Paddy Power owner cuts 1,400 jobs after UK tax rises

Summarised from 2 outlets · Updated 20 Oct, 13:14 · Archive

Flutter, which owns Paddy Power, is cutting around 1,400 jobs in the UK and Ireland after betting tax increases.

Flutter, which owns Paddy Power, Sky Bet and Betfair, has announced plans to cut around 1,400 jobs in the UK and Ireland. The cuts represent approximately 15% of the company's 9,000-strong workforce in these regions. Staff based in Flutter hubs in Porto, Portugal, and Cluj-Napoca, Romania will also be affected.

The restructuring follows tax increases announced in the government's November budget. The rate of remote gaming duty on online casino games and slots increased from 21% to 40% earlier this year. A new 25% rate of general betting duty for online bets is set to take effect from April next year, up from 15%.

Kevin Harrington, Flutter's UK and Ireland boss, said the company could not 'fully absorb' the impact of the tax rises without cutting costs. He argued the increases had 'fundamentally changed' the economic model of the UK betting industry. Flutter warned the tax rises would have 'a very significant impact on the overall market'.

How it is being reported

• Paddy Power cuts 1,400 jobs and blames betting tax risesThe government increased taxes on online casino and sports betting in last year's Budget.BBC News · 20 Oct, 12:59
• Paddy Power owner to axe 1,400 jobs after UK tax hikesThe gambling giant said the proposed cuts will impact workers in Leeds and Dublin.Evening Standard · 20 Oct, 12:32

In this story: Flutter · Paddy Power · Sky Bet · Betfair · Kevin Harrington · UK · Ireland

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