LiveScore Group to cut over 100 jobs and leave the Netherlands as part of growth strategy
By Lucy Wynne
Gamesey’s operator LiveScore Group announced, on 19 November 2024, that it will be cutting over 100 jobs as part of its new growth strategy and restructuring process.
The restructuring decision has been made in an effort to make operations smoother and to secure long-term sustainable growth for the company. The announcement followed on from a subsidiary company - LiveScore Malta Limited - withdrawing the brand from The Netherlands.
LiveScore Bet pulled out of The Netherlands, on 12 November 2024, due to the government’s planned tax increase; with gross gaming revenue (GGR) being increased to 34.2% this year, jumping up to 37.8% the following year; instead of 30.5%.
This means the tax rate will increase 24% by 2026, which can be off-putting for some operators. The first tax hike will go into full effect as of 1 January 2025.
LiveScore Bet isn’t the only operator who has pulled out of The Netherlands due to their GGR tax increase, they follow Flutter-owned Tombola who have also confirmed their exit on 1 October 2024.
Due to pulling out of The Netherlands market, redundancies were made, but the company has assured players that LiveScore, Virgin Bet and LiveScoreBet will continue to operate as normal in all other markets.
The redundancies are expected to hit over 100 people in the business, across multiple locations, including London. However, the company is adamant that this is what needs to be done in order to support their ongoing sustainable growth strategy.
When The Netherlands opened up to gambling back in 2021, thanks to the Remote Gambling Act of 2021, LiveScore Bet was among the first 10 operators allowed to provide their services to The Netherlands’ iGaming market.
LiveScore Group CEO, Sam Sadi, commented: “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.
“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.”