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Economics

Paddy Power-owner cuts 1,400 jobs and blames betting tax rises

The government increased taxes on online casino and sports betting in last year's Budget.

Paddy Power-owner cuts 1,400 jobs and blames betting tax rises

Flutter, the owner of Paddy Power, has said it plans to eliminate up to 1,400 jobs, with its boss saying the company "cannot fully absorb" tax increases imposed on the gambling industry last year.

Employees in the UK and Ireland, along with British and Irish staff at Flutter’s operations in Portugal and Romania, will be affected, although the company has not said which roles are at risk.

In the Budget last November, the government raised taxes on online casino and sports betting, while exempting horse racing.

Flutter chief executive Kevin Harrington said the increase had "fundamentally changed" the economic model of the UK betting and gaming industry, and argued that it had helped "fuel the unlicensed, unregulated market".

job cutsuk budgetgambling industrylayoffspaddy powerflutterbetting taxtax rises

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