Gambling operator William Hill is about to shut its Israel-based workplace, forex trading news outlet LeapRate has reported citing unnamed sources with understanding of the matter.

The UK that is major bookmaker its physical presence to Israel back in 2008 when it formed its online gambling division William Hill Online together with gambling provider Playtech. The Teddy Sagi-founded provider moved a considerable part of its Israel-based staff members as well as other assets and technology to the newly formed entity. In trade, Playtech received a 30% stake in William Hill on line.

In 2013, the two companies cut ties, with William Hill purchasing Playtech’s keeping for the total amount of £424 million.

According to LeapRate sources, the gambling operator will relocate Israeli operations to great britain or in other parts of European countries where this has workplaces. It really is thought that the move was partly necessitated by William Hill’s efforts to really improve the profitability of its online gambling business.

Last springtime, the operator issued a profit warning, describing that the performance that is weaker-than-expected of web business had impacted dramatically its general profitability. As being a result, William Hill had to lower its full-year revenue forecasts by £20-25 million to £260-280 million.

William Hill’s Israel office is situated during the Azrieli Towers in Tel Aviv. It employs around 250 people. Sources have actually told LeapRate that more than 200 of these involved in Tel Aviv is laid off. It has in addition been comprehended that company representatives have already begun conversing with staff members. According to LeapRate, they will have all been told that the move had been section of William Hill’s strategy to combine its business that is online with other operations.

The operator’s trading update that is latest for the time between January 1 and April 25, 2017 revealed that revenue from online gambling operations was up 16% year-on-year. The increase that is double-digit a good growth trend from the last half of 2016.

Final was particularly eventful for the operator as it entered and walked out of merger and acquisition talks not once, but twice year. In August, The Rank Group and 888 Holdings tried to court William Hill as a three-way deal that might have seen the former two purchase their rival.

Later on in the year, the major operator and online gambling giant Amaya discussed a £5-billion merger deal, but speaks fell apart under pressure from key William Hill shareholders.

Industry insiders think that the gambling operator may still be in a suitable partner, paper writer despite neglecting to join the consolidation wave that engulfed the international gambling industry in the summer of 2015. Three pairs of gambling leaders announced multi-billion merger and acquisition discounts in a bid to cope with the introduction of stricter gambling regulations, specially people regarding taxation, also with growing competition within the field.