Betfair Announces Major Layoffs
As many as 650 Betfair employees may be looking for new jobs after the company begins instituting a significant layoff plan.
The job cuts are the result of Betfair’s move to focus exclusively on regulated, worldwide gambling markets and impact employees worldwide.
Though the company hasn’t made a formal announcement regarding the layoff situation, unconfirmed reports were published in a number of web publications including EGR.
These reports indicate that around half of the cuts are being aimed at the company’s marketing department. It’s also believed that the help desk and compliance departments would be hit hard, too.
Betfair’s move into purely regulated markets is an attempt to help stabilize the company, while reducing risk caused by regulatory uncertainty. Given the company’s experiences in emerging markets like Greece and Spain, this strategy is hardly surprising.
Unfortunately for Betfair employees, this is not the first round of job cuts the company’s experienced lately. Back in November, Betfair cut 50 positions from its help desk staff.
Betfair’s new strategy toward regulated markets is being spearheaded by their new CEO Breon Corcoran. Corcoran telegraphed the job cuts in 2012 when he told reporters that he’d identified a number of areas that, “required change.”
What do you think of Betfair’s move into regulated markets? Share your thoughts in the comments section below.