Big changes are on the horizon for Paddy Power, as they’re set to close 57 betting shops across the UK and Ireland, putting nearly 250 jobs at risk. This decision comes amidst mounting cost pressures and challenging market conditions, according to their parent company, Flutter. The closures, which include 29 UK shops and 28 in Ireland, will happen within the next month following a thorough review of their high street presence.
Flutter is doing its best to cushion the blow by offering redeployment opportunities to staff wherever possible, but unfortunately, some job losses seem unavoidable. A company spokesperson highlighted the ongoing evaluation of their high street shops, emphasising their importance while also aiming to innovate and adapt to changing customer trends.
This news arrives against a backdrop of concerns over potential increases in gambling taxes in the upcoming budget. Although Flutter stressed that today’s closures aren’t directly due to tax anxieties, they warned about the potential impact of higher taxes, which could push more customers towards unlicensed, illegal operators.
In related news, William Hill’s owner, Evoke, has hinted at the possibility of following suit with more shop closures if tax hikes come into play. It’s a turbulent time for the high street, with these changes reminding us just how quickly the landscape can shift. Stay tuned for more updates on how these changes might affect our local communities and economies.