Flutter cuts up to 1,400 jobs, blames UK betting tax rises

Flutter Entertainment has announced plans to cut up to 1,400 jobs in its UK and Ireland division, blaming tax rises imposed in last year's budget.

• Flutter, owner of Paddy Power, Sky Bet and Betfair, unveiled the restructuring Tuesday, affecting staff in Leeds, Dublin, Sunderland, Porto and Cluj-Napoca.
• UK and Ireland chief executive Kevin Harrington said the tax rise had "fundamentally changed" the industry's economic model and that Flutter "cannot fully absorb" the increase.
• Paddy Power founder Stewart Kenny accused the industry of "scaremongering" about jobs to avoid paying more tax.
• Flutter expects a one-off $90m (£67.3m) charge from the redundancy round.