Bally’s is cutting 15 percent of its interactive workforce as legacy operators continue to adjust their staff size, and business models, to the realities of a very competitive marketplace. It’s a move that reflects the realities of trying to do business in the chaotic post-pandemic world.
Bally’s announced the restructuring plan in filings made with the US Securities and Exchange Commission (SEC) last week. The announcement comes on the heels of last fall’s news that the interactive division lost nearly $23 million in Q3 2022.
It’s unclear exactly how many employees will be impacted by the move, or where they’re based. But all accounts indicate that around 15 percent of the interactive division’s employees will be looking for new work very soon.
Despite the losses, Bally’s is in relatively good shape and is enjoying the fruits of regulated sports betting like most other North American operators. Bally’s CEO Lee Fenton took a firm approach to the cuts in a letter to staff, reported on by Legal Sports Report, saying, “Companies who take tough but decisive steps to effectively manage costs will be stronger and fitter for the future. I am committed to ensuring that Bally’s is one of those that is best placed to flourish in the long term.”
Fenton also took personal responsibility for over-hiring staff during the height of the pandemic adding, “Companies who take tough but decisive steps to effectively manage costs will be stronger and fitter for the future. I am committed to ensuring that Bally’s is one of those that is best placed to flourish in the long term.”
Bally’s Interactive products, which include Bally Bet, Bally Casino, and the Monkey Knife Fight DFS platform are collectively active in 38 US States.