Key points:
- Changes have been seen as a “difficult yet important step”
- Announcement has impacted roles in multiple business locations
LiveScore Group has announced an internal restructuring process, which is set to impact more than 100 existing roles.
The company has a number of business locations across the world and this restructuring will impact different locations, including London.
LiveScore Group has stated this decision has been taken as a “difficult yet important step” as the operator looks to streamline its business to create a means of having long-term sustainable growth.
This comes after LiveScore Malta Limited recently withdrew its LiveScore Bet brand from the Netherlands, citing the government tax increase in the region, which is set to go up from 30.5% to 37.8%, where the primary concern for LiveScore Bet was of the impact on its people and customers.
All those employees who are impacted by this restructuring process have been informed and are subject to a confidential consultation process.
LiveScore Group CEO Sam Sadi 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.
Good to know: LiveScore Group's FY2023 financial report showed an increase of 49% in revenue/turnover for the year to £129.7m ($164.2m), whilst the operating loss of £61.8m was an improvement of 12%
“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.”
This news comes after last month Better Collective Co-Founder and CEO Jesper Søgaard announced a plan to “adjust” the organisation's cost base, which would include redundancies and cost reductions.
LiveScore Group has been a big proponent of the convergence between sports betting and media.
However, that business model has yet to take off and hit the heights many projected, a factor that has no doubt impacted LiveScore Group and its need to restructure.
