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PaddyPower Looking at Job Cuts
Tuesday, April 5, 2016 : PADDYPOWER-BETFAIR MULLS JOB CUTS
Company advises staff that it plans to make cuts to 7,200 workforce.
The job cuts which are inevitable when large companies merge and have to handle staff activity duplications are on the horizon at PaddyPoker-Betfair, according to staff advisories sent out this week, which inform employees on the 7,200 workforce that around 650 jobs will have to be sacrificed.
Reporting on the issue Monday, the Irish Times revealed that it is likely that about 300 of the total will be lost from Ireland's 2,875 staff complement, while 350 jobs will go in the UK.
The proposed redundancy package is generous at four weeks salary for every year of service in addition to the two weeks statutory entitlement, the newspaper opines.
PaddyPower-Betfair has a target cost saving figure of Euro 50 million a year in mind to keep shareholders happy, and will be carefully considering areas where business duplication exists due to the merger such as personnel, finance, legal, operations in trading and risk, and perhaps even technology.
In related news, PaddyPower-Betfair chief executive Breon Corcoran has followed up on the departure of former Paddy CEO Andy McCue and CMO Gav Thompson with a more streamlined top executive team.
Paddy's former online chief, Johnny Hartnett, will become managing director for international commercial affairs (excluding Italy) and will oversee the group's B2B, risk and trading, and VIP divisions, whilst former Betfair business managing director Aine Flanagan will be m.d. responsible for UK and Ireland operations, along with the gaming division.
The merged group's retail interests will be the domain of Dan Wilson, who will also look after Italian operations.
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Opap in memorandum of understanding With Inspired -
Virtual sports provider Inspired has entered into a memorandum of understanding (MOU) with Greek betting and lottery operator OPAP for the supply of its full suite of virtual sports, for integration online and across OPAP's retail network.
DeltaCorp To Acquire ace2three -
Our readers will recall Delta Corp. acquired a 26 percent stake in Gaussian Networks, parent company of India’s largest online poker operator Adda52 earlier this month
More Australian POC Taxes -
In an interview with The Australian, Tabcorp chief executive offer David Attenborough warned “global rivals” of his belief that other Australian states are moving fast to follow South Australia’s lead in implementing a point of consumption tax.
William Hill Exits Russia -
"Starting from September 23 William Hill Casino Club will terminate its activities in the Russian territory for legislatory reasons. All active customer accounts will be suspended," the advisory reportedly detailed.
Pennsylvania Online Gambling Hearing Postponed till October -
HR 2150, which includes DFS and e-gaming elements, was passed as part of the critical state budget bill by the House in June this year, with lawmakers expecting the bill to contribute $100 million annually in licensing and fees to help balance the state budget.
Two Mega Fortune Dreams Jackpots Hit -
Both Swedish players, the first lucky punter hit a GBP 100,000 jackpot playing on his mobile phone, while the second, identified as Martin, staked just 18p before netting a GBP 60,000 jackpot on the popular series thinking he was playing in demo-mode.
ASA Looking at Ladbrokes and Netbet ads -
A TV ad for Cosmo Gaming’s NetBet online casino was determined by the UK Advertising Standards Authority (ASA) as glamorising online gambling following a single complaint.
Betconstruct In Deal With Realistic Games -
BetConstruct has agreed a deal in which it will integrate a range of Realistic Games online table and slot content including blackjack, roulette and slot titles Super Graphics Upside Down, The Fruit Factory and Fireworks.
XLMedia Half 1 2016 Earnings Report -
Online gambling marketing company XLMedia, which operates websites driving players to online casino operators, delivered robust interim results for the first half of 2016, attributing its success to investment in technology.
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