Betfair Slashes Dozens of Jobs: Gets Rid of UK Director
Europe’s biggest betting exchange, Betfair, announced it is laying off 50 employees and will part ways with UK Director Peter Marcus.
Mr. Marcus had previously been recruited by William Hill and was only on the job 14 months. He will leave his post in the coming days.
CEO Breon Corcoran is looking to shake up the organization and was in the midst of conducting a company strategic review scheduled for conclusion on December 13.
The company announced it will be focusing on countries that are “more strategically attractive” and, as such, has decided to lay off employees who specialize in some Nordic, Eastern European and Asian languages.
Numis analyst Ivor Jones said of Betfair this week: “Payroll presents just one [cost-cutting] opportunity. Betfair’s payroll is 30 per cent larger than that of Paddy Power, which makes more revenue than Betfair AND runs a retail estate.”
Morgan Stanley issued this analysis: “We think new management is making ongoing changes to the geographic profile of the business.”
Betfair currently employs around 2000 people.
- Aaron Goldstein, Gambling911.com
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