Paddy Power to shutter 57 shops in the UK and Ireland

• Paddy Power set to shutter 57 shops in the UK and Ireland amid rising costs and market conditions
• The most likely reason for the decision is an expected tax increase on gambling, rumored to be included in Rachel Reeves’ upcoming budget
• Other companies have been worse affected, cutting hundreds of shops and jobs because of the feared tax increase

Paddy Power has become the latest firm to confirm that it will be reducing the overall number of betting shops, as the firm joins others in urging the Chancellor of the Exchequer, Rachel Reeves, not to unilaterally raise tax on the gambling industry in a bid to close budget gaps.

Paddy Power set to cut jobs amid venue shutdowns

As the date of the November budget reading is closing in, so are qualms intensifying that this may indeed be coming, with other gambling majors opting for preemptive shutdowns.

In Paddy Power’s case, the affected 57 properties will possibly lead to 247 members of staff who will be rendered redundant, with 128 employed in the UK and 119 in the Republic of Ireland.

However, the company will look for redeployment opportunities for members of its staff if such are identified or indeed possible. Job losses will be inevitable, the company said.

Citing market conditions and increasing costs, Paddy Power simply stated:

"We are continually reviewing our high street estate, but it remains a key part of our offer to customers, and we are seeking to innovate and invest where we can as we adapt to different customer trends and needs."

This is a fairly modest number of betting shops that would be affected in comparison to what rival Evoke has suggested. The company said earlier this week that as many as 200 betting shops could be affected, with up to 1,500 jobs possibly on the chopping block.

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