Flutter Entertainment UK and Ireland (UKI) CEO Kevin Harrington indicated that recent changes to gambling tax are hindering its UK operations.

In the November Budget, the Government revealed increases in gambling taxes, which betting operators argue are raising expenses and may lead to job reductions. After shifting its primary listing from London to New York last year, Flutter reported a decline in its UK revenue, projecting £3.54 billion for 2025, down from £3.59 billion, while most other sectors experienced growth.

The company is implementing robust strategies to counter the effects of the increased tax burden. However, any additional reviews could significantly affect their business, and overall performance. Last October, Paddy Power announced the closure of 57 out of its 608 betting shops in the UK and Ireland, putting nearly 250 jobs in jeopardy.

The group, which owns Betfair, Sky Bet, and FanDuel in the US, forecasted a 17% revenue increase to £12.2 billion for 2025, although this falls short of its previous estimate of £12.4 billion, which had already been downgraded from £12.8 billion in November.

The company reported a pre-tax loss of £89.7 million last year, a decline from a profit of £11.9 million in 2024, but underlying earnings grew by 27% to £616.5 million. Following the release of these results, shares on the London market dropped nearly 12% to 8,008p.

Despite anticipating slower growth this year, Flutter views this summer’s World Cup as a prime opportunity. The company stated, “Our global presence, particularly in the US—where the tournament will primarily take placepositions us as the best operator to seize this global chance.”