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Cutting Back in Wake of UIGEA

Sportingbet was one of the many online casinos gambling and betting companies operating in the United States prior to the controversial Unlawful Internet Gambling Enforcement Act (UIGEA). Although the company exited the U.S. and has since restructured heavily to accommodate the move into new target markets, the CEO at Sportingbet announced that the company would be forced to continue to downsize the company’s employees, including some upper level management. The online casinos gambling industry is extremely competitive at this point, and the cut backs may be the only way for the company to truly turn a significant profit in the near future.

The downsizings at Sportingbet are despite reports that the company has experience an increase in operating profits. As the online casinos sportsbetting company consolidates the various offices, there were apparently redundancies according to CEO Andy McIver. Along with the announcement of the downsizing, McIver also announced SportingBet anticipates a positive 2008 fiscal year. He remarks, "If you lose the amount of business we lost it’s amazing to still be here. In terms of forecasts for the end of the year, the market thinks we will do GBP28 million, and we are happy with that.”

McIver expressed his remorse for the necessary downsize at the online casinos sportsbetting company. He notes, “It is sad for the individuals concerned, and it does seem slightly perverse that the company has been performing so well.” The company’s Chief Operating Officer, David Hobday is among the anticipated downsizings. The fact that Hobday is leaving the company surprises some since the online casinos sportsbetting company is actually really showing signs of recovering from the devastation to profits caused by exiting the U.S. market.