Flutter to cut more than 200 jobs in Ireland and Britain
Paddy Power
owner
Flutter
could cut more than 200 jobs in Ireland and Britain, as part of a wider strategy to bring its brands on to a single tech platform.
The company has not yet confirmed where the redundancies will impact, saying that it was in consultation with staff.
However, the majority of the roles at risk are understood to be at Flutter's operations the technology and product team, and almost all the cuts will fall at the Leeds operation.
That leaves a handful of redundancies – expected to be less than 10 – affecting its Dublin office.
READ MORE
In a statement, Flutter said the move also came amid pressures from cost and regulations.
'As part of a broader strategy to bring some of our brands on to a single tech platform – and against the backdrop of increasing cost and regulatory pressure – we have entered into consultation with a number of colleagues,' a spokesperson for the group said.
[
Flutter passes on Illinois tax to customers
Opens in new window
]
'While we are working with those affected to explore redeployment opportunities wherever possible, it is likely that some roles will regrettably become redundant later this year.'
Flutter also owns the FanDuel online betting business in the US. The company fell short on its sales and earnings in its most recent results, with sales growing by almost 8 per cent to $3.67 billion (€3.21), while adjusted earnings were $1.59 per share.
The group also raised its sales forecast for the full year by $1.15 billion due to two acquisitions and foreign currency changes. But the annual forecast for US revenue was taken down by $280 million.
Flutter has also been hit with a betting tax in the US, which it said earlier this month it will pass on to customers. Customers in Illinois will have a 50 cent fee charged on all bets placed with subsidiary FanDuel from September 1st.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Independent
2 hours ago
- Irish Independent
Growing hope of trade deal to avoid tariffs between EU and US, says Tanaiste Simon Harris
Simon Harris, said the 'mood music' has improved in recent days and that he is more 'encouraged' following a discussion earlier today with Donald Trump's Trade Representative, Jamieson Greer. Last month Trump lashed out an EU negotiators and threatened a 50pc tariff from June 1 as punishment for 'our discussions with them going nowhere.' But a phone call with the European Commission President, Ursula von der Leyen two days later put discussions back on track and pushed the tariffs start date back to July. With that deadline approaching Minister Harris said: 'there isn't a day to lose' and while there is a 'way to go.. negotiations have now begun in earnest'. He said: 'What we need to find out in the days ahead, is there a landing zone that can work for everyone? And quite frankly, there has to be because this transatlantic trade agreement matters.' The EU and Ireland want to negotiate an outcome, he said 'and from my discussion with President Trump's trade representative, I think he wants that as well.' The Minister for Foreign Affairs and Trade said: 'The deadline for the pause in tariffs will run out in July so it is very important that people intensively engage, there isn't a day to lose here. "But I do now think that the mood music, in terms of trying to find a deal, to find agreement, is somewhat better than what it was days ago. The relationship is worth more than €1.4 trillion between the EU and US 'it cannot be snuffed at and therefore a solution has to be found,' he said. On Tuesday Minister Harris told Cabinet colleagues that he would urge the EU to exempt key sectors key to the Irish economy from any retaliatory tariffs should the current negotiations fail. These would include aviation, medical, agrifood and the equine industry. In a letter to the EU's negotiator, Maros Sefcovic, he also urged the trade commissioner to ensure that any retaliation against the US would not adversely impact the North. Although talks between the EU and US have intensified in recent days, the EU has been preparing a list of hundreds of US products worth some €95bn.
