{"id":7652,"date":"2013-02-18T11:08:01","date_gmt":"2013-02-18T11:08:01","guid":{"rendered":"http:\/\/www.betangel.com\/blog_wp\/?p=7652"},"modified":"2013-03-09T04:40:27","modified_gmt":"2013-03-09T04:40:27","slug":"betfair-weilds-the-axe","status":"publish","type":"post","link":"https:\/\/www.betfairtradingblog.com\/blog_wp\/2013\/02\/18\/betfair-weilds-the-axe\/","title":{"rendered":"Betfair wields the axe"},"content":{"rendered":"

Lots of news stories floating around last week about redundancies at Betfair. Most reports quoted redundancies in the ‘hundreds’. The news first came to light when GamblingCompliance<\/em> revealed that around 80 jobs had been cut from Betfair\u2019s London headquarters. eGamingReview<\/em> went on to announce that the total number of redundancies could top 650.<\/p>\n

This appears to be part of CEO Breon Corcoran’s attempts to ‘rejuvenate’ the business by\u00a0cutting \u00a320m in annual expenses as stated in their December analyst call. Some cuts were inevitable because of Betfair’s exit from tertiary markets but it’s difficult to tell immediately if these cuts are directly related to that or a wider cull. Given the number of job losses reported\u00a0it looks like this is a much broader cull. The write offs at during the last financial report means like for like comparisons will be favourable next year and shedding jobs on this number will mean a lower cost base going forward.<\/p>\n

Funniest quote on the redundancies comes from Calvin Ayre<\/a>: –<\/p>\n

“Speaking to analysts in December following the release of the company\u2019s lackluster earnings report<\/a>, which saw operating profit fall by 25%, Corcoran sketched out a rescue plan intended to \u201creinvigorate the business by focusing on regulated jurisdictions\u201d and to \u201cinvest in product and brand to enhance our competitive position and drive growth.\u201d Pardon us for saying so, but this is akin to a straight guy planning to \u2018reinvigorate\u2019 the number of girls he scores with by working out, getting his hair cut, then spending a lot more time in gay bars<\/strong>. There is no \u2018free\u2019 nor \u2018easy\u2019 business to be had in highly regulated and competitively mature markets, just as there are comparatively few straight single girls to be found in gay bars. But we suppose this is just the way public companies view the world.”<\/em><\/p>\n

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Lots of news stories floating around last week about redundancies at Betfair. Most reports quoted redundancies in the ‘hundreds’. The news first came to light when GamblingCompliance revealed that around 80 jobs had been cut from Betfair\u2019s London headquarters. eGamingReview went on to announce that the total number of redundancies could top 650. This appears […]<\/p>\n

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