Yolo Group cuts 280 Estonian jobs as company pivots to regulated markets

• Yolo Group lays off 280 employees in Estonia as company is exiting unregulated gambling markets
• Operator consolidates operations under single Yolo brand to focus solely on regulated and licensed markets under an UAE license
• More than 600 staff remain with the company in Estonia

Yolo Group layed off 280 employees in Estonia as the gambling technology company exits unregulated markets to focus exclusively on licensed jurisdictions. The restructuring forms part of a broader strategic shift, announced by Tim Heath, Yolo Group’s owner, on September 23.

Yolo Group, best known for operating crypto gambling platforms Sportsbet.io and Bitcasino.io, said it has reached a crossroads where it must choose between regulated and unregulated markets. This decision comes as domestic regulators increasingly require operators to exit grey market activities before granting licences in regulated jurisdictions.

Founder Tim Heath, who holds a 70.5% stake in the company, has been driving the strategic transformation following his relocation to Dubai in 2023. The group is now in the final stages of securing two B2B vendor licences from the General Commercial Gaming Regulatory Authority in the United Arab Emirates.

“You cannot be white and grey; you have to pick a side,” Heath wrote in his statement explaining the decision to pivot to regulated markets.

“Throughout our history at Yolo, we have always tried to do the right thing, which usually doesn’t mean the easier route – but in this case, the choice, albeit difficult, was relatively clear for us”.

Other shareholders in the restructured group include Reio Piller with 18%, with smaller stakes being held by Maarja Pärt, Mikk Kard, Raido Purga and Tauri Tiitsaar.

The company has also appointed new leadership, with Lara Falzon becoming CEO of B2B brands and former Betway executive Stephanie Eddy joining as chief revenue officer two months ago.

iGaming professionals on LinkedIn have expressed sympathy for the affected Yolo employees, publishing encouragements, job vacancies in Estonia, and personal opionions on how to deal with this transition. Over 600 employees continue to work with the company in Estonia.