The Stars Group Announces Layoffs in the Isle of Man and Malta
But that’s not all when it comes to bad news in recent day, as the Dutch online gambling authority, the Kansspelautoriteit issue a €400,000 fine to The Stars Group’s European division, TSG Interactive Gaming Europe Limited.
Necessary Staff Cuts
September has been a very rough month for the Toronto-based company, especially due to the layoffs at its international offices.
The Stars Group has fired a total of 50 individuals in the Isle the Man and Malta during September, with more staff to be reduced over the next 12 months as the company needs to optimize its operations.
The Malta-based office, located in St. Julian, opened for business two years ago, employing more than 300 people. The Maltese Prime Minister Joseph Muscat cut the ribbon at the opening ceremony. According to available information, relocation is one of the options under consideration, and if the company goes through with this, some of the remaining employees would be sent to The Stars Group’s office in Sofia, Bulgaria. A part of them has already been sent to Ireland.
Despite the cuts, Malta remains an important market for the Canadian online gambling giant, which has been present in this country since 2012. The small island nation is regarded as Europe’s online gaming hub, attracting some of the biggest names in the industry.
The Company Fined in the Netherlands
But earlier this month, The Stars Group announced staff cuts in its office in the Isle of Man. This office is a very important one for the company, as it employs around one-fifth of The Stars Group’s staff.
The unfavourable situation in markets such as Russia, Norway and Switzerland have made a serious impact on the company’s financials, which was revealed in the report posted back in August.
The report revealed that the total revenue over the most recent quarter reached $637,618, representing an increase of 54.9% when compared to the corresponding period of 2018 when the company’s revenue amounted to $411,512. In the first six months of this year, The Stars Group generated $1,218,002 in revenue.
As we’ve already mentioned, The Stars Group was fined by the Dutch gambling watchdog, Kansspelautoriteit, claiming the operator allowed players from the Netherlands to play online poker at PokerStars.eu. According to Kannspelautoriteit, the popular Dutch payment processor iDEAL showed that The Stars Group operated without a proper license. A total of 33,000 accounts from the Netherlands were used to process payment to and from the site.
The Stars Group is a leading provider of technology-based product offerings in the gaming and interactive entertainment industries, while its brands have millions of registered customers around the world. The list of brands owned and operated by the company includes such names as PokerStars, PokerStars Casino, BetStars, Full Tilt, FOX Bet, BetEasy, Sky Bet, Sky Vegas, Sky Casino, Sky Bingo, Sky Poker, and Oddschecker.