Gambling operator Paddy Power Betfair has begun fleshing out plans to trim nearly 10% of its workforce following last year’s merger of Paddy Power and Betfair.
Late Monday, the Irish Times reported that Paddy Power Betfair staff had received emails from management detailing the precise cuts required to realize the £50m in annual synergies the merged entity promised shareholders when they confirmed their £5b union last September.
The combined group currently has a workforce of around 7,200. The cuts are expected to claim around 300 jobs at Paddy Power’s Ireland-based operations, while another 350 positions will be eliminated in the UK. As Betfair has no land-based business, Paddy’s retail staffers will be spared the axe.
The same can’t be said for positions where duplication abounds, including legal, finance and human resources professionals, along with technology, trading and risk staff.
The redundant Irish staff will be offered four weeks’ pay for each year of service on top of their statutory redundancy entitlement, bringing their total severance package to six weeks’ pay for each year of service.
The enlarged company will operate out of a single office in both Ireland and Britain, meaning Betfair staffers in Dublin will move to the Paddy Power HQ, while the group’s main office in the UK will be in Hammersmith, London.