Flutter plans up to 1,400 job cuts after UK gambling tax increases - FINCHANNEL
Flutter Entertainment plans up to 1,400 job cuts in the UK and Ireland due to higher British gambling taxes.Summary
Flutter Entertainment announced plans to cut up to 1,400 jobs in its UK and Ireland business, citing higher British gambling taxes, with restructuring costs estimated at $80 million to $90 million. The proposals are subject to consultation and affect locations including Leeds and Dublin, as well as staff in Porto, Portugal, and Cluj-Napoca, Romania. The restructuring costs were already included in the company's second-quarter guidance and will be incurred in the fourth quarter of 2026. Flutter employs 28,500 people globally, with 9,000 in its UK and Ireland business. Regional Chief Executive Kevin Harrington said the tax increases had changed the industry's economics, and Flutter said the restructuring would help preserve investment in its customer offering. The announcement follows changes to two taxes: Remote Gaming Duty increased from 21% to 40% on April 1, 2026, covering online slots and casino games, while a new 25% rate for remote betting within General Betting Duty is scheduled for April 1, 2027, excluding remote bets on UK horse racing (which remain at 15%) and bets placed through self-service terminals in licensed betting premises. The government said the package was intended to raise more than £1 billion annually for public finances, targeting remote gaming because it considers those products more harmful and generally less costly to operate. Officials said the policy was designed to reduce operators' incentives to promote higher-harm products. The package also abolished Bingo Duty from April 2026 to support lower-risk, community-based activity.
(Source：Finchannel)