Flutter, the owner of Paddy Power, is to cut around 1,400 jobs in the UK and Ireland as part of a major restructuring following increases to UK gambling taxes. The gambling giant said the proposed job cuts will impact workers in Leeds and Dublin, as well as UK and Ireland staff based at Flutter hubs in Porto, Portugal, and Cluj-Napoca, Romania.
Restructuring Details
The move is understood to affect around 15% of workers in the UK and Ireland. Flutter said the overhaul is part of efforts to mitigate costs following a “significant increase” in UK gaming taxes from last year’s autumn budget.
CEO Statement
Kevin Harrington, Flutter UK and Ireland chief executive, said: “The material increase in betting and gaming duties announced in the UK budget last year has fundamentally changed the economic model of the regulated betting and gaming industry in the UK while helping to fuel the unlicensed, unregulated market.”
“As we warned a year ago, we cannot fully absorb a rise of this magnitude without reducing our fixed cost base and therefore must restructure our business so that we can best position ourselves for the future.”
