Flutter Entertainment is cutting about 220 positions in the UK and Ireland, a move closely related to its strategy to accelerate expansion into the US market. The company has initiated a staff consultation process, with the affected positions mainly concentrated in the technology and product teams in Leeds and Dublin.
As the parent company of brands such as Sky Betting and Gaming, Paddy Power, and Betfair, Flutter is integrating multiple brands into a unified technology platform and claims that this decision is due to increased costs and intensified regulatory pressures.
A company spokesperson stated: "As part of the strategy to integrate multiple brands into a unified technology platform, we have initiated consultations with employees on certain position adjustments under the current economic conditions."
This round of layoffs occurred after Flutter moved its main listing location from the London Stock Exchange to the New York Stock Exchange. At that time, up to 98% of investors supported the move, and CEO Peter Jackson called New York the company's "natural home." However, this has also raised concerns about the company shifting its focus to the US and weakening the role of its European headquarters.
Despite the layoffs, Flutter's financial performance remains strong: the company's net profit reached $162 million, a 113% increase year-over-year, with total revenue also reaching $14.05 billion.
It is worth noting that, in addition to the US, Flutter has recently been pushing into the Italian market, completing the acquisition of Snaitech for 2.3 billion euros (about $2.6 billion). Meanwhile, the company is addressing the newly added sports betting tax burdens in American states like Illinois through tax burden transfer strategies.
