Flutter cuts 1,400 jobs, blames the Budget directly

Peter Jackson didn't hedge: the gambling tax rises introduced in last year's Budget are the reason Flutter is cutting up to 1,400 jobs across Paddy Power, Sky Bet and Betfair's UK and Ireland operations, roughly 15% of that division. Remote Gaming Duty jumped from 21% to 40% in April, and Flutter had already flagged a projected $320 million hit to 2026 adjusted EBITDA, rising to $540 million in 2027 when the online sports-betting duty climbs from 15% to 25%, as the company's own investor statement laid out. Leeds and Dublin take the brunt, with roughly 240 jobs reportedly at risk in Dublin alone, according to the Irish Times. UK tax policy is showing up as redundancy letters within a year, about as fast as fiscal policy ever moves through to headcount.