Flutter to cut 1,400 UK and Ireland jobs after UK gambling tax rises
Briefing by News4U · First published
Paddy Power owner Flutter will cut 1,400 jobs, about 15% of its UK and Ireland workforce, citing higher UK gambling taxes.
Flutter, owner of Paddy Power, Sky Bet and Betfair, announced plans to cut up to 1,400 jobs in the UK and Ireland, affecting staff in Leeds, Dublin and at hubs in Portugal and Romania. [1] [2] [3]
The company blamed the cuts on tax increases from last November’s UK Budget, which raised remote gaming duty from 21% to 40% and will lift general betting duty to 25% from April. [1] [2]
The restructuring is expected to cost $80-90 million; UK and Ireland chief Kevin Harrington said the firm could not fully absorb the tax rises without reducing its fixed cost base. [1] [2]
Sources
- Paddy Power cuts 1,400 jobs and blames betting tax rises
BBC Business · · Full text
- Flutter to cut 1,400 jobs, with 240 Dublin jobs at risk
RTÉ Business · · Full text
- Flutter to cut more than 1,000 jobs after UK gambling tax raid
Financial Times · · Summary only