The key facts
- Flutter will cut up to 1,400 employees; offices in Leeds and Dublin are at risk, as well as UK&I staff in Portugal and Romania
- The restructuring will cost $80–90 million; the company previously estimated the tax impact at $320 million in 2026 and $540 million in 2027
- The government called the cuts 'a commercial decision by Flutter, not the government'
Flutter announces major job cuts
Flutter Entertainment, which owns the Paddy Power, Sky Bet and Betfair brands, announced on Tuesday, 20 October 2026, plans to cut up to 1,400 jobs. The head of the company's UK&I business, Kevin Harrington, said the tax increase had 'fundamentally changed' the economics of the British betting and gaming industry, and that the company 'cannot fully absorb' an increase of this magnitude without reducing fixed costs. According to the BBC, employees in Leeds and Dublin will be hit hardest, as well as UK&I division staff at Flutter's sites in Portugal and Romania; cuts may also affect offices in London, Sunderland, Malta and Gibraltar. Which specific roles are at risk has not been disclosed. Flutter has 28,500 employees worldwide, 9,000 of them in the UK and Ireland.
Tax context
The government announced an increase in taxes on online casinos and sports betting in last year's budget, exempting horse racing. Part of the measures took effect in April: the remote gaming duty paid by online casinos rose from 21% to 40%. The general betting duty in land-based shops remains at 15%, but from April next year online betting will rise from 15% to 25%. Players' winnings in the UK are not taxed, and no VAT is charged on betting. Harrington argued that the tax increase had 'fuelled an unlicensed, unregulated market'. Flutter said it continues to expect a 'very significant impact' of the taxes on the market as a whole.
Government and industry reaction
A government spokesperson called the cuts 'a commercial decision by Flutter, not the UK government', adding that it understands how difficult this time will be for employees. Bookmakers had previously warned that rising costs would lead to layoffs and the closure of betting shops, but MPs dismissed these warnings as 'scaremongering'. In the summer, Ladbrokes owner Entain also announced job cuts — according to Reuters, around 500 positions.
Financial figures and restructuring details
Flutter's restructuring plan will cost $80–90 million. The company had previously estimated the impact of UK taxes on operating profit at $320 million in the current year and $540 million in 2027 — before accounting for cost-saving measures. In its latest results, Flutter reported a pre-tax loss of $299 million (£224 million) for the three months to June across the whole business, against a profit of $205 million a year earlier; revenue rose 3% to $4.3 billion. Revenue in the UK and Ireland grew 4% thanks to strong growth in online casino games. In August, Flutter delisted from the London Stock Exchange — its shares are now traded only in New York.
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