LiveScore Group has announced a significant internal restructuring affecting over 100 jobs and confirmed its withdrawal from the Dutch market. The restructuring is part of an effort to streamline operations for long-term sustainability, while the decision to leave the Netherlands follows the country’s impending tax hikes on gross gambling revenue. These strategic moves mark a turning point for the group, reflecting both the challenges of global gambling markets and the company’s efforts to future-proof its operations.

Internal Restructuring to Impact Over 100 Jobs

Major Workforce Changes: LiveScore Group has begun a restructuring process that will affect more than 100 employees across multiple business locations, including its London headquarters. Impacted employees have been notified and are being offered confidential consultations.

CEO’s Statement: Sam Sadi, CEO of LiveScore Group, expressed his regret about the decision, emphasizing the need to prepare the organization for sustainable growth.

“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 success,” Sadi stated.
He also acknowledged the contributions of affected employees, thanking them for their role in the company’s journey.

Exit from the Dutch Market Amid Rising Tax Pressures

Tax Levy Hikes: LiveScore Group’s withdrawal from the Netherlands is directly linked to the upcoming increase in gambling taxes. Under the new legislation led by the Dutch Kamer and Dick Schoof cabinet, tax rates will rise from 30.5% to 37.8% of Gross Gambling Revenue, making the market commercially unviable for operators like LiveScore Bet.

Impact on Players and Staff:

New player account creation has already been deactivated.
A two-stage exit strategy has been implemented:
Deposits will no longer be accepted after 25 November 2024.
Complete cessation of wagering services on 29 November 2024, followed by refunds for leftover player deposits.
Regulatory Compliance: The Dutch gambling regulator, Kansspelautoriteit (KSA), has been informed of the withdrawal and has begun the process of relinquishing LiveScore Bet’s license.

Sadi on the Dutch Market Exit

Official Statement: CEO Sam Sadi expressed regret over the decision to leave the Netherlands, citing the tax increases as the primary reason for the exit.

“Unfortunately, the planned tax increase means that this market is no longer viable commercially. Since our launch in 2021, we have built a brilliant community of engaged customers, and we will greatly miss our relationship with them.”
He extended his gratitude to the company’s Dutch players, employees, and partners for their contributions.

Global Operations Remain Unaffected

Virgin Bet and Other Services: The restructuring and market withdrawal are not expected to impact LiveScore Group’s other global operations, including its Virgin Bet websites. The company has reassured stakeholders of continued stability across its remaining business segments.

Looking Ahead: Navigating a Challenging Landscape

Balancing Growth and Adaptation: LiveScore Group’s restructuring and Dutch market exit underline the challenges gambling operators face in adapting to evolving tax regimes and regulatory landscapes. These strategic decisions aim to position the group for long-term sustainability while addressing immediate financial pressures.

Industry Implications: The developments highlight broader industry challenges, including the impact of rising taxation on market viability and the ongoing need for operational resilience.

LiveScore Group’s latest moves mark a pivotal moment in its evolution. By restructuring internally and strategically exiting non-viable markets, the group is focused on fortifying its operations for sustainable growth while maintaining its global presence.