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http://www.egrmagazine.com/news/paddy_power_betfair_to_cull_650_uk_and_ireland_jobs
Paddy Power Betfair plans to cut up to 650 jobs in the UK and Ireland and close three offices, including PowerTower in London, as it looks to streamline the business post-merger.
In an email sent to employees, and seen by eGaming Review, Paddy Power Betfair CEO Breon Corcoran said it was a “necessary step to create one efficient business”.
“With the appointment of senior leaders now largely complete, we’re staring work on the detailed design for each function at the next level,” Corcoran said.
The decision to reduce its current 7,200-strong workforce and close offices is part of planned £50m cost synergies announced pre-merger.
The move is expected to impact 350 jobs in the UK, while a further 300 are at risk in Ireland with the cuts focused on positions that are duplicated across the enlarged group.
Corcoran said there was “still work to do” regarding the approach to employee restructuring and the roles that will be affected.
“We will seek to redeploy staff across the business where possible. Where not, we commit to treating employees fairly and to supporting them in their transition,” Corcoran wrote.
Paddy Power Betfair will establish a single office in both the UK and Ireland in a bid to “enable more effective collaboration” between its teams.
In the UK, Paddy Power’s office in Euston Square will be closed and staff moved to Hammersmith, which will become its new London base.
The betting giant also plans to close its Stevenage office with roles transitioned to other locations, with customer operations moved to Malta and Exchange operations to Dublin.
In Dublin, the firm plans to transfer employees working in its Betfair Watermarque office in Ringsend to Paddy Power HQ in Clonskeagh.
“There are no plans for further office closures at this time, although we will continue to review our structure across Europe on an ongoing basis to ensure we are as effective as possible,” Corcoran added.
The chief exec also said the restructure would not impact its retail division, or its TVG horserace wagering business in the US and Sportsbet in Australia.
The news comes shortly after Paddy Power Betfair COO Andy McCue made a shock exit from the firm just months after the merger completed.
Paddy Power Betfair declined to comment on this story.
Paddy Power Betfair plans to cut up to 650 jobs in the UK and Ireland and close three offices, including PowerTower in London, as it looks to streamline the business post-merger.
In an email sent to employees, and seen by eGaming Review, Paddy Power Betfair CEO Breon Corcoran said it was a “necessary step to create one efficient business”.
“With the appointment of senior leaders now largely complete, we’re staring work on the detailed design for each function at the next level,” Corcoran said.
The decision to reduce its current 7,200-strong workforce and close offices is part of planned £50m cost synergies announced pre-merger.
The move is expected to impact 350 jobs in the UK, while a further 300 are at risk in Ireland with the cuts focused on positions that are duplicated across the enlarged group.
Corcoran said there was “still work to do” regarding the approach to employee restructuring and the roles that will be affected.
“We will seek to redeploy staff across the business where possible. Where not, we commit to treating employees fairly and to supporting them in their transition,” Corcoran wrote.
Paddy Power Betfair will establish a single office in both the UK and Ireland in a bid to “enable more effective collaboration” between its teams.
In the UK, Paddy Power’s office in Euston Square will be closed and staff moved to Hammersmith, which will become its new London base.
The betting giant also plans to close its Stevenage office with roles transitioned to other locations, with customer operations moved to Malta and Exchange operations to Dublin.
In Dublin, the firm plans to transfer employees working in its Betfair Watermarque office in Ringsend to Paddy Power HQ in Clonskeagh.
“There are no plans for further office closures at this time, although we will continue to review our structure across Europe on an ongoing basis to ensure we are as effective as possible,” Corcoran added.
The chief exec also said the restructure would not impact its retail division, or its TVG horserace wagering business in the US and Sportsbet in Australia.
The news comes shortly after Paddy Power Betfair COO Andy McCue made a shock exit from the firm just months after the merger completed.
Paddy Power Betfair declined to comment on this story.
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1 - agreed before the merger, which implies it's not really news.
2 - so wtf would the company not comment.
Odd.
2 - so wtf would the company not comment.
Odd.
The Exchange operations moving to Dublin - how safe is your money now?
The servers have been in Dublin for years. Both brands have a UK licence. So why is our money less safe today than yesterday or last year or ten years ago?
Apr 9, 2016 -- 11:12AM, frog2 wrote:
The servers have been in Dublin for years. Both brands have a UK licence. So why is our money less safe today than yesterday or last year or ten years ago?
Foreigners in charge now - always a higher inherent risk.
Apr 10, 2016 -- 1:11AM, patrick starr wrote:
you dont half talk some utter sheit
You smell of sheit as well as talking it 
Paddy Power is based in a foreign country and owns Betfair.
The inherent risk increases immediately. 
Parts of Betfair has been registered in Gibraltar since 2011. Also bits are licenced in Malta.
Please see here:
http://www.betfair.com/aboutUs/Regulatory.Information/
Betfair was on the London stock market and thus owned by UK and international investors. The same applies to Paddy Power Betfair.
I share your frustration that current management have not addressed the Premium Charge and have ruled over a declining betting exchange in terms of traded volumes. The focus has been to leverage the good Betfair brand on a sportsbook. But to suggest there is a financial risk caused by the merger is a little beyond the pale.
Please see here:
http://www.betfair.com/aboutUs/Regulatory.Information/
Betfair was on the London stock market and thus owned by UK and international investors. The same applies to Paddy Power Betfair.
I share your frustration that current management have not addressed the Premium Charge and have ruled over a declining betting exchange in terms of traded volumes. The focus has been to leverage the good Betfair brand on a sportsbook. But to suggest there is a financial risk caused by the merger is a little beyond the pale.
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