Paddy Power cuts 1,400 jobs and blames betting tax rises
Summary
Flutter, the company that owns Paddy Power, plans to cut up to 1,400 jobs. The company says it cannot fully handle recent increases in taxes on the gambling industry.Key Facts
- Flutter owns the betting company Paddy Power.
- Up to 1,400 jobs will be cut across the UK, Ireland, Portugal, and Romania.
- The job cuts will affect staff in these countries, but specific roles have not been shared.
- The UK government raised taxes on online casino and sports betting last November.
- Horse racing betting was excluded from these tax increases.
- Flutter’s CEO, Kevin Harrington, said the tax change has greatly affected the betting business model in the UK.
- He also said the tax rise may have helped illegal and unregulated gambling grow.
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