Paddy Power Betfair plans to cut 300 Irish jobs to take advantage of merger savings

Duplicate roles will be axed to save cash

The newly merged bookmaker Paddy Power Betfair is expected to cut 300 jobs.

Dublin staff will get six weeks of pay for each year of service in the redundancy deal according to The Irish Times.

One of the deal's aims was to exploit synergies to reduce costs by €62m per year.

The company is expected to cut 650 jobs from the group's overall workforce of 7,200.

Areas including legal, finance and HR, risk, technology, and trading are all expected to be targeted as the company cuts its headcount.

The same departments are expected to account for the majority of the 350 job losses in the UK. Most of the job losses will be in duplicate roles.

As a result of the merger the two companies' offices will join, in Dublin Betfair staff based in Ringsend will move to Paddy Power's offices in Clonskeagh.

This reordering is due to be completed by August.

Paddy Power Betfair has a turnover of close to €2bn, and a market valuation of €10bn.