Irish Times
2 hours ago
- Irish Times
Motor insurance premiums rise almost 10%, according to latest data
The increasing cost of motor insurance premiums , with the latest official data pointing to a jump of almost 10 per cent year on year, has led to the junior Minister with oversight of the area to express his concern. According to the Central Statistics Office (CSO), the cost of motor insurance climbed by 8.4 per cent over the last 12 months, more than four times the general rate of inflation which was put at 1.7 per cent. The recent jump in prices comes on top of multiple increases in 2023 and 2024 with the average cost of a premium said to be well in excess of €600 as a result. 'The year-on-year increase in motor insurance is concerning, despite prices being over a third lower since their 2016 peak,' said the Minister of State with Special Responsibility for Financial Services, Credit Unions, and Insurance, Robert Troy. READ MORE 'While recent reforms in the sector have had a positive impact, it is clear that more needs to be done from a policy perspective to ensure that consumers are getting access to cheaper premiums.' More engagement with the Injuries Board has led to a reduction of 30 per cent in respect of motor injury claims and 41 per cent in respect of awards values over a six-year review period covered by a recent report. [ Opens in new window ] There have been substantial changes to the motor insurance sector over recent months that have made it harder for people driving without insurance to escape detection. Reforms have also brought about greater transparency when it comes to claims and driver behaviour all of which suggest g the cost of premiums should be on a downward trajectory. Will rent reform make building apartments viable? Listen | 40:12 However that has not been happening with some motorists now paying more than €200 for cover now than they were just three years ago. The Minister for State said that is his meetings with 'the main insurance players since taking office, I have underlined my expectation that savings arising from these reforms be passed on to consumers. ' He said that a public consultation on the new Action Plan for Insurance Reform has been completed and reviewed by officials in the Department of Finance. 'Insurance reform is a key priority for me and this Government, and we will be in a position to publish this Action Plan over the summer,' he continued. He said it was his intention that the plan would l focus on a 'series of targeted actions which can have meaningful impact for consumers, including an expansion of the Office to Promote Competition in the Insurance Market.'
Irish Times
2 hours ago
- Irish Times
Ryanair's O'Leary paid €3.8m last year
Ryanair Group chief executive Michael O'Leary received a total pay package of €3.83 million last year, the carrier's annual report shows. The report shows that in the 12 months to the end of March, Mr O'Leary received the maximum bonus possible of €600,000, or 50 per cent of basic pay under his contract, as Ryanair recorded pretax profits of €1.78 billion on the back of revenues climbing to €13.94 billion. The airline achieved the revenues as passenger numbers increased by 9 per cent to a record 200 million for the first time. Mr O'Leary's pay package was made up of basic pay of €1.2 million, a bonus payment of €600,000 and share options of €2.03 million. READ MORE [ Nine-figure payouts to Ryanair and Starbucks CEOs are controversial, but Michael O'Leary can point to results Opens in new window ] A note attached to the accounts states that the options came about through the company recording a technical non-cash accounting charge in relation to share options granted to Mr O'Leary. The note states that no such payment was made to Mr O'Leary and the share options remain unvested. At the end of May, Mr O'Leary qualified for share options worth more than €100 million as part of a bonus scheme. The 64 year old will have to stay at Ryanair until the end of July 2028 to collect the options. The annual report shows that while overall Ryanair revenues increased 3.75 per cent to €13.94 billion, its Irish revenues contracted 4 per cent from €791 million to €757.5 million. In his message to shareholders, Mr O'Leary said the airline's home market is being 'hampered by failed regulation and political inaction', citing the 32 million per year passenger cap at Dublin Airport. Referring to Dublin Airport's €320 million second runway, Mr O'Leary said: 'Only in Ireland would we allow this vital access infrastructure to be built, but then refuse our airlines and citizens the ability to use it, due to bureaucratic failure to abolish an absurd and outdated planning restriction.' The annual report also makes reference to the Data Protection Commission (DPC) here launching an inquiry into Ryanair's booking verification process last October. The report states that Ryanair has engaged with the DPC 'explaining that its verification requirement is designed to ensure compliance with safety and security protocols, and that the process of verification fully complies with the requirements of the GDPR'. The report states that the inquiry is expected to take at least one year 'and while Ryanair is confident in its position, the DPC may ultimately find that the verification process has not fully complied with the GDPR, which could lead to the imposition of a substantial fine'.
