LSports CEO Dotan Lazar has confirmed the company has sanctioned a series of redundancies amid an “accelerated revolution of AI and automation”.
Speaking on LinkedIn, Lazar said the decision was based around the company’s pivot towards AI, which is “at the core of our new strategy”.
It is yet to be confirmed how many members of staff will be affected by the job losses. Local Israeli press has said around 20% of headcount has been cut, around 40 staffers.
The Israel-based supplier works with several high-profile operators including the likes of Entain, Superbet and Betsson.
Lazar wrote: “Today is one of the most complex days for me as a person of people and as a CEO, but it is necessary to ensure LSports’ future as a global technology leader.
“In recent years we have grown significantly, but the world around us is changing, and my job is to ensure that we don’t just catch up, but dictate it. The accelerated revolution of AI and automation is not just a tool for us, it is at the core of our new strategy.
“Our goal is clear: to lead the worlds of real-time data collection and accessibility, and not just in the field of sports.
“In order to realise this vision and remain dominant, we made a decision to build a leaner, more efficient and sharper organisation. One that directs all its resources to what creates real value and groundbreaking technology.
“The painful significance of this move is saying goodbye to talented and good people who were an integral part of our journey. I want to thank each and every one of you. Your donation is part of the company’s DNA, and we are committed to accompanying you sensitively and respectfully on your new path as well.
“We are embarking on a new, more focused and stronger path. Our faces are ahead to break new records.”
Playtech holds a 49% stake in the supplier, having secured an initial 31% stake in the company for €36.7m in November 2022.
That followed Playtech selling Statscore to LSports in a deal worth a non-cash net consideration of €5.9m.
LSports has also expanded into the prediction markets space in the US as the vertical has grown in popularity over the last 18 months.
Elsewhere, crypto exchange Coinbase has also announced intentions to cut its workforce by 14%.
CEO Brian Armstrong posted on X that the company’s decision was also motivated by a desire to become AI-centric.
Armstrong wrote: “Today I’ve made the difficult decision to reduce the size of Coinbase by ~14%. I want to walk you through why we’re doing this now, what it means for those affected, and how this positions us for the future. Two forces are converging at the same time. We need to be front footed to respond to both.
“First, the market. Coinbase is well-capitalised, has diversified revenue streams, and is well-positioned to weather any storm. Crypto is also on the verge of the next wave of adoption, with stablecoins, prediction markets, tokenization, and more taking off.
“However, our business is still volatile from quarter to quarter. While we’ve managed through that cyclicality many times before and come out stronger on the other side, we’re currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth.
“Second, AI is changing how we work. Over the past year, I’ve watched engineers use AI to ship in days what used to take a team weeks. Non-technical teams are now shipping production code and many of our workflows are being automated. The pace of what’s possible with a small, focused team has changed dramatically, and it’s accelerating every day.
“All of this has led us to an inflection point, not just for Coinbase, but for every company. The biggest risk now is not taking action. We are adjusting early and deliberately to rebuild Coinbase to be lean, fast, and AI-native. We need to return to the speed and focus of our startup founding, with AI at our core.”
“To get there, we are not just reducing headcount and cutting costs, we’re fundamentally changing how we operate: rebuilding Coinbase as an intelligence, with humans around the edge aligning it.”
Coinbase launched its prediction markets platform across 50 US states at the start of the year.
Arnold Ash is EGR’s executive recruitment partner. It supports ambitious organisations to identify and attract industry leading executive talent. Find out more here.
The post LSports CEO announces redundancies amid AI pivot first appeared on EGR Intel.
Dotan Lazar says the betting data provider will shift towards being “a leaner, more efficient and sharper organisation” with automation at the core of its new strategy
The post LSports CEO announces redundancies amid AI pivot first appeared on EGR Intel.