Flutter expects over 200 layoffs
The majority of job losses are expected at the gambling operator’s main UK office.
UK.- Flutter Entertainment, the owner of Paddy Power, FanDuel, Sky Betting & Gaming and PokerStars, is considering job cuts that could affect more than 200 employees. The operator expects to make the layoffs as it consolidates its brands onto a single technology platform and responds to increasing costs and regulations.
The gambling operator has said the move is part of its strategy to reduce operational costs in its home markets amid a more complex regulatory landscape. The British Gambling Commission has been tightening regulations for several years, and Ireland is now introducing a licensing regime for online gambling under the new Gambling Regulatory Authority of Ireland.
The Racing Post has reported that the majority of layoffs are expected to be at Flutter’s UK offices in Wellington Place, Leeds, with some roles also affected in Dublin.
A spokesperson was quoted as saying: “Against the backdrop of increasing cost and regulatory pressure, we have entered into consultation with a number of colleagues. While we are working with those affected to explore redeployment opportunities wherever possible, it is likely that some roles will regrettably become redundant later this year.”
Flutter had already outlined plans to cut 183 jobs as it moved to streamline trading operations. The company currently employs 27,345 staff worldwide with almost a third based in the UK and Ireland.
Flutter’s Betfair is winding down its affiliate marketing programme for media partners in the UK and Ireland. It says it will end all affiliate activities in the two countries and remove related services from Betfair.com from July 1, 2025.
The cuts come after what was a pivotal year for Flutter. It posted operating profit of $162m for 2024, which compared to a loss of $1.2bn in 2023. Revenue was up 19 per cent year-on-year at $14.05bn, and adjusted EBITDA was $2.35bn, a rise of 26 per cent despite customer-friendly NFL results in November and December.
Recent years have seen FanDuel in the US become the operator’s main growth driver, which led the company to move its main stock listing from London to New York and to drop its Dublin listing. For 2024, FanDuel generated revenue of $5.8bn, up 27 per cent, while EBITDA rose by 119% to $507m.
In April, Flutter completed its purchase of the Italy-facing gambling operator Snaitech, advancing its move to become the biggest player across online and retail gambling in Italy. Snaitech is the third-biggest gambling operator in Italy by market share.
