Flutter Planning Major Job Cuts in Ireland and the UK
Flutter Entertainment is preparing to implement significant job cuts across its operations in Ireland and the UK, with over 200 positions potentially at risk. The company is undertaking these measures as part of a broader strategy aimed at consolidating its multiple brands onto a single technology platform.
LISTEN TO THIS ARTICLE:The company has not disclosed specific details on which departments or locations will be most impacted, stating only that it is currently in consultation with staff. However, it said that this restructuring initiative is designed to streamline operations and enhance efficiency across its portfolio.
Related: Flutter Launches Strategic Share Buyback InitiativeThe majority of the affected roles are concentrated within Flutter's technology and product teams, with the company's Leeds operation bearing the brunt of the planned reductions. Nearly all of the job losses are expected to occur at this location, while fewer than 10 positions are expected to be affected at the Dublin office.
According to a company spokesperson, the planned changes are driven by the need to integrate various brand platforms and address rising operational costs and regulatory challenges. The spokesperson noted that the transition to a single tech platform is central to the company's ongoing strategic priorities, and the redundancies are being considered in this context.
Flutter is reportedly working with affected employees to identify potential redeployment opportunities within the organization. It has acknowledged that some positions are expected to be made redundant later in the year.
More Business News
Flutter Faces Regulatory, Financial Headwinds
The company, which owns Paddy Power, Betfair, FanDuel and others, has recently faced financial and regulatory headwinds, particularly in the US, where it operates FanDuel. In its latest financial results, Flutter reported that its overall sales grew by nearly 8% to $3.67 billion, equivalent to approximately €3.21 billion. Despite this growth, adjusted earnings per share stood at $1.59, falling short of expectations.
Despite the shortfall in its earnings report, Flutter raised its full-year sales forecast by $1.15 billion. This upward revision was attributed to the impact of two recent acquisitions and favorable foreign currency movements. However, the company revised its forecast for US revenue downward by $280 million, reflecting changes in the regulatory environment and market conditions.
Flutter has also been impacted by new tax policies in the US. In particular, the company will begin passing on a new betting tax to its customers in Illinois. Starting September 1, FanDuel users in the state will be charged a 50 cent fee on every bet placed. This move is a response to increased tax obligations and is part of the company's broader efforts to manage costs and preserve profitability in key markets.
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