Flutter Entertainment to cut up to 1,400 jobs amid UK tax increases

Flutter Entertainment plc (NYSE: FLUT) announced plans to restructure its UK & Ireland business, a move expected to result in up to 1,400 redundancies, according to a company statement.

The restructuring is a response to increases in UK gaming taxes announced in the UK government's 2025 Autumn Budget. Effective from April 2026, iGaming taxes increased 19 percentage points to 40%. Sports betting taxes, excluding horseracing, are set to increase 10 percentage points to 25% from April 2027.

The job cuts will affect staff in Leeds, UK and Dublin, Ireland, as well as UK & Ireland employees at Flutter offices in Porto, Portugal and Cluj-Napoca, Romania. The plans remain subject to consultation.

Flutter employs 28,500 people globally, with 9,000 working in its UK & Ireland business.

The company said restructuring costs of $80m to $90m were included in updated guidance issued during Flutter's Q2 2026 earnings update and will be incurred in Q4 2026. Flutter had previously raised its total guidance for restructuring, transaction and integration costs to $500m.

Flutter UK & Ireland Chief Executive Kevin Harrington said the tax increase "has fundamentally changed the economic model of the regulated betting and gaming industry in the UK." He added that the company "cannot fully absorb a rise of this magnitude without reducing our fixed cost base."

Flutter previously guided that the total adjusted EBITDA impact of UK iGaming tax changes in 2027 would be $540m, which it expects to partially offset with $201m in first-order cost mitigation measures.

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