In Estonia, the IT business Yolo Group, which works in the gaming industry, is terminating 280 workers and ceasing operations in unregulated marketplaces.
The business said that in order to stay competitive in the quickly evolving gaming sector, it has chosen to limit its operations to fully regulated and licensed areas.
“We are unifying our operations under the single Yolo brand and will concentrate entirely on regulated markets moving ahead in order to maintain a very clear focus and total transparency across all procedures,” said Maarja Pärt, a board member of the Yolo Group.
Following the layoffs of 280 workers, the group’s Estonian firms will employ over 600 individuals.
The Estonian-licensed gaming firm will continue to use the Yolo name for its online gambling services, and the Yolowallet brand for its e-wallet service. The firm also owns the Burman Hotel and the Bombay Club casino in Tallinn’s Old Town.
The group’s ownership structure consists of lesser holdings owned by Maarja Pärt, Mikk Kard, Raido Purga, and Tauri Tiitsaar, as well as Australian Tim Heath with a 70.5 percent stake and Reio Piller with an 18 percent stake.