Paddy Power expansion to create 1,400 new jobs
Bookmaker Paddy Power has announced 1,440 new jobs as part of a major expansion in the UK, Ireland and Australia over the next three years.
The plans include 810 additional posts in the UK as the gaming firm steps up the growth of its retail estate, while an additional 500 jobs are being created in Ireland in a move taking its workforce in the country to 2,200.
The majority of the 500 new jobs in Ireland will be located at the company's Tallaght head office in west Dublin in areas such as e-commerce, technology, online marketing and risk management.
But it's understood none of the new UK posts are destined for the bookie's operations in Northern Ireland.
Chief executive Patrick Kennedy said the company's growth is good news for the Irish economy as its international expansion will also generate additional tax revenues for the exchequer. "The benefit to the economy of our international expansion extends beyond job creation. Paddy Power pays corporation tax in Ireland on all our internet and telephone profits from the 162 countries where we do business," he said.
In a trading update yesterday, Paddy Power said its UK retail activities continued to grow strongly after it opened 28 new shops in the financial year to date and the amount left by losing punters rose by 17% on a like-for-like basis.
Strong international online growth has also enabled Paddy Power to offset the more challenging conditions facing its domestic business in the current economic climate.
The group's retail, online and telephone channels serving Irish customers account for around a third of profits but have been hit by the deteriorating economic fortunes in the country.
The amount staked by Irish retail punters in the period between July 1 and November 15 fell 8% on a like-for-like basis compared with a 1% rise in the UK retail business, where it has an estimated 2% share of the market.
The group has an estate of around 115 UK shops, which it has already said it plans to extend to 150 by next year.
The jobs announcement will also see Paddy Power create 130 jobs in Australia, where it has built a strong online presence.