2 days ago
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.
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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.
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Flutter passes on Illinois tax to customers
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'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.
