Home / Business and Economy / Flutter Slashes 1,400 Jobs Amidst Tax Hike Fallout
Flutter Slashes 1,400 Jobs Amidst Tax Hike Fallout
20 Oct
Summary
- Up to 1,400 jobs to be cut by Flutter owner.
- Tax rises on gambling industry cited as primary reason.
- Company claims tax hikes fuel unlicensed market growth.
Flutter, the parent company of Paddy Power, has announced significant job cuts, planning to reduce its workforce by up to 1,400 employees. The company attributes this decision directly to the tax increases imposed on the gambling industry in November of the previous year.
Flutter's chief executive, Kevin Harrington, has asserted that these new tax measures have "fundamentally changed" the economic model for betting and gaming businesses operating in the UK. He further suggested that the increased taxation might inadvertently encourage the growth of the unlicensed and unregulated sector.
Employees in the UK and Ireland, along with those at Flutter's sites in Portugal and Romania, are expected to be affected by these planned redundancies. The specific roles targeted for elimination have not yet been detailed by the company.
