Full Breakdown
Flutter to Cut 1,400 Jobs Amid UK Gambling Tax Hikes
By Drooid · · How we work
Core Event: Job Reductions Announced
Flutter Entertainment, the owner of Paddy Power, Sky Bet and Betfair, said it will eliminate roughly 1,400 positions across its UK and Ireland operations. The cuts will affect staff in Leeds, Dublin and at offshore hubs in Porto, Portugal, and Cluj-Napoca, Romania. The move targets about 15 % of the 9,000 employees based in the United Kingdom and Ireland.
Background: Recent UK Gambling Tax Increases
The restructuring follows a series of tax changes introduced in the UK autumn budget last year. The remote-gaming duty on online casino games and slots rose from 21 % to 40 % earlier this year, and a new 25 % general betting duty for online wagers will take effect in April, up from 15 %. These measures were designed to raise revenue from the regulated betting sector while exempting horse racing.
Data & Statistics
- Job cuts: ~1,400 roles (?15 % of UK/Ireland workforce).
- Total global workforce: 28,500 employees; 9,000 in the UK and Ireland.
- Tax rates: Remote-gaming duty 21 % -> 40 %; General betting duty 15 % -> 25 % (effective April).
- Estimated restructuring cost: US $80 million–$90 million (?€71 million–€80 million).
Official Statements & Responses
Flutter said the overhaul is necessary to “mitigate costs” after the “significant increase” in UK gaming taxes. He added that the firm remains confident in its market position despite the cuts.
These statements underscore the company’s view that the tax regime has altered profitability and forced a restructuring to preserve long-term viability.