Blaming increasing costs and regulatory pressure, betting giant Flutter has announced that 250 jobs are set to be cut in the British city of Leeds.
Owner of Paddy Power and Betfair Flutter has confirmed that it has entered into a consultation with a number of colleagues on job cuts, estimating that around 250 jobs will be cut. A statement from the company said that the decision was made due to regulatory pressures and increasing costs.
Indeed, Flutter had been publicly shifting away from the UK market to focus more on the United States due to the tightening gambling laws in the UK. The British gambling market is set to experience its first major gambling reform in over 20 years, putting pressure on betting operators in the country.
“As part of a broader strategy to bring some of our brands onto a single tech platform, and against the backdrop of increasing cost and regulatory pressure, we have entered into consultation with a number of colleagues,” a Flutter UKI spokesperson told the Yorkshire Post. “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.”
The future of Flutter in the UK
The majority of the job cuts are expected to come from the firm’s Leeds site and from the technology and product team, with just 10 jobs planned to be cut from the Dublin office. The decision is said to be part of wider company decisions to consolidate its brands into one unified betting platform.
The Yorkshire Post also reported via a source close to Flutter that the company still plans to invest in its presence in Leeds, despite the job cuts.
“We already believe we are industry-leading when it comes to safer gambling but what we’re doing will raise the bar further still,” said the source.
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