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Deyan Dimitrov January 12, 2024 3 min read
888 Group Announces Job Cuts in Israel amid Global Restructuring
The company has yet to regain its footing after a troubled 2023 and is looking to streamline its business, cutting expenses and prioritizing its most profitable verticals
Online gambling giant 888 Group has confirmed a wave of job cuts in Israel as part of its broader organizational restructuring, impacting dozens of its regional employees. This move follows a similar round of layoffs in the country last January. Such events are rarely a good sign, but 888 should still be able to recapture its momentum and have a successful year.
The Group Commands a Sizeable Worldwide Presence
The 888 Group, with a total workforce of 11,000 individuals, including 500 in Israel, is undergoing significant changes in its operational structure. With dozens of job cuts, the company has joined a growing list of high-tech businesses that have reduced their workforce in the country, whether due to regional instabilities or rising macroeconomic pressures.
An 888 Group spokesperson commented on the layoffs, noting they were part of a broader organizational restructuring. The company aims to advance its long-term strategic plans, better positioning it for enduring success. 888 stated it would ensure the affected personnel would achieve adequate support to adapt to these changing circumstances.
Unfortunately, some of our positions in Israel have become redundant. We will offer our full support to those colleagues who were affected by the move.888 Group statement
Exactly one year ago, the company went through another significant round of layoffs, reducing its 590 staff by almost 100. 888 again justified the move with an increasingly challenging operational environment, hoping to achieve cost reductions in all the company’s branches. The Group did not comment on whether it planned any additional layoffs.
The Layoffs Are Another Troubling Sign for 888
888 Group’s 2021 acquisition of William Hill added significant operational and regulatory complexity to its worldwide operations, necessitating the ongoing restructuring. However, the process has not been kind to the company, as disappointing financial results have damaged investor confidence. These results may indicate an unfortunate trend for the company as 2022 saw another 7% slump.
Despite ongoing difficulties, 888 maintains a positive outlook, reaffirming its efforts to promote responsible gambling across its retail business as it adapts to shifting regulatory landscapes. While 888 Group seeks to optimize its structure for long-term success, the impact on its workforce reflects the broader trend of companies in the gambling industry adjusting their operations to stay agile and competitive.
As 888 Group moves through this restructuring phase, the industry will watch how the operator navigates the challenges posed by recent acquisitions, positioning itself for sustained growth in an increasingly competitive market. Recent high-level leadership shifts should provide fresh perspectives, hopefully reversing the negative trend and allowing 888 to better capitalize on its global presence.