source estimating more than 500 job losses in the UK. BBC News reported that the specific roles affected have not been publicly disclosed. [1][2][3]

Flutter chief executive Kevin Harrington said the tax increases fundamentally changed the economic model of the gambling industry and warned they would fuel unlicensed markets, BBC News reported. The Irish Times noted that the British tax increases are expected to cost the group 540 million dollars, which equals 481 million euros. The British government introduced higher taxes on online casino and sports betting in last November's Budget, with an exemption for horse racing. [1][3]

Paddy Power was founded in 1988 in Dublin. The company merged with Betfair in 2016 to create Flutter Entertainment, which is now the largest online betting operator in the world by revenue. [9][10]