April 06, 2016

Paddy Power Betfair reveals plans to cut 300 Irish jobs

Now that the €10 billion merger of Paddy Power and Betfair has been completed and the company had enough time to do calculations, the new entity, Paddy Power Betfair, revealed plans to cut around 10% of its workforce.

The group’s overall number of employees counts 7,200 people and the operator wants to let go 650 of them in order to save approximately £50 million (€62 million) a year. This will be accomplished by cutting 300 Irish jobs and additional 350 British ones.

Luckily for Paddy Power’s retail staffers, Betfair had no land-based operations and therefore they’ll get to keep their jobs for the time being. Unfortunately, the situation is far worse for those holding legal, finance and human resources positions as well as technology, risk and trading professionals. It has to be highlighted that the top management hasn’t been spared either; last month Gav Thompson, chief marketing officer, left the team alongside Andy McCue who was chief operating officer.

Paddy Power Betfair has notified all employees about its plans via emails on Monday, offering four weeks’ pay for each year of service plus their statutory redundancy entitlement to those whose services are no longer needed. In other words, redundant staff would get a total severance package of six weeks’ pay for each year they spent in the company. Additionally, the group explained that there will be limited opportunities for redeployment and pointed out that redundant employees were likely to get new jobs quickly because their skills were in demand.

Remaining staff, according to the revealed plan, will be located in single offices. Therefore, Betfair’s office in Ringsend, Dublin will be moved to Paddy Power’s HQ in Clonskeagh. The company’s main office in Britain will be in Hammersmith, London. Relocation is expected to end by August, when the group will publish its first interim results as well.

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