888 Cut Costs With Israeli Workforce Layoff
The leader in global online gambling landscape – 888 casino – boasts an international workforce that currently stands at around 1,3000 strong, most of which are based in the company’s offices in Herzliya, Tel Aviv.
Israeli media have broken the big news this week reporting that 888 is in the process of trimming down its operation costs by laying off ‘several dozens’ of local staffers as the company looks to achieve a reduction in the number of personnel in a number of sites around the globe.
And the office based in the high-end tech-hub in the Tel Aviv district looks set to become the first one to pay the price of streamlining with layoffs and other efficiency improvement measures expected to be completed by the end of this month.
888 follows the most recent Israeli exit of rival betting operator William Hill, which closed its Tel Aviv office which ultimately resulted in 200 redundant employees.
Israeli cuts come months after 888 decided to exit the Polish market due to that European country’s strict online-taxed regulations which took a strong hit to the Polish gambling scene.
Israeli shekel and its soaring value in relation to the British pound have been eyed as one of the main reasons behind 888’s decision to abandon the Israeli workforce, together with the increased cost of operations in many regulated markets.
An 888 spokesperson was quoted telling Israeli media that the layoffs were also due to the ‘tightening of regulatory requirements that the company is required to comply with as part of its license terms’.
To remind you, 888 has recently confirmed that the company was a subject of an investigation by the UK Gambling Commission which is inspecting the company’s self-exclusions tools and whether 888 was honoring its social responsibility duties.