Paddy Power accused of "profiting from people losing their livelihoods."

Paddy Power have been slammed for opening a book on the next Dublin nightclub to, in their words, “fall foul to a declining economy.”
This follows the news that The Residence private members club on Stephen’s Green has gone into examinership.
In a press release issued yesterday, Paddy Power spokesperson Sharon McHugh said: “When Renards went under last year it was the first sign of things to come for some of Dublin’s hotspots. In this day and age it’s hard for any business to survive – even celebrities and VIPs are tightening their belts.”
The release then went on to name The Wright Venue in Swords as the “6/4 favourite to fall into difficulty next.”
Also listed were The Sycamore Club (2/1): The Odessa Club (3/1); Krystle (7/1); and Lillie’s Bordello (10/1).
Among those reacting angrily to Paddy Power’s latest wheeze is Presence PR’s Sinéad Ryan, who handles a number of clients in the nightlife, music and fashion area.
“Like me, you probably know many people who depend on the clubs and venues mentioned to make their living,” she says. “It’s disgusting that Paddy Power hopes to profit from people losing their livelihoods, not to mention that this type of baseless, negative speculation could cause creditors to lose confidence and venue bookings to be cancelled.”
Hot Press understands that at least one of the named venues is contemplating legal action against the bookmakers.
Contacted today by Hot Press, Paddy Power spokesperson Sharon McHugh commented: “Our market is purely speculative. We’re not saying that Wright’s is in any danger of going out of business – it’s only the favourite because it’s a big venue with a lot of money invested in it out in Swords. The book was opened in response to two requests from the public for odds, but we haven’t taken any money on it yet. It’s the same type of novelty bet as when people say who they think will be the next Premiership manager to be sacked.”
Asked whether naming the venues in this fashion could have an adverse effect on their business, McHugh added: “I don’t agree with that. It wouldn’t stop me from going to a club.”
As for The Wright Venue, they're adamant that business is booming.
"We had to turn over 1,500 people away on New Year's Eve, which I think says it all," a spokesperson tells Hot Press. "I'm not surprised that Paddy Power is jumping on the back of what is a highly successful brand, both in Ireland and internationaly. It's just a publicity stunt."