Flutter, owner of Paddy Power, is cutting up to 1,400 jobs after UK Budget tax rises on online casino and sports betting. The boss says these changes have fundamentally altered the betting market and will fuel unlicensed operators.
01Summary
- 01Flutter will cut up to 1,400 jobs across the UK, Ireland, Portugal and Romania.
- 02The UK government increased taxes on online casino and sports betting in last November's Budget, with an exemption for horse racing.
- 03Flutter boss Kevin Harrington said the tax rise has 'fundamentally changed' the economic model of UK betting and gaming.
- 04Flutter employs 28,500 people worldwide, including 9,000 in the UK and Ireland.
- 05Flutter delisted from the London Stock Exchange in August and now trades only in New York.
02Why it matters
These job cuts and the company's move away from London signal a major shift in the UK gambling industry, potentially affecting employment and tax revenues.
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