Paddy Power is set to cut 300 jobs following its recent merger with betting giant Betfair in February. The group, who have a combined workforce of 7,200 will also cut 350 jobs from Betfair with legal, finance and HR roles taking the majority of the losses. These redundancies are a result of duplication of roles across the now wider group.
“Our focus is on simplifying our structure and addressing key areas of duplication so we’re better enabled to innovate and deliver future growth,” Breon Corcoran, Chief Executive of Betfair, wrote to staff.
Of the £50m (€62m) savings that Paddy Power and Betfair claimed would would accrue in the three years following the merger, up to fifty percent is likely to come from high-paying positions within technology, legal, finance, trading and risk.
Corcoran stressed that the group’s retail operations will not be affected, adding that the restructuring is necessary to create “one efficient business”.
By Bill Horan