Paddy Power Betfair set to reduce workforce following merger

Paddy Power Betfair has unveiled initial plans to cut almost 10% of its overall workforce following the merger of the existing Paddy Power and Betfair brands, as part of a move to save £50 million (€62.6 million/$71.2 million).

The merger, which was finalised at the start of February, led to the creation of a new entity worth more than £1.1 billion, with various senior staff at each company stepping into new roles or departing the combined operation altogether.

Last month, it was confirmed that Andy McCue, formerly chief executive of Paddy Power prior to the merger, was to leave his role as chief operating officer at the new entity.

The new entity has reportedly started informing staff that up to 650 jobs could be cut from its overall workforce of 7,200.

According to the Irish Times newspaper, up to 300 of the jobs could be lost from Paddy Power Betfair’s Irish operations, while 350 jobs could be cut in the UK.

In emails to staff, the company said that positions most likely to be in danger would be those that are duplicated across the combined group, including professional posts such as legal, finance and HR, as well as technology, trading and risk.

Paddy Power Betfair said that the cuts would not have an impact on staff at its land-based sites in the UK and Ireland, as Betfair did not previously have a brick-and-mortar presence.

Related article: Paddy Power Betfair COO to step down next month