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Interesting insights into Betfair
Tuesday June 16,2015 : INSIGHTS INTO BETFAIR
Transformation yielding results says CFO
Some interesting insights into Betfair were revealed in a Financial Director.co.uk interview with Betfair’s chief financial officer, Alex Gersh this week.
Gersh pointed out that the FTSE 250 company’s share price has risen 300 percent in just two years, saying he has been integrally involved in transforming the business into a “more profitable beast”.
“Our profitability has sky-rocketed over the past couple of years since we came in and restructured the business and our share price is up 300%. So you need a regime like the UK that has a certainty of outcome. Taxes are part of life – you pay them.”
The transformation included “taking 700 people out of the business” - saving GBP 30 million, making the business more transparent, “communicating with investors in a different way” and simplifying direct channels to Breon Corcoran, Mark Brooker and himself.
“I think the restructuring that we had to go through – letting go of 700 people and continuing to drive the business forward – was a big challenge. But that’s over. The right people are in the right jobs now. We took a lot of middle management out – all they do is pass the message from the top to the bottom – and you don’t need that, quite frankly,” he said.
“People say it’s more fun to work here now. And I think professionals ultimately just want to do something they’re proud of and look back on the year and say, ‘I did that’.
Betfair’s TVG acquisition of HRTV is expected to be a key move for the company in the next seven or eight years as well as a presence in the liberalisation of previously inaccessible markets.
Gersh touched on Betfair’s Italian business saying “the jury’s still out” on its success in a very tough market with a “massive number of operators”.
The full interview can be read at: http://www.financialdirector.co.uk/financial-director/interview/2409637/interview-betfair-cfo-alex-gersh
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgaming’s customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sunday’s 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at –115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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