SBC News Voice of the Sports Betting Industry
LiveScore Group has initiated an internal restructuring which is expected to affect over 100 existing jobs across several business centres, including their office in London.
According to the firm, all employees that will be impacted in one way or another have been informed about the development, and are now being offered confidential consultations.
Sam Sadi, CEO of LiveScore Group, said: “On behalf of all Directors of LiveScore Group, and the relevant subsidiary companies, we are saddened by the difficult decision to commence an internal restructure of the business, a process which impacts a significant number of our people.
“Whilst we celebrate our recent period of significant and exciting growth, we must now future-proof the organisation and ensure our internal structures allow us to achieve long-term and sustainable success.
“This is a hard time for all our people, as we say goodbye to colleagues who have played an important role in our journey across recent years.”
The news follows the recent decision of LiveScore Malta Ltd, operating under LiveScore Group’s jurisdiction, to withdraw all relevant LiveScore Bet operations from the Netherlands – with the official retirement date of the services being 29 November 2024.
This is in direct correlation to the upcoming tax levy hikes being led by the Dutch Kamer and the acting Dick Schoof cabinet. The changes will see the current tax go up from 30.5% to 37.8% of all operators’ Gross Gambling Revenue.
A primary concern for LiveScore Bet is the impact this will have on local staff and customers. The withdrawal is in the process of being communicated to consumers, and the creation of new player accounts has been permanently deactivated.
To ensure a smooth departure from the market, LiveScore Bet has implemented a two-stage exit strategy – existing players will no longer be able to make deposits starting 25 November, followed by the complete closure of wagering services in the Netherlands and a subsequent player refund process for leftover deposits.
The Dutch gambling regulator, Kansspelautoriteit (KSA), has been informed about LiveScore Bet’s decision and has initiated a licence relinquishment process.
On the departure from the Dutch market, Sadi added: “On behalf of all LiveScore Malta directors, it is with regret that we have made the difficult decision to exit LiveScore Bet from the Netherlands. Unfortunately, the planned tax increase means that this market is no longer viable commercially.
“Since our launch in 2021, we have built a brilliant community of engaged customers, and we will greatly miss our relationship with them. We would like to thank our players, people and partners during our time in operation.”
There is no anticipated fallout from the latest developments regarding LiveScore’s remaining global operations, including the Virgin Bet websites.
