Flutter has confirmed it will be closing 57 Paddy Power shops across the UK and Ireland amid “challenging market conditions”.
The news comes shortly after both Entain and evoke said they were considering closing shops themselves due to concerns over potential UK tax increases that could be announced in the upcoming Autumn Budget on 26 November.
For Flutter, staff were told on Tuesday, 14 October, that 247 jobs were at risk, with approximately 128 in the UK.
Of the 57 shops that will be closing, 29 are in the UK, one in Northern Ireland and the remaining 28 in the Republic of Ireland.
The development comes on the back of a review of Flutter’s existing high street estate.
Impacted staff will be offered redeployment opportunities where possible but, according to the operator, some job losses are inevitable.
A Flutter UKI spokesperson said: “In light of increasing cost pressures and challenging market conditions, we can confirm that we will be closing 28 shops across Ireland within the next month.
“We are continually reviewing our high street estate, but it remains a key part of our offer to customers, and we are seeking to innovate and invest where we can as we adapt to different customer trends and needs.”
More betting shops across the UK could also at risk of closure, with Entain CEO Stella David saying a consequence of raising tax in the UK would not only be investment into other markets but also shops shutting.
This was then echoed by evoke stating it would consider shutting its William Hill retail shops should the chancellor raises taxes in next month.
Speculation in the industry has been rife since Chancellor Rachel Reeves hinted she would increase betting tax when insisting the gambling operators must “pay their fair share”.
The post Flutter to close 57 Paddy Power shops due to “challenging market conditions” first appeared on EGR Intel.
Staff told earlier this week that around 250 jobs are at risk, with closures affecting stores in both the UK and Ireland
The post Flutter to close 57 Paddy Power shops due to “challenging market conditions” first appeared on EGR Intel.