Paddy Power Betfair Downsizing in Ireland, UK
Following last year’s merger between popular gambling operators Paddy Power and Betfair, the new Paddy Power Betfair conglomerate is scheduled to downsize overseas.
The cuts are slated to come in Ireland and the United Kingdom, as roughly 10% of it’s 7,200 employee base will be shed. Per the Irish Times, Paddy Power cut 300 jobs in Ireland following the merger and another expected 350 will be shed in the UK.
The main goal of the employee downsize was to achieve savings of up to £50 million per year moving forward. Per the report, the job cuts are largely focused on any redundancies or positions that are no longer needed. The 600+ Paddy Power bookie shops in Ireland are not expected to be included in the cost-cutting move, while Betfair did not have any brick-and-mortar establishments prior to the merger.
Part of the plan is to officially merge the companies by bringing together singular offices and combining the staff in one central location. That is expected to be in Clongskeagh for the Ireland employees, while those based in the UK will move to the main headquarters in Hammersmith, London.
The gambling company informed it’s employees of the pending cuts on Sunday and will be issuing what amounts to six-week severance packages for those that they let go.
Former rivals, Paddy Power and Betfair combined their efforts in early February to form one of the world’s largest gambling operators. Now combined, the company possesses online stations in Ireland, Australia, Britain, Italy and the United States. Paddy Power Betfair also has their aforementioned ground betting-shop locations in Ireland and the UK.
Per CalvinAyre.com, the cuts aren’t restricted to duplicate positions, but are coming at the top in management, as well. The surprise departures last month of chief marketing officer Gav Thompson and former Paddy Power CEO Andy McCue were the start of a major shakeup, while the company could undergo more changes in the near future.
For now, it looks like Paddy Power Betfair is trying to tighten up for the long haul, as they eradicate position redundancy and have more management positions carry more titles. The company has not given an official statement on the pending cuts.
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