Paddy Power Betfair to cut 650 jobs in UK and Ireland

Some 350 jobs will be lost in London and Stevenage, and another 300 in Dublin, as the company seeks savings of £50m (€62m).

Paddy Power and online exchange Betfair merged in February, and currently have a combined workforce of 7,200 people.

As well as shops in Ireland and the UK, it has digital operations in those nations plus Italy, Australia
and US.

Office reorganization

A head office will be created in each of Ireland and the UK. Staff at Betfair's office in Ringsend, Dublin, will transfer to the Paddy Power base in Clonskeagh.

Meanwhile Paddy Power's workforce in London will move out of its current Euston office to Betfair's headquarters in Hammersmith by the end of August.

Betfair's office in Stevenage will close and some roles currently there will be moved to other locations, including Malta and Dublin. This is envisaged as taking place in stages over the next nine to 12 months.

It is understood that some of those affected may be able to transfer to other roles with the enlarged company.

Areas which could be affected are those where staffing overlaps now exist following the merger, such as in legal, finance, technology and human resources.

None of Paddy Power's betting shops will be affected by the moves.

Shares in Paddy Power Betfair were down by 1.79%, or 175p, at 9585 pence, in late morning trade in London.