Paddy Power Betfair is to cut up to 300 jobs from its Irish operations following the recent merger of Paddy Power and Betfair.

The betting firm began the process of telling staff yesterday. 

The job losses are likely to be in areas such as marketing, technology, trading and risk, where there was an overlap between Paddy Power and Betfair. 

Paddy Power's 600 shops around the country will not be affected by the cuts. 

The two companies identified €50m worth of savings when they merged and half of this is expected to come from labour costs.  

The newly merged group has a total workforce of 7,200.

Staff will be offered four weeks' redundancy pay for every year worked as well as the two weeks' statutory redundancy.

In addition, departing staff may get an annual bonus due to them depending on the time of year.

It is understood workers will be offered the chance to redeploy across the company, but these roles may be limited. 

Up to a further 350 jobs will also be cut in the UK as part of the cost-cutting drive. 

Last month, the bookies chain reported a 24% increase in revenue to €1.09 billion - a new record high - for 2015 as it saw double-digit growth across all of its online and retail divisions.

Operating profits for the year rose by 10% to €180m.

Chief executive of the newly merged firm Breon Corcoran said that the new financial year had started well for Paddy Power Betfair. 

Shares in the company were lower in Dublin trade today.