Paddy Power has announced they will cut 300 jobs from their Irish operations following their €10 billion dollar merger with Betfair. These positions are part of the 650 jobs that will be cut across their overall workforce of 7,200.
The remaining 350 jobs that will be affected will be from Britain. All jobs that will be affected will be from the areas of legal, finance and HR, as well as technology and trading and risk. The jobs will include those that are duplicated due to the February merger of the two companies with the cuts part of Paddy Power Betfair’s plans to save €62 million per annum through the merger.
Paddy Power’s brick and mortar betting shops across Ireland and Britain will not be impacted by the job cuts.
Paddy Power has begun informing their staff of the cuts. Impacted staff will be offered four weeks of redundancy pay for every year they have worked at the company, plus the two weeks of statutory redundancy. The company has announced that there are limited positions available that impacted staff may be able to apply for.
With the merger, offices of the two companies will merge as well so that Betfair’s office in Ringsend, Dublin will move to Paddy Power’s office in Clonskeagh. The company’s offices in Britain will be located in Hammersmith, London. The moves are planned to be concluded by next August when the companies are expected to release their first set of interim results.
The merger of the two companies created a €10 billion entity with annual turnover of €2 billion and the possibility of it becoming the largest bookmaker in the world. Besides for their online business with operations in Ireland, Britain, Italy, Australia and the US, they have land-based retail betting shops throughout Ireland and Britain.