Flutter Entertainment To Close Sky Bet Malta Headquarters Less Than A Year After Relocation
Sky Bet's operations are set to move to Gibraltar as Flutter restructures its UK and Ireland business, with approximately 50 Malta-based jobs at risk.
Flutter Entertainment is preparing to close Sky Bet's Malta headquarters less than 12 months after relocating the brand's commercial operations from the United Kingdom.
The decision will see Sky Bet's operations transferred to Gibraltar, where sister brand Sky Gaming is already headquartered, as part of a wider restructuring of Flutter's UK and Ireland business.
The reported closure follows Flutter Entertainment's announcement on Tuesday that up to 1,400 jobs could be cut amid UK gambling tax increases.
Approximately 50 Malta-based employees are understood to be among those facing redundancy, while remaining staff are expected to relocate alongside the business to Gibraltar.
Sky Bet Operations To Be Consolidated In Gibraltar
Sky Bet moved its commercial headquarters from the UK to Malta in November 2025, in a relocation expected to deliver annual savings worth tens of millions of pounds.
However, the latest restructuring will reverse that decision, with the company's Maltese entity, SBG Sports Limited, expected to be wound down.
The move will consolidate Sky Bet's operations with Sky Gaming, which relocated its headquarters to Gibraltar in 2024, bringing the two businesses together under a single operational structure.
The consolidation follows the appointment of Neil Banbury as Managing Director of Sky Betting & Gaming earlier this month. Banbury joined Flutter on 1 October after spending more than 15 years at Kindred Group, where he most recently served as Chief Commercial and Marketing Officer.
Despite the closure, Flutter is expected to maintain a significant presence in Malta, with approximately 500 employees continuing to work across its other operations, including Betfair International.
UK Gambling Tax Increases Drive Restructuring
The proposed closure forms part of Flutter's efforts to reduce operational costs following substantial increases in UK gambling duties.
Remote Gaming Duty increased from 21% to 40% in April 2026, while General Betting Duty on online betting, excluding horse racing, is scheduled to rise from 15% to 25% in April 2027.
Flutter previously estimated that the changes would reduce its adjusted EBITDA by approximately $540 million in 2027 before mitigation measures.
The company subsequently announced plans to restructure its UK and Ireland operations, placing up to 1,400 jobs at risk across a workforce of approximately 9,000 employees.
Flutter UK and Ireland CEO Kevin Harrington said: “As we warned a year ago, we cannot fully absorb a rise of this magnitude without reducing our fixed cost base and therefore must restructure our business so that we can best position ourselves for the future.”
The consolidation of Sky Bet's Malta and Gibraltar operations represents another potential cost-saving measure as Flutter seeks to adapt its business structure to the higher tax environment.
Further Tax Uncertainty Ahead Of Autumn Budget
The developments come ahead of the UK Autumn Budget on 28 October, with gambling operators awaiting confirmation of further potential tax changes.
Recent reports suggest Chancellor John Healey is considering increasing Machine Games Duty from 20% to 25%, rather than adopting proposals to double the rate to 40%.
Although the reported increase would be smaller than initially feared, the Betting and Gaming Council (BGC) has warned that further taxation could accelerate redundancies, betting shop closures and reduced investment.
BGC CEO Grainne Hurst described Flutter's restructuring as “another devastating blow to workers and families across our sector”, highlighting the impact of higher gambling duties on employment.
“These are not just numbers. They are people facing uncertainty over their livelihoods as major British employers are forced to make painful decisions in response to mounting tax pressures,” Hurst said.
Flutter has not provided additional details regarding the Malta closure beyond its statement announcing the wider restructuring.
The move represents a significant reversal of Sky Bet's previous relocation strategy, bringing its operations together with Sky Gaming in Gibraltar as Flutter continues implementing its cost-reduction plans.
