Betfair CEO Streamlines the Business

Betfair UK Director Peter Marcus, who joined Betfair from William Hill 14 months ago, confirmed a discussion with the Company concerning his departure before the end of November.

According to the Industry observers that is probably the beginning of a series of cost-cutting measures initiated by Betfair's new CEO Breon Corcoran, who joined the Company in August from Paddy Power.

As Numis Analyst Ivor Jones said this week 'Payroll presents just one [cost-cutting] opportunity. Betfair's payroll is 30 per cent larger than that of Paddy Power, which makes more revenue than Betfair AND runs a retail estate.'

In order to streamline the business Betfair announced the exit from the German market, relating to a tax dispute earlier this week, reducing a number of employees from its customer service and help desk staff complement related to its operations in the Asian, Eastern European and Nordic markets.

Even though Betfair will continue to operate in those markets, it will reduce the number of available languages, decrease its marketing spend and focus less on new customer acquisition in order to concentrate on "more strategically attractive" countries.

It should be noted that a strategic review of the Company scheduled to conclude on December 13, 2012 is being conducted by Corcoran.

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