Flutter to close Betfair in Brazil, cut staff

Flutter Entertainment has decided to close its Betfair operations in Brazil. The reason is the legal regulation restricting online betting in the country. After reviewing its commercial strategy, the company decided to consolidate its activities under a single brand, Betnacional.

According to Flutter's statement, an interim measure signed by President Lula at the end of September disrupted its activities and revenues in Brazil. The regulation bans fixed-odds betting and online casinos across the country, including those run by foreign operators, and also covers their advertising.

The company said it had to reduce its workforce in several units in this difficult situation. Flutter expressed regret for the affected employees and said the process was carried out in line with labor law. It also stated that it will continue to advocate for a regulated and supervised market.

Following the news, many people who worked at Betnacional and Betfair Brazil posted on LinkedIn and other online platforms that they had lost their jobs. The posts came from different departments, including casino, customer operations, content and commercial teams. The development came shortly after the company disclosed that about 1,400 jobs in the United Kingdom and Ireland were at risk in recent days.

Flutter faces regulatory and tax pressures in both Brazil and the United Kingdom. Its shares, traded on the New York Stock Exchange, have also lost about 69 percent of their value over the past year.