Gentoo Media ‘lays off 100’ amid stock delisting and site struggles – report

Gentoo Media Inc. (formerly Gaming Innovation Group) is reportedly in the middle of laying off around 100 employees. The company hasn’t responded to ReadWrite’s request for comment at the time of publication.

According to CasinoBeats, the layoffs come not long after the Sweden-based gambling affiliate announced in late April that its Chief Sales Officer and Chief Technology Officer were leaving, which the company said was part of a “broader strategic reorganisation.”

The firm said the recent C-suite shakeup was “reflects the Company’s commitment to enhancing operational efficiency, driving innovation, and positioning Gentoo Media for its next phase of growth.”

Sources close to Gentoo told CasinoBeats that a key contract tied to the acquisition of KaFe Rocks (KFR) expired at the start of May, which played a role in decisions around retaining KFR employees.

That said, the layoffs reportedly go beyond just those working on KFR products.

CasinoBeats also reports that a major driver behind the restructuring is the underperformance of two of Gentoo’s main properties, Time2Play and CasinoTopsOnline.

Time2Play, the flagship site from the KFR acquisition finalized on December 21, 2023, initially attracted around 200,000 daily visitors and even peaked at 400,000. But recent data shows the site is now pulling in just 23,000 visitors a day, a 94.25% drop from its peak. The site’s traffic took a major hit following Google’s August 2024 Core Update and hasn’t bounced back since.

The move comes as Gentoo Media Inc. removed its stock listing from the Euronext Oslo Børs exchange on Monday (May 5), but said that it will continue to be listed and traded on Nasdaq Stockholm.

The delisting was approved on May 2, however, the last day the shares can be traded in Oslo will be July 24, 2025.

The company’s shares have been dual-listed since 2019. After the delisting, they will only be available on Nasdaq Stockholm, under the same name and stock identifier.

The company released its annual report last month and stood by its full-year 2024 financials. Despite a 39% jump in revenue to €123 million and a 44% boost in EBITDA to €57 million, investors don’t seem to be sharing the same level of confidence as the leadership.

ReadWrite has reached out to Gentoo Media Inc. for comment.

Featured image: Canva / Gentoo Media Inc.

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