Online gambling provider Betfair, with Betfair Poker recently moving to the iPoker network, the number four operator on the market, boasts 4 million customers worldwide and a weekly income of £50 million and employs 1,200 people in the UK alone, with 2,300 more in the rest of the world. However, Betfair CEO Breon Corcoran announced the reduction of the betting exchange’s expenses by £20 million annually, which can result in dismissing 650 employees in total.
The downsizing primarily affects the company’s grey market presence, most notably in Cyprus, Greece and Germany, in addition to Russia, the Ukraine, Norway and Canada. Betfair Malta managing director Steve Ives commented that the spreading of the dot country registration “will inevitably put pressure on groups to consider where they employ staff, which may explain some downsizing.”
Following Betfair’s annual results falling short of expectations in December, 2012, CEO Corcoran announced his plans to “reinvigorate the business by focusing on regulated jurisdictions” and to “invest in product and brand to enhance our competitive position and drive growth.” Partly due to the announcements as well as to the fact that Betfair continues to grow in major markets like Australia, the company’s shares are once again showing growth in value.
Source: Online-Casinos.com
The downsizing primarily affects the company’s grey market presence, most notably in Cyprus, Greece and Germany, in addition to Russia, the Ukraine, Norway and Canada. Betfair Malta managing director Steve Ives commented that the spreading of the dot country registration “will inevitably put pressure on groups to consider where they employ staff, which may explain some downsizing.”
Following Betfair’s annual results falling short of expectations in December, 2012, CEO Corcoran announced his plans to “reinvigorate the business by focusing on regulated jurisdictions” and to “invest in product and brand to enhance our competitive position and drive growth.” Partly due to the announcements as well as to the fact that Betfair continues to grow in major markets like Australia, the company’s shares are once again showing growth in value.
Source: Online-Casinos.com
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