Flutter to cut up to 1,400 UK and Ireland jobs due to tax hikes
The gambling giant says the restructuring is a direct response to substantial tax increases announced in the UK's 2025 Autumn Budget.
Flutter Entertainment will cut up to 1,400 jobs across its UK and Ireland operations in response to major tax increases on gambling.
The company announced the restructuring on Oct. 20, 2026, saying it will affect staff in Leeds and Dublin, as well as UK and Ireland employees based at its hubs in Porto, Portugal and Cluj-Napoca, Romania.
Flutter UK and Ireland CEO Kevin Harrington said the tax hikes had "fundamentally changed" the economic models of regulated operators.
"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," Harrington said.
The job cuts represent about 15 per cent of the division's roughly 9,000 employees. Flutter employs 28,500 people globally.
The company attributed the move directly to tax increases announced in the UK's 2025 Autumn Budget. Remote Gaming Duty rose from 21 per cent to 40 per cent in April 2026, while General Betting Duty is scheduled to increase from 15 per cent to 25 per cent in April 2027.
Flutter expects the restructuring to cost between $80 million and $90 million, mainly in severance and benefits, with the cost recognized in the fourth quarter of 2026.
Harrington said his immediate focus is supporting affected colleagues.
"My immediate focus is providing the necessary support for all of our impacted colleagues and guiding our teams through what we know is going to be a difficult and challenging period for all concerned," he said.
The company previously estimated the tax changes would reduce its adjusted earnings by $540 million in 2027. It aims to offset $201 million of that through initial cost-cutting, which includes this restructuring.
Flutter also said it is considering closing up to 100 of its Paddy Power retail shops.
Industry-wide pressure
The announcement is the latest in a series of cost-saving moves across the UK gambling sector.
In August, Betfred announced plans to close up to 132 betting shops and cut over 600 jobs. Evoke closed around 200 William Hill shops earlier this year.
Bet365 cited "tax-related costs" when it revealed plans to cut around 340 jobs last month.
The industry is also awaiting the upcoming Autumn Budget, with speculation that Machine Games Duty on higher-risk Category B machines could double to 40 per cent.
Last week, 90 Labour MPs, led by Alex Ballinger, wrote to Chancellor Jon Healey calling for the increase.
Despite the job cuts, Harrington expressed confidence in Flutter's market position.
"We remain confident that we are well placed to benefit from share gains given our position as the largest scale operator in the UK," he said.
The company aims to complete most of the restructuring by the end of 2026.