Paddy Power owner Flutter cuts outlook after hefty quarterly loss

Flutter, the owner of Paddy Power, has lowered its financial outlook following a substantial quarterly loss. In response to UK gambling tax hikes, the group is implementing an overhaul that includes cutting approximately 1,400 jobs across the UK and Ireland. This restructuring follows the reported losses, as the company adjusts its operational strategy to mitigate the impact of the increased tax burden and the recent decline in its quarterly financial performance across these specific regions.