Gambling group 888 Holdings has recently laid off dozens of employees in its Israeli offices. The company, which operates online gambling sites and provides software for other gambling companies, has not given a specific number of layoffs, but sources close to the company have stated that it is in the dozens.
The layoffs result from the company’s ongoing efforts to streamline its operations and focus on its core business. 888 has been facing increased competition in the online gambling market, and has been looking for ways to cut costs and improve efficiency. Stricter regulations and increased taxes on online gambling in some countries have also impacted the company.
The layoffs in Israel come after 888 announced that it would be closing its office in Budapest, Hungary, and consolidating its operations in Gibraltar and Malta. The company has also been cutting back on its marketing and sponsorship activities.
Despite the layoffs, 888 remains committed to its Israeli operations and plans to continue to invest in the country. The company’s strong presence in the Israeli tech industry has been a major contributor to the country’s economy.
The company is also not the only one in the gambling industry that has been impacted by the recent global economic climate and increased regulations. Other companies in the industry have also been laying off employees and cutting costs in order to stay competitive.
The layoffs at 888 are a reminder that even successful companies in the gambling industry are not immune to the challenges facing the sector. The company will need to continue to adapt and innovate to stay ahead of the competition and meet the changing market demands.
In conclusion, 888 Holdings’ decision to lay off dozens of employees in its Israel offices is a part of the company’s ongoing efforts to streamline its operations and focus on its core business in the face of increased competition and stricter regulations in the online gambling market. The company remains committed to its Israeli operations and plans to continue to invest in the country. However, it serves as a reminder that the gambling industry is not immune to the challenges facing the sector. Companies will need to continue to adapt and innovate to stay ahead of the competition and meet the changing demands of the market.