As Paddy Power closes 57 shops, Boyle Sports doubles down with major expansion plans and guaranteed interviews for impacted retail staff.
In a bold counter-shift against the UK’s sports betting industry’s shift online, Ireland’s largest independent bookmaker is investing £100m+ in new stores and offering a glimmer of hope to 247 displaced Paddy Power staff.
Following news of Paddy Power pulling back on the high street bookmaker sector of the UK and Ireland gambling industry by preparing to shut down 57 of its 608 retail betting shops, which will leave close to 250 staff without a job, Boyle Sports is doubling down by actively expanding and even guaranteeing job interviews to affected workers.
If ever there was a case of two bookies and two philosophies, this is it.
The Reasoning Behind Paddy Power’s Decision
The official line from Flutter Entertainment PLC, regarding the proposed closure of 29 high street bookmakers across the UK and a further 28 in Ireland, is that an internal review has led to the need to streamline operations amid increasing cost pressures and challenging market conditions.
However, reading between the lines here at Casinoplusbonus, the move, much like the company reportedly shifting large parts of SkyBet’s operations to Malta, a decision that could save the subsidiary up to £55 million in annual tax, suggests a deeper frustration. And that is with the escalating cost and regulatory burden of operating in the UK market. With huge gambling tax hikes set to derail the UK gambling industry further and tightening regulatory pressures combined with bettors increasingly migrating to online betting platforms, it is clear that Paddy Power is ready to move away from the high street in an effort to prevent more damage to its bottom line.
But where most operators are scaling back, Boyle Sports is moving in the opposite direction.
Source: Several broadsheet newspapers, such as The London Evening Standard, have run the story that Boyle Sports has promised guaranteed interviews for the 247 employees facing redundancy amid Paddy Power’s proposed closure of 57 high street betting shops across the UK and Ireland.
Boyle Sports Makes A Counter-Move in a Contracting Market
While the wider industry is understandably reducing its retail footprint, headlined by Paddy Power’s recent proposals, Boyle Sports is making moves in the opposite direction. Currently, Ireland’s largest independent operator is in the middle of a major investment programme, including a UK expansion worth over £100m that is projected to create over 1,000 jobs over the next three years. Right now, Boyle Sports operates over 390 retail bookmakers but is actively looking to boost that number and is even assessing locations set to be vacated by Paddy Power and other leading operators.
On top of that, Retail Director Jenna Boyle has made the promise that “Any Paddy Power retail staff impacted by recent cuts will be guaranteed an interview. Our commitment to the UK and Ireland is long-term.”
While most operators are scaling back and putting increased focus on mobile betting apps and online sportsbook platforms, Boyle Sports is betting that retail shops still hold long-term value. It is showing belief that there is still a demand for in-person service and cash-based betting on the streets of the UK and Ireland, which, while bold, could prove an ingenious move. We certainly wish the operator luck, as we feel it is only a matter of time before the UK completes the self-destruction of its gambling industry, but there is certainly something about Boyle Sports’ positioning itself as the last major defender of the traditional betting culture in the UK and Ireland.
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