Paddy Power bets on Cork with purchase of outlets

Paddy Power is betting on success in Cork after spending just short of €1m on five outlets from betting chain Jameson Racing.

Four of the outlets are located in Cork — in Blackpool, Popham’s Avenue, Ballintemple and Ballincollig. The fifth is located in north Dublin.

Paddy Power bought the shops looking to even the odds with its main competitor, Ladbrokes, which had a larger presence in Cork. Industry sources suggest between €900,000 and €1m was paid for the businesses.

As a result of the purchase, there will be five jobs and the 14 current employees in the chain will retain their jobs.

Paddy Power will take possession of the locations at close of business on March 28, and they will reopen with a full Paddy Power makeover on Monday, April 1, well in time for the Irish Grand National from Fairyhouse.

A spokesperson for Paddy Power said: “We’re delighted to be doing the deal with Jameson Racing. It will be a tough weekend for our property team to get all the shops ready and they will definitely miss their Easter Sunday lunch, but we are confident when the outlets rise as Paddy Power on Easter Monday, it will all be worth it.”

Each location will have new 47” TVs installed to show live racing, soccer, and other sports action on Sky Sports and Setanta.

Paddy Power’s outlets in the Republic now total 219. Jameson Racing will continue to operate two outlets, one in Togher, Cork, and the other in Templemore, Co Tipperary.