More than one thousand jobs are set to be cut by Paddy Power's company Flutter across the UK and Ireland, as part of a major restructuring, following the impact of the rising levies for UK gambling.
According to reports, these cuts could hit approximately 15% of the UK and Irish workforce. This shake up is to also affect employees from the UK and Ireland who work for various Flutter centres in Porto, Portugal, and Cluj-Napoca, Romania.
Flutter have said that these restructure plans are part of a range of measures to cut expense, following a "significant increase" in UK gaming duties announced in last year's autumn budget, according to reports the Irish Mirror.
Speaking about this, Flutter UK and Ireland chief executive, Kevin Harrington said: "The material increase in betting and gaming duties announced in the UK budget last year has fundamentally changed the economic model of the regulated betting and gaming industry in the UK while helping to fuel the unlicensed, unregulated market.
"As we warned a year ago, we cannot fully absorb a rise of this magnitude without reducing our fixed cost base and therefore must restructure our business so that we can best position ourselves for the future". (All quotes according to the Irish Mirror).
