Paddy Power to close Isle of Man office
Licensing hub relocated to Betfair's Malta office with closure impacting 10 jobs
Paddy Power will close its office on the Isle of Man in the coming months as part of the cost cutting synergies being undertaken in its merger with Betfair, eGaming Review has learned.
The office, which is the licensing centre for Paddy Power online, houses around 10 people, the majority of which are finance staff.
These operations will be moved to Malta and combined with a Betfair office which will deal with licencing requirements for the enlarged company.
A Betfair spokesperson confirmed to EGR: “The office is being closed as part of the consolidation of licensing arrangements across the group.”
The spokesperson added that the move had been communicated to employees and was likely to be completed in Q4 2016.
No comment was offered on what would happen to the employees, but it is understood the group is looking to redeploy as many as possible.
It is also understood that the move to Malta – which has been floated as a relocation option for egaming companies if Britain and its subsidiaries leave the EU – is not related to a potential Brexit.
The combined Paddy Power Betfair touted scale as one of the main reasons for its formation, with the firm expecting to save around ?50m in cost synergies through the merger.
In April the operator announced plans to cut up to 650 jobs in the UK and Ireland and close three offices, including PowerTower in London, as it looks to streamline the business post-merger.