Yolo Group to lay off 280 staff in Estonia
The technology company Yolo Group, which operates in the gambling market, is exiting its activities in unregulated markets and laying off 280 employees in Estonia.
The group announced it has decided to continue operating only in fully regulated and licensed markets in order to remain competitive in the rapidly changing gambling industry.
"To maintain a very clear focus and complete transparency across all processes, we are consolidating our activities under the single Yolo brand and will focus solely on regulated markets going forward," Yolo Group board member Maarja Pärt said.
After the layoffs of 280 employees, more than 600 people will remain working at the group's companies in Estonia.
Within the group, the Estonian-licensed gambling company will continue offering online gambling services under the Yolo brand, while its e-wallet service will operate under the Yolowallet brand. The group also owns the Bombay Club casino in Tallinn's Old Town and The Burman Hotel.
The group's ownership structure includes Australian Tim Heath with a 70.5 percent stake, Reio Piller with 18 percent and smaller stakes held by Maarja Pärt, Mikk Kard, Raido Purga and Tauri Tiitsaar.
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Editor: Barbara Oja, Marcus Turovski
