Flutter completes restructuring in UK and Ireland
The FTSE 100-listed operator says it has made “significantly less” than 200 redundancies.
Flutter.- Dublin-based Flutter Entertainment has announced that it had laid off fewer than 200 staff in the restructuring of its UK and Ireland unit. The operator had announced in the summer that it would review its structure to seek cost benefits following the merger of Paddy Power Betfair and The Stars Group Inc in 2020.
Flutter said originally that 400 jobs had been under review. According to Group CFO Jonathan Hill, fewer than 200 have been cut but he didn’t specify exactly how many.
Hill told to Ireland’s Business Post: “I think we flagged around 200 roles would go through that. In the end, it was significantly less than that. We were able to either find other roles in other areas of the group so it was significantly less than that number but the process is completed and the team are really focused on taking the business forwards and focusing on how we grow the business over the next few years.”
Flutter Entertainment has forecast a 31 per cent increase in revenue year-on-year for Q3. It expects revenue for the quarter to reach £1.89bn, up from £1.44bn last year. That’s an increase of 82 per cent in constant currency.
The biggest drivers were the US – now Flutter’s largest market – and international. US revenue rose 114 per cent to $598m, with sports revenue, including sportsbook, exchange, daily fantasy sports and B2B up 106 per cent. US gaming revenue is expected to be up 36 per cent, with new content driving a 40 per cent rise in average monthly players.
Flutter has informed shareholders that Zillah Byng Thorne has stepped down as a member of the board after nine years. She will officially leave her directorship duties on January 31, 2023.
bet365 looking to hire amid tech layoffs
While several major tech firms cut staff numbers, others are on the lookout to take on those people. And that appears to include bet365. The Times has reported that the Stoke-on-Trent-based bookmaker is looking at HR opportunities amid a wave of tech layoffs at companies such as Meta, Twitter and Revolut.
Denise Coates’ betting company has 243 roles available in its technology team. It opened a tech training academy back in October.
