Participating in the iGaming NEXT conference in Valletta this year in early May, the recruitment agency TalentBet experienced a higher workload than usual. However, instead of an increase in corporate clientele, the booth was inundated with industry workers who were now seeking new opportunities due to being laid off.
CEO of TalentBet, Senette Lam, noted that many individuals, including those from S-Tech, approached them after being made redundant. Despite being skilled candidates with significant experience, they were suddenly facing job loss and actively looking for employment.
Browsing through LinkedIn reveals a similar trend of layoffs in the industry, with many iGaming professionals indicating their availability for new roles. Recruiters note a significant increase in redundancies recently, extending beyond specific sectors to impact the industry as a whole.
“There is a noticeable rise in redundancies currently, affecting various segments within the industry,” stated Jennifer Innes, CEO of the UK-based recruitment firm BettingJobs. Following the aftermath of Covid-19, the past years have witnessed a surge in candidates needing to update their resumes.
‘Emergence of new locations’
Within close-knit offshore communities like Malta and Gibraltar, employees are feeling the effects of these changes more acutely. In these smaller jurisdictions, waves of job cuts can lead to significant shifts in the employment landscape.
Reductions in workforce seem to be affecting all facets of the industry, from operators to suppliers and affiliates. Notably, Catena Media, based in Malta, made headlines recently with another round of job cuts aimed at improving profitability following a decline in Q1 results.
Approximately 50 positions are being eliminated this year, in addition to the 29 roles cut in content and marketing last November. Despite initial plans to avoid further layoffs, a 40% profit decrease in Q1 prompted a change in strategy, as stated by CEO Manuel Stan.
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