Flutter to cut 1,400 jobs after UK gaming tax increases

Summarised from 3 outlets · Updated 20 Oct, 13:44 · Archive

Gambling giant Flutter, owner of Paddy Power and Betfair, is cutting around 1,400 jobs following UK tax rises on online gaming.

Flutter, the gambling giant that owns Paddy Power, Sky Bet and Betfair, announced on Tuesday that it will cut around 1,400 jobs across its UK and Ireland operations. The cuts represent approximately 15 per cent of the company's 9,000 staff in the region.

The company blamed the UK government's decision in last year's Autumn Budget to increase gaming taxation. Remote gaming duty – the tax on online casino games and slots – rose from 21 per cent to 40 per cent earlier this year. A new 25 per cent rate of general betting duty for online bets is also due to come in from April next year, up from 15 per cent.

The restructuring 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. Kevin Harrington, Flutter's UK and Ireland boss, said the group was not able to 'fully absorb' the impact of the tax hike without cutting costs. The plans remain subject to consultation.

How it is being reported

• Paddy Power owner to axe 1,400 jobs after Labour gambling tax raidPaddy Power owner Flutter has announced it will cut as many as 1,400 jobs, blaming Labour’s tax raid on the gambling sector last year. The New-York listed firm will restructure its UK and Ireland division, slashing around 15 per cent of its workforce. Redundancies will affect roles in Leeds and Dublin, as well as Portugal [...]City AM · 20 Oct, 14:17
• Paddy Power owner Flutter unveils cuts to 1,400 jobs after UK gaming tax hikeGambling giant Flutter said the proposed cuts will impact workers in Leeds and Dublin - as well as UK staff based in Portugal and RomaniaIndependent Business · 20 Oct, 13:17
• Paddy Power owner Flutter axes 1,400 jobs blaming Labour's gambling tax hikesThe gambling giant - which owns Sky Bet and Betfair - will cut around 15 per cent of its workforce in the division, adding to a growing number of jobs lost since last year's Budget.This is Money · 20 Oct, 12:34

In this story: Flutter · Paddy Power · Betfair · Sky Bet · Leeds · Dublin · Porto · Cluj-Napoca

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