Latest news from online gambling firm Betfair reports of the latest moves made by its new chief executive officer, Breon Corcoran with an aim to increase efficiency and reduce the company's deficit.
Now, apart from pulling Betfair out of countries where the regulations develop any sort of legal uncertainty or operational questionability, Corcoran has also been trying to find a way to save the company up to GBP 20 million in costs, so he has sold off the company's minority stake in social gaming business Kabam, a product based on The Hobbit movie, to US giant Time Warner for $30 million (GBP18.6 million), and its majority holding in the LMAX financial exchange division to a group including Betfair's co-founder Edward Wray for GBP 2.4 million.
In addition to all this, he has recently announced that the company will from now on focus on regulated markets as part of his overhaul of the business, and this tactics has already and will result in numerous redundancies (over 100 people have already lost their job).
Furthermore, the Betfair management decided to cease marketing and other investments in a “long list” of countries, such as Russia and Canada, which will likely lead to the loss of 24 percent of its revenues, about GBP 48 million.
However, Corcoran keeps his hopes high, stating that expected growth in the core betting exchange and other stable markets will help “soften the blow”.
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