Online Casino Transfer: News - Ladbrokes Pay Cuts Denied

07/01/2010		Online Casino Style: News Ladbrokes Pay Cuts Denied
Home History Games News Dictionary		Though they still are among the top of the lists in terms of the leading online gambling companies across the globe, news is circulating the internet casino forums that Ladbrokes may be doing through some tough times. The reports that the company’s retail shops are taking pay cuts for their employees have been substantiated, though the details as to why such a drastic move has been taken has not yet been determined. The effects could well we wide reaching as the internet casino company employs about a thousand people through their 284 Irish betting shops. The firm recently decided that they would have to cut down on overtime and public holiday pay rates from triple to double the normal rates enraged the European online gambling community. It caused such an uproar, that the matter found itself under debate by the Labor Court, who ruled that the pay rates would have to be reversed. The original cause for the pay cut, claimed Ladbrokes, was a significant drop in their profits for the previous year. According to their year end report, the company took a huge hit in losses, with their profits plummeting 90 percent compared with 2008. The courts had little pity for the big firms’ financial problems, however, as they recommended that the decision be reversed, at least for now. It’s a non-binding order, that has of yet not been fully accepted by Ladbrokes, said the managing director Joe Lewins. It was unfair for such a ruling to be made against Ladbrokes, as similar cuts were being made by other online gambling companies all across Europe. “Along with the rest of the industry, we cut premium rates," said Lewins. “But, unlike most companies out there, no one has lost a job here and there have been no [standard] pay cuts. The market is in freefall. But we will work hard and we will come out the other end " They did agree to enter into discussions regarding job preservation programs. Ladbrokes did have to close six of their betting shops in the last few months, and investigations showed that as many as 35 additional closures may be in the works if the pay cuts aren’t permitted to go through. In addition to last year’s losses, a contributing factor was the government call to increase tax rates by 2 percent for gambling companies. The tax has not yet been put into effect, delayed with protests and red tape, but it’s still a consideration being made by the effected internet gambling groups planning for the future.

07/01/2010

Online Casino Style: News
Ladbrokes Pay Cuts Denied

Though they still are among the top of the lists in terms of the leading online gambling companies across the globe, news is circulating the internet casino forums that Ladbrokes may be doing through some tough times. The reports that the company’s retail shops are taking pay cuts for their employees have been substantiated, though the details as to why such a drastic move has been taken has not yet been determined. The effects could well we wide reaching as the internet casino company employs about a thousand people through their 284 Irish betting shops.

The firm recently decided that they would have to cut down on overtime and public holiday pay rates from triple to double the normal rates enraged the European online gambling community. It caused such an uproar, that the matter found itself under debate by the Labor Court, who ruled that the pay rates would have to be reversed. The original cause for the pay cut, claimed Ladbrokes, was a significant drop in their profits for the previous year.

According to their year end report, the company took a huge hit in losses, with their profits plummeting 90 percent compared with 2008. The courts had little pity for the big firms’ financial problems, however, as they recommended that the decision be reversed, at least for now. It’s a non-binding order, that has of yet not been fully accepted by Ladbrokes, said the managing director Joe Lewins. It was unfair for such a ruling to be made against Ladbrokes, as similar cuts were being made by other online gambling companies all across Europe.

“Along with the rest of the industry, we cut premium rates," said Lewins. “But, unlike most companies out there, no one has lost a job here and there have been no [standard] pay cuts. The market is in freefall. But we will work hard and we will come out the other end " They did agree to enter into discussions regarding job preservation programs. Ladbrokes did have to close six of their betting shops in the last few months, and investigations showed that as many as 35 additional closures may be in the works if the pay cuts aren’t permitted to go through.

In addition to last year’s losses, a contributing factor was the government call to increase tax rates by 2 percent for gambling companies. The tax has not yet been put into effect, delayed with protests and red tape, but it’s still a consideration being made by the effected internet gambling groups planning for the future.