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Global operator Bet365 has confirmed plans to cut around 340 jobs in response to increased regulatory and tax-related costs.
The job cuts, which represent approximately 3% of Bet365’s workforce, will be made across the company’s offices in Stoke-on-Trent, Malta and Gibraltar.
Bet365 attributed the job cuts to a “highly competitive trading environment, plus increased regulatory and tax-related costs”.
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CFTC Chairman Michael Selig is currently the lone sitting commissioner for an agency that traditionally features a bipartisan group of five. Selig has repeatedly defended both the legitimacy of prediction markets as financial assets and the role of the CFTC in overseeing them. The CFTC under his direction has embarked on a series of rule proposals regarding prediction markets, although detractors argue that the proposed changes still allow for sports contracts and in some ways could be seen as a tightening of the belt to make a Supreme Court review look more favourable.
“It’s not a question of whether innovations like blockchain, artificial intelligence, and prediction markets will transform our markets. It’s a question of where this innovation will take place and who will write the rules,” Selig said during a meeting of the CFTC’s Innovation Advisory Committee on 20 August, which featured the CEOs of Kalshi, Polymarket, DraftKings, CME Group and more.
Jess has covered the global gaming industry since 2022. A native of Reno, Nevada, he’d like to note that it’s Ne-va-da, not Ne-VAH-da.
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Fantini points to land-based examples like Red Rock Resorts and Monarch Casino as companies that can still attract capital because they offer sensible growth and strong management. That is a telling comparison with the industry’s recent past.
London’s problems are real. Entain’s removal from the FTSE 100 and Flutter’s move away from its London primary listing are evidence of that. But Flutter’s experience in New York shows that changing the listing does not remove the pressure.
The deeper change is global.
