Flutter Cuts 1,400 Jobs Following UK Betting and Online Casino Tax Hikes

Paddy Power owner Flutter has announced plans to cut up to 1,400 jobs, citing government tax increases on online casino and sports betting from last November's Budget. The job cuts will impact staff in the UK and Ireland, as well as British and Irish workers at company sites in Portugal and Romania, though specific roles at risk remain undisclosed. Chief executive Kevin Harrington stated that the tax rises fundamentally changed the industry's economic model and fueled the unregulated market. The government-imposed tax increases had included an exemption for horse racing.

Editor's note: The brief adheres to the source information regarding the job cuts, tax context, and the CEO's statement.