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Betfair Co-founder sells GBP 1.5 Million worth of shares
Wednesday, November 16, 2011 : Founder sells of GBP 1.5 million of shares to invest in cleaning company, but he holds plenty more
Andrew Black, the co-founder of betting exchange Betfair, has sold shares worth about GBP 1.5 million less than a week after the company announced it has found a new chief executive, reports The Guardian newspaper.
"The sale is thought to have been triggered by Black subscribing to a share issue at Hyrodec Group, an Aim-listed cleantech company where he serves as a non-executive director and where he is investing a further GBP 1.7 million into the company," the newspaper reports.
Black founded Betfair with Ed Wray in 2000, and still will hold 9.9 percent of the betting group following the recent sell-off; he therefore remains the third largest shareholder in the firm after Softbank and his partner Wray, which still leaves him as the third largest shareholder, with a stake worth about GBP 77 million.
Black recently stepped down from the Betfair board .
The company's share price has declined dramatically since its IPO in October last year; listing at GBP13 a share, it is currently trading at GBP 7.44 amid concerns over online gambling regulation and taxation in foreign markets, intensifying competition and a string of management defections from the company.
Co-founder Wray has also announced that he will step down as chairman once a successor can be found.
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.
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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