Flutter Entertainment, owner of Paddy Power, Sky Bet and Betfair, is cutting up to 1,400 jobs across its UK and Ireland division. Executives say gambling tax increases announced in last year’s Budget fundamentally altered the industry’s economic model, forcing the decision.
The restructuring will affect approximately 15 percent of the division’s workforce, according to This is Money. Flutter employs 8,960 staff in its UK and Ireland division. Globally, the company employs 28,500 people, according to Yahoo Finance and This is Money.
Redundancies include roles in Leeds, Dublin, London, and Sunderland. Cuts also extend to European support sites in Malta, Gibraltar, Porto, and Cluj, Romania, as reported by Yahoo Finance and This is Money.
Tax Hikes Fuel Unregulated Markets
Flutter executives point to tax increases as the primary driver for the cuts.
As we warned a year ago, we cannot fully absorb a rise of this magnitude without reducing our fixed cost base and therefore must restructure our business so that we can best position ourselves for the future.
Kevin Harrington, chief executive of Flutter’s UK and Ireland business
Harrington argued these tax changes fundamentally changed
the economic model for regulated gaming. He says they fueled an unlicensed, unregulated market
, according to Yahoo Finance.
The Office for Budget Responsibility warned in November 2025 that a shift toward illegal gambling sites could reduce the anticipated tax take by roughly £500m.
$FLUT Restructuring Announcement:On October 20, 2026, Flutter Entertainment plc announced a restructuring plan affecting its UK and Ireland operations, which may result in up to 1,400 job cuts and estimated costs of $80 to $90 million. (Visit stockinsights dot ai for full…
Global Losses Contrast Local Growth
Flutter reported a global pre-tax loss of $299m (£224m) for the three months ending in June. This is a sharp drop from the $205m profit seen in the same period the previous year, according to Yahoo Finance.
Revenues in the UK and Ireland grew by 4 percent during that time. This growth was driven by strong online gambling games.
The restructuring plan will cost between $80m and $90m, according to Yahoo Finance.
Flutter previously claimed UK tax rises would reduce its underlying profit by $320m this year. The company expects a $540m reduction in 2027 before any mitigation efforts.
The company delisted from the London Stock Exchange in August. Shares now trade solely in New York, as reported by Yahoo Finance.
Sector Jobs Vanish as Shops Close
The Betting and Gaming Council (BGC) estimates 12,400 jobs in the sector have already been lost or are at risk since last year’s Budget, according to This is Money.
BGC chief executive Grainne Hurst described the Flutter update as another devastating blow to workers and families across our sector
.
- Betfred: Closed 132 shops in July, resulting in 600 job losses, according to This is Money.
- Evoke (William Hill owner): Shut 270 shops since the Budget, according to This is Money.
- Bet365: Plans to cut 300 jobs at its Stoke-on-Trent headquarters, according to This is Money.
- Entain (Ladbrokes owner): Reuters reported 500 roles removed. This is Money reports Entain axed another 400 staff following the last tax raid.
Flutter is reviewing 100 Paddy Power shops in the UK and Ireland. This may lead to 400 additional job cuts.
The company confirmed those specific shop roles are unaffected by the current 1,400-job redundancy announcement.
Industry Leaders Lobby Chancellor
Six gambling chiefs, including Harrington, wrote to the Chancellor urging him to abandon next year’s planned betting duty rise.
They cautioned that continuing this path could result in 1,470 shop closures and 34 casino closures. This could lead to as many as 15,900 job losses.
Chancellor John Healey reportedly considers doubling machine gaming duty—the tax on slot machines—to 40 percent in next month’s Budget, according to This is Money.