Flutter May Lay Off 200 Employees in Britain and Ireland

Flutter, the owner of Paddy Power, may cut over 200 jobs across the UK and Ireland as part of a broader plan to unify its brands under a single technology platform later this year.

Flutter Talking About Potential Mass Layoffs

The company has not yet specified which areas will be affected by the redundancies, stating that it is currently consulting with employees. However, it is understood that most of the at-risk roles are within Flutter’s technology and product teams, with the majority of the job cuts expected to impact its Leeds office. Only a small number of redundancies, fewer than 10, are anticipated at its Dublin office.

In a statement, Flutter said the decision was also influenced by rising costs and regulatory pressures. A spokesperson for the company noted that they have entered into consultation with a number of colleagues. This is part of a strategy to bring some of Paddy Power’s brands onto a single tech platform, which comes against the backdrop of increasing cost and regulatory pressure. In addition, the statement said that Flutter will be working with those affected to explore redeployment opportunities wherever possible, noting that some roles in the company will become redundant later in 2025.

How Has Flutter Fared Recently?

Flutter has had a rough few past months as it has missed several business opportunities. For example, recently Flutter challenged IGT for its Italian Lotto license, but the latter said it’s positioned to reobtain it, which could mean Flutter might miss a valuable spot in the Italian market.

Flutter, which also owns the US-based online betting platform FanDuel, recently reported earnings that fell short of expectations. In its latest results, revenue rose by nearly 8% to $3.67 billion, while adjusted earnings came in at $1.59 per share.

The company raised its full-year revenue forecast by $1.15 billion, driven by two acquisitions and currency fluctuations. However, it revised its US revenue outlook downward by $280 million.Flutter has also been impacted by a new betting tax in the US.

Earlier this month, the company announced it would pass the cost on to customers, with one US company operating under the Flutter Entertainment banner, FanDuel, set to place a surcharge as a response to Illinois’ recent sports betting tax changes. While this could mitigate some issues, Flutter has also warned that the new company policy, which Flutter argues is necessitated by new regulations, could push customers away towards the unregulated gambling sector.