Betsson to lay-off 160 employees

30 Jan 2018

Betsson governanceBetsson Group, one of the most prominent Nordic sports betting and casino operators, have decided to lay-off 160 of it's employees, a projected 10% of its workforce. Although it is unlikely that the enterity of these employees will be merited to be given the sack, Betsson has deemed it necessary following a double digit earnings decline in Q3 2017. It is projected that a total of €5.6 million will be annually saved from this move, with the short term results being scheduled for the financial report of Q1 2018.

What are the Consequences of this Decision?

This move, however, has received some scrutiny from industry experts and former Betsson employees who claim that profits were shortened due to the unpredictability of certain markets. These mainly include the recenty "witch-hunt" in the Turkish market, tax increases in Spain and slower than expected results in Netplay's UK entry. Betsson had undergone significant changes in its workforce capability in 2017, when former CEO Ulrik Bengtsson and chief technology officer Stefan Nordin had left the brand. According to the current CEO Pontus Lindwall, these moves will offer improved results in the future:  “In cooperation with the operational management team, we have started to implement actions to improve operations. The restructured organisation will be more streamlined with clearer responsibilities, which I believe will improve its efficiency over time.”

 

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