Flutter, the owner of Paddy Power and Sky Bet, plans to cut about 15% of its UK and Irish workforce—up to 1,400 jobs—to offset steep tax increases introduced in last November’s Budget. The remote betting levy rose from 15% to 25%, and remote gaming duty from 21% to 40%, effective April 2027. The cuts affect offices in Leeds, Dublin, and international hubs in Portugal and Romania.
Kevin Harrington, Flutter’s UK and Ireland head, said the tax changes have “fundamentally altered” the industry’s economic model. The reorganisation is expected to cost between $80mn and $90mn. This follows Paddy Power’s review of 100 betting shops, risking 400 more jobs.
Since November, over 600 shops have closed and 12,400 jobs lost or threatened across the sector. Entain plans to cut 400 roles, while Evoke sold itself to Bally’s Intralot for £243mn. The tax hikes aim to address gambling harms, but critics argue they’re pushing firms to reduce physical presence.
With the UK Budget approaching, further scrutiny on machine gaming duty is expected.
Source: Financial Times Companies · Summarized by HeadlinesBriefing