Online and retail betting giant Paddy Power is to lay off 300 people from its operations in the Republic of Ireland following its €10bn merger with Betfair, it has emerged.
One of the aims of the merger concluded in February is to find cost synergies and reduce costs by €62m year.
This will involve cutting 650 jobs from the group’s overall workforce of 7,200 people, according to The Irish Times.
Staff at the company’s hub at Clonskeagh will get six weeks of pay for each year of service in the redundancy deal.
The 300 jobs are expected to be axed in areas such as legal, finance and human resources, as well as technology, trading and risk.
It is understood that a similar number of jobs could be cut in the UK across the same roles.
The cuts will not affect Paddy Power’s network of retail stores around Ireland.
It is understood that workers at Betfair’s office in Ringsend will move into the Paddy Power HQ in Clonskeagh.
Paddy Power image via Shutterstock