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Betfair may be hunting for a replacement chief
Sunday June 26, 2011 : NEW BOSS FOR BETFAIR?
Declining share price and executive departures suggest changes are afoot
Unconfirmed speculation in the British business press over the weekend is that online gambling group Betfair may be hunting for a replacement chief executive to replace David Yu, who has apparently let it be known that he wishes to return to the United States.
The declining popularity of Betfair shares reached a new low this week amid rumours that the company has begun contacting headhunting firms in a bid to find a new chief executive.
Reports of a string of middle management executive departures have reportedly unsettled the market, and the past eight months have been turbulent to say the least, with the group's share price declining some 43 percent.
Betfair has thus far refused to comment on what it describes as speculation, but clarification could come as soon as next week, when the company presents its latest full year results to investors.
The recent appointment as group operations director of former William Hill exec Ian Chuter is seen by HR specialists in London as a smart move that could address some of the perceived weaknesses in Betfair operations, but his talents need to be complemented by a City-savvy chief executive, according to some experts.
Earlier this year, management departures included Mathias Entenmann, chief product and services officer; Charlie Palmer, head of mobile; Robin Osmond, chief executive of financial betting exchange LMAX; Matt Carter, director of architecture, research and prototyping; and Lee Cowles, director of UK sports and gaming.
Since then the company has made several high-powered hires as replacements, but the exodus appeared to prompt the company to run an internal opinion survey, in which employees reportedly told top management that they thought the company lacked direction.
Betfair shares sank as low as 715.79p in trading on Friday, a new low, but recovered later in the day to close up 8p at 743p. The shares listed in its IPO at GBP13.
Analysts at Morgan Stanley forecast a 9 percent rise in full-year revenues to GBP373 million when the results are presented next week, and a 15 percent rise in profit before tax to GBP31 million. Numis Securities have a less optimistic prediction of a 7 percent rise to GBP325 million.
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 Microgamingís 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 Sundayís 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 Ė115.
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