The governance of FTSE-listed online gambling operator 888 Holdings Plc has begun an international streamlining process which will see the company reduce its staff headcount as 888 seeks to reduce day-to-day operational costs.
Last week Israeli business news sources reported that 888 governance would concentrate its cost reduction strategy within its Herzliya North Tel Aviv district office, which houses the majority of its employees.
The multi-market online gambling operator is reported to want to reduce operational costs due to increased corporate taxes within multiple European jurisdictions which have negatively impacted the firm’s bottom line.
888 governance will seek to fully implement new group cost efficiency measures and its intended layoffs by the end of July.
In April 2017, 888 governance detailed that it had called for an internal review of its operations as the company faces new market challenges. At the time, the company revealed that it was reviewing its Gibraltar operational centre and licensing infrastructure due to concerns relating to UK’s Brexit.
888 leadership detailed concerns that Brexit could become a ‘future risk’ for its operations as a Gibraltar Remote Gambling License may not be sufficient to fulfil 888’s European regulatory requirements.