Paddy Power Set to Close Nearly 60 Stores Threatening 250 Jobs
Paddy Power is set to close nearly 60 stores, impacting around 250 jobs across Ireland and the UK. This decision comes from its parent company, Flutter UKI, following a thorough review of its high street presence.
Paddy Power Store Closures and Job Impact
Flutter UKI plans to shut down a total of 57 betting shops. This includes:
- 28 locations in Ireland
- 1 location in Northern Ireland
- 28 locations in the UK
The closures will lead to significant job losses. Affected employees will be provided with redeployment opportunities wherever possible. Flutter UKI has initiated consultations with staff to offer necessary support during this transition.
Reasons for the Closures
A spokesperson from Flutter UKI stated that the decision stems from increasing cost pressures and challenging market conditions. The company is committed to reviewing its high street estate continuously. Despite these closures, Flutter UKI aims to remain innovative and invest in adapting to customer preferences.
Market Context and Online Gambling Trends
Flutter UKI is the world’s largest betting company, owning brands like Betfair and FanDuel. Recently, they revealed that 91% of their revenue originates from online operations. In Ireland, data indicates that €2.3 billion in bets were placed through traditional betting shops last year, compared to €3 billion online.
The shift toward online gambling has been notable, especially following the COVID-related lockdowns that restricted physical betting. Consequently, online betting has continued to flourish, overshadowing traditional methods.
