Up to 1,400 Jobs in Peril as Flutter Mulls Layoffs

Flutter Entertainment, a leading iGaming and online sports betting operator, is reportedly considering a double-digit reduction of its workforce. As it turns out, the layoffs might impact workers across several countries supporting the company’s UK & Ireland business. Flutter to Reduce Its UK & Ireland Workforce Flutter Entertainment is reportedly considering reducing the workforce comprising its UK & Ireland business. The segment currently boasts some 9,000 employees, roughly 1,400 of whom are now at risk of losing their jobs. The layoffs are set to impact workers across multiple Flutter hubs, including those in the UK, Ireland, Portugal, Romania, and Malta. The redundancies could see Flutter part ways with as much as 16% of its UK & Ireland workforce. The company, however, vowed to provide support to anyone affected by the changes. CEO Kevin Harrington acknowledged that this is still likely to be a difficult period for both the affected workers and the remaining team. Harrington cited the severe tax hikes in the UK as the reason for this reduction, saying that his company “cannot fully absorb a rise of this magnitude” without reducing its costs. Despite that, Flutter remained confident in its resilience, considering its strong 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. Kavin Harrington, CEO, Flutter Entertainment Still, Flutter was recently forced to adjust its guidance amid certain difficulties. Tax Changes Have Caused Significant Headwinds for Operators Flutter’s decision to reduce its workforce is by no means unique and aligns with a broader trend in the UK, following the country’s previous decision to double its remote gaming duty. Ever since that, multiple operators have been announcing either job cuts, shop closures, or both. The likes of Paddy Power, Betfred and Entain axed hundreds of jobs due to the tax hikes, slimming down their businesses. New trouble might be brewing, too, as the UK government is currently eyeing an increase to the country’s machine games duty – a measure that has the support of dozens of MPs. The UK gaming industry previously warned that further tax hikes would hurt the regulated industry, making it less competitive. Stakeholders argue that the weakening of the legal gaming sector would empower unlicensed operators, allowing them to expand their market presence.