At least 28 Paddy Power stores have closed in Ireland following company-wide consolidation and restructuring efforts at Flutter, with a further 29 predicted to close across the UK.
The decision will threaten around 247 jobs, but Flutter Entertainment is attempting to redeploy staff where they can.
A company spokesperson said: "Impacted colleagues will be offered redeployment opportunities where possible.
"However, the closures will unfortunately lead to a number of job losses. We are consulting closely with colleagues and providing support to those affected by these changes.
"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."
The reasoning
Flutter posted its Q2 reports in early August, and the results were certainly mixed.
Revenue was up 16% year-on-year to $4.19bn, but net income had tanked 88% down from $297m to $37m.
From this, $1.79bn of the revenue came from US operations, reflecting a 17% increase; while UK&I grew 1% to bring in $936m - the highest region in the international section.
However, to understand the decisions made by Flutter, we need to analyse a little further, especially with potential tax rises clouding the UK skies.
International sportsbook revenue grew 4%, but its iGaming revenue jumped 27% in the same time period.
SEA saw the most equal growth with 64% in sportsbook revenue and 70% in iGaming, while APAC had 3% in sportsbook revenue and 24% in iGaming.
At the bottom of the table, CEE grew 13% in iGaming and the UK&I increased 17% - but CEE decreased by 15% in sportsbook revenue, while UK&I saw a similar 12% dip.
So iGaming was growing by double digits across all international regions, but sportsbook revenue was falling in CEE and UK&I.
It was clear that Flutter needed to do something to stop sportsbooks from being too much of a drain on the company and new initiatives take time to produce results - so closing a handful of shops seems like the reasonable route to take if it means the longevity of others.
But what about Dibz?
Paddy Power was not the only brand to be affected by changes in Flutter this week.
Dibz, the bingo sports betting hybrid app, has announced it will be closing all operations in the UK from 30 October.
On social media, the company wrote: "Thanks for being part of it, we hope it's just goodbye for now!"
Customers will have until the set date to withdraw funds, and all bets will be settled by 20 October.
For anyone unfamiliar with Dibz, players would receive a bingo card for a particular sports match that would feature squares such as 'Player to have two shots on target' or 'Player fouled two times.'
This innovative idea was an experimental platform released by Flutter that will now close, allowing the team to analyse the data and player trends collected by it.
Although it may seem easy to draw a correlation between the two brands scaling back at the same time, it appears that this is due to entirely different reasons.
Betfair could remain unimpacted
If true, then the third and last brand in the PPB Counterparty Services Limited family - the world's largest betting exchange, Betfair - should be unaffected by any further changes.
Perhaps the one thing that could keep Betfair inoculated is that while it is known as a betting exchange, it does also offer slots, live casino, poker and bingo: all key iGaming products that may help it ride out the turbulence revenue difference between iGaming and sportsbooks at the moment.
A Dibz spokesperson said: "Thanks for being part of it, we hope it's just goodbye for now!"
Paddy Power, Betfair and Dibz were all licensed by the Gambling Commission under PPB Counterparty Services Limited, account number 39439
