Summary
Flutter Entertainment, the company that owns Paddy Power and SkyBet, announced plans to cut up to 1,400 jobs due to increased taxes on gambling set by the UK government. Most job losses will happen in the UK and Ireland, especially in Leeds, as the company restructures to manage higher gaming duties.Key Facts
- Flutter Entertainment plans to cut up to 1,400 jobs in the UK, Ireland, Portugal, and Romania.
- More than 10% of its workforce in the UK and Ireland will be affected, mainly in Leeds, Dublin, and Sunderland.
- The job cuts are linked to tax increases on gambling announced by Chancellor Rachel Reeves in the 2025 budget.
- Remote gaming duty (online casino tax) was raised from 21% to 40%, and tax on online sports bets went from 15% to 25%.
- Other gambling companies like Entain and William Hill have also blamed tax rises for financial struggles and job cuts.
- Flutter expects a one-time cost of $90 million (£67.3 million) due to these layoffs.
- The company says the tax hike has changed how the gambling business works and fueled illegal gambling.
- Industry experts say some job losses are also due to company mergers and cost-cutting strategies.
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