Paddy Power to cut 650 jobs after merger with Betfair
AROUND 650 jobs are expected to be cut in Britain and Ireland at bookmaker Paddy Power following its merger with Befair.
The job losses in Ireland are expected to affect its head office in Dublin in departments such as marketing and technology, and it is understood shop staff will be affected.
Up to 350 jobs will go in the UK and 300 in the Republic as part of a £50 million cost-cutting drive.
According to RTÉ, the firm began telling staff news of the cuts on Monday.
The merged company has a workforce of 7,200.
The link-up, first mooted last summer, has created one of the world's largest gambling businesses with average yearly revenues of £1.1 billion.
It has digital operations in Britain, Ireland, Italy, Australia and US.
Two head offices will be created in Britain and Ireland, with all central staff in the Republic moving to Paddy Power's current base in Clonskeagh in Dublin.
Paddy Power's workforce in London will transfer to Betfair's headquarters in Hammersmith by the end of August.
The transfers and redeployments are set to take place over the next nine to twelve months.
The merger follows plans by Ladbrokes to join with Gala Coral in a deal worth £2.3bn.
It is expected that staff will be offered four weeks' redundancy pay for every year worked as well as two weeks' statutory redundancy.