Key Points:
- Flutter has confirmed it has entered into consultation with its employees
- The company claims the cuts are due to increasing costs
- It seems that the majority of the layoffs would affect offices in Leeds and Dublin
Flutter, the global operator behind brands such as Sky Betting and Gaming, Paddy Power and Betfair, is rumoured to be cutting over 200 jobs in the UK and Ireland.
The operator has recently moved its primary listing from London’s FTSE to New York’s NYSE in a move backed by 98% of its investors.
At the time, Flutter CEO Peter Jackson called this a move to its “natural home,” but this has left its European offices in limbo.
According to the company, one of its main strategies at the moment is bringing all of its brands onto a single tech platform, meaning that the majority of the roles at risk will be Flutter’s technology and product team.
If these are affected, then a large majority of the cuts will be at the Leeds office, with a further ten at the Dublin office.
A spokesperson for Flutter said: “As part of a broader strategy to bring some of our brands on to a single tech platform – and against the backdrop of increasing cost and regulatory pressure – we have entered into consultation with a number of colleagues.”
In its most recent fiscal report, Flutter revealed that its net income grew 113% to $162m while it’s revenue hit $14.05bn.
Good to know: Alongside its US push, Flutter is also focusing on Italy, recently closing a €2.3bn ($2.6bn) acquisition of Snaitech
As part of its focus on US customers, Flutter has also expanded its reach into several North American states – including Illinois, where it plans to pass on new sports betting tax initiatives to the customer.
