Amaya sheds jobs in London office
PokerStars parent company says cuts will ensure business is âorganised as efficiently as possibleâ
Amaya is cutting dozens of jobs at its London office in an effort to streamline the business, EGR NAÂ has learned.
The redundancy process started with the Full Tilt merger in May and forms part of an ongoing cost-cutting exercise, with roles being moved to cheaper locations like the Isle of Man where possible, according to a source familiar with the situation.
Amayaâs London office â a marketing services hub â is located on Air Street in Londonâs West End, a region which boasts some of the most expensive office space in the world.
Amayaâs vice-president of corporate communications, Eric Hollreiser, told EGR NAÂ several other Amaya offices had also been affected by the changes, although it is thought the London base felt the brunt of the job cuts.
âAs we evolve from a single-product poker company to having a portfolio of online gaming offerings, we are continually evaluating our staffing needs to ensure we are organised as efficiently as possible to continue to deliver on our growth plans,â said Hollreiser.
âWe anticipate this process will result in the elimination of a few dozen existing roles in several offices, while simultaneously creating a few dozen new roles in several offices. We are making every effort to retain current staff who are qualified for the new roles.â
While Amayaâs Q1 results saw revenues up 6%, the firmâs share price has been depressed by the insider trader charges levelled at CEO David Baazov, causing Amaya to underperform the S&P 500 by almost 13% in 2016.
The business has been refocusing its efforts from poker onto sports betting and casino over the past 18 months, launching its BetStars brand in Franceand Italy, while closing down its poker product in Slovenia and Israel.
Q1 poker revenues were down approximately 11% year-on-year and casino and sports betting revenues up 267% year-on-year.