Flutter to cut 1,400 jobs at Paddy Power

Flutter Entertainment has announced it will end up to 1,400 jobs at its Paddy Power brand in the UK and Ireland. The cuts are expected to mainly affect the Leeds hub in the north of England and Dublin, the Irish capital. Support offices in Malta, Portugal and Romania are also included.

The company links the decision to the tax increase announced by the UK government in last year's autumn budget. The Irish-origin group now has its headquarters in New York, and its main listing is on the New York Stock Exchange.

Under the budget of former Chancellor Rachel Reeves, Remote Gaming Duty was raised from 21 percent to 40 percent, and the increase came fully into force in April this year. Remote Betting Duty will rise from 15 percent to 25 percent in April 2027. The current Chancellor, John Healey, is expected to raise other gambling taxes in his budget on 28 October.

Kevin Harrington, CEO of Flutter UK and Ireland, said the increase has fundamentally changed the economic model of the regulated sector and fuels the unlicensed market. Harrington said a burden of this size cannot be absorbed in full, so fixed costs must be reduced. He added that the company, as the largest operator by scale in the UK, is ready to gain market share.