Flutter Plans to Cut More Than 200 Employees in the UK and Ireland
The parent company of Paddy Power — Flutter — plans to cut more than 200 jobs as part of a strategy to move its brands to a unified technology platform.
Reasons and Objectives of the Layoffs
The layoffs come amid increasing cost pressures and tighter regulations. A Flutter spokesperson stated:
“As part of a broader strategy to move some of our brands to a unified technology platform — and considering rising costs and regulatory pressures — we have initiated consultations with a number of employees.”
The company confirmed that it is working with affected employees and, where possible, considering internal transfers. However, some job losses are still likely later this year.
Key Facts
- Total number of employees to be laid off: more than 200
- Main impact: Leeds office (tech and product teams)
- In Dublin: fewer than 10 layoffs expected
Flutter’s Financial Situation
Flutter also reported mixed financial results. While sales increased by nearly 8% to $3.67 billion (€3.21 billion), adjusted earnings came in at $1.59 per share — below expectations.
The company raised its full-year sales outlook by $1.15 billion due to acquisitions and currency fluctuations. However, its annual U.S. revenue forecast was cut by $280 million.
U.S. Tax Impact
Flutter, which owns U.S. online bookmaker FanDuel, is also facing new betting taxes. Earlier in June, the company announced that it would begin passing tax burdens on to users:
Impact on Customers
This measure was seen as a way to cope with the new betting tax introduced in the region. While it may affect user behavior and cause dissatisfaction, the company sees it as a necessary step to offset costs.
Table: Key Metrics
| Metric | Value |
|---|---|
| Total staff cuts | 200+ employees |
| Main office affected | Leeds, UK |
| Dublin office | Fewer than 10 layoffs |
| Sales growth | +8% ($3.67 billion) |
| Adjusted EPS | $1.59 |
| FanDuel user fee | $0.50 per bet (from September 1) |
Conclusion
The layoffs at Flutter reflect the broader challenges facing the betting industry — from regulatory changes to tax pressures and the need for technological unification.
Despite the negative impact on employees, management says it aims to minimize consequences through internal transfers and other measures.
Flutter continues to adapt to changing conditions by implementing a new platform and optimizing resources, while striving to maintain its position in key markets across the UK, Ireland, and the U.S.