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

Paddy Power-owner Flutter has announced plans to cut up to 1,400 jobs as its boss claimed the company "cannot fully absorb" tax rises imposed on the gambling industry last year.

Staff based in the UK and Ireland, as well as British and Irish workers at Flutter's sites in Portugal and Romania will be affected, but what roles are at risk has not been disclosed.

The government increased taxes on online casino and sports betting, with an exemption for horse racing, in the Budget last November.

Flutter boschief executive Kevin Harrington said the rise had "fundamentally changed" the economic model of the UK betting and gaming industry, arguing it had helped "fuel the unlicensed, unregulated market".