Flutter restructuring to cost up to $90 million as it cuts 1,400 jobs
The company said the cost of the restructuring will be recognized in the fourth quarter of 2026.
DUBLIN — Flutter Entertainment will spend between $80 million and $90 million to cut up to 1,400 jobs across its UK and Ireland operations.
The company said the costs, which cover severance and benefits, were included in its second-quarter guidance and will be incurred in the fourth quarter of 2026.
The restructuring, announced on Oct. 20, 2026, will affect staff in Leeds and Dublin, as well as UK and Ireland employees working from company hubs in Porto, Portugal and Cluj-Napoca, Romania.
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"My immediate focus is providing the necessary support for all of our impacted colleagues and guiding our teams through what we know is going to be a difficult and challenging period for all concerned," said Kevin Harrington, chief executive of Flutter UK & Ireland.
Flutter said the job cuts are a response to tax hikes announced in the UK's 2025 Autumn Budget.
Remote Gaming Duty rose from 21 per cent to 40 per cent in April 2026, and General Betting Duty will increase from 15 per cent to 25 per cent in April 2027.
The company previously estimated the tax increases would cost it about $540 million in 2027 adjusted EBITDA.
Flutter said it aims to offset part of that impact through first-order mitigation measures worth $201 million, with the redundancies forming part of that plan.
The company employs roughly 9,000 people in its UK and Ireland business, part of a global workforce of about 28,500.
Betfair Romania Development confirmed on LinkedIn that around 300 UK and Ireland roles in Cluj-Napoca are expected to be affected.
Harrington said the tax rises have "fundamentally changed the economic model of the regulated betting and gaming industry in the UK while helping to fuel the unlicensed, unregulated market."
"As we warned a year ago, we cannot fully absorb a rise of this magnitude without reducing our fixed cost base and therefore must restructure our business so that we can best position ourselves for the future," Harrington said.
The announcement follows other cost-saving moves in the sector, including shop closures by Betfred, William Hill owner Evoke and Bet365.
Flutter also said earlier this year it was considering closing up to 100 of its Paddy Power betting shops.
The industry is awaiting the UK's upcoming Autumn Budget, with speculation that Machine Games Duty on Category B machines could be doubled to 40 per cent.
A group of 90 Labour MPs, led by Alex Ballinger, recently wrote to Chancellor John Healey calling for the increase.
Flutter aims to complete most of the restructuring by the end of 2026.