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Ladbrokes After almost twenty years, Chris Bell is moving on

1/12/10 - The major UK online and land gambling group Ladbrokes plc has announced that its 52-year-old CEO, Chris Bell is departing after almost 20 years with the company.
 
Bell, who joined Ladbrokes in 1991, will leave in the summer by mutual agreement, the company statement revealed, adding that Bell's successor, who will come from within the group, will be named Tuesday.
 
Industry observers speculated that the two internal candidates are likely to be John O’Reilly, managing director of the online gaming division, and Brian Wallace, finance director.
 
Bell became chief executive when Ladbrokes was split from the Hilton International hotels group in February 2006. Before that he was chief executive of Ladbrokes Worldwide. He joined the company in 1991 and became managing director in 1995. He previously worked for drinks company Allied Domecq.
 
The Times reported that Bell told journalists last October that the recession had had a worse impact on the business than he had expected.
Looking ahead to 2010 at the time, Bell said: "Unemployment, in my view, is going to have to peak before things start to get better."
 
Recent times have been hard for the gambling group. In October 2009 (see previous InfoPowa reports), it launched a GBP 275 million rights issue to help cut its GBP 962 million debt. Earlier in the year, Ladbrokes had responded to the tough trading environment by cutting its dividend and putting its loss-making Italian betting shops up for sale for an estimated GBP 50 million.
 
Last August, the group reported a 26 percent fall in first-half operating profits to GBP 98.6 million, from net revenues down 6.6 percent at GBP 504.4 million. The company, along with arch rival William Hill plc, also announced that it was moving its internet sports betting operations to Gibraltar, a move expected to save up to GBP 7 million net in tax and other costs and allow it to better compete with offshore Internet competitors.
 
This year the group, along with the industry will face the challenges of new moves by the British government to better regulate and tax online gambling firms operating from 'white listed' licensing jurisdictions outside the UK.
 
Bell is also vice-chairman of the Association of British Bookmakers, chairman of the Bookmakers’ Committee, a member of the Horserace Betting Levy Board and a non-executive director of Game Group, the computer games retailer. He earned GBP 2.04 million last year, including GBP 617 000 basic pay and a GBP 957 000 bonus. 

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Gambling News :

Is Gibraltar Out of Luck in US Tax Challenge - Gibraltar's challenge to the UK 15 percent point-of-consumption tax on online gambling operator revenues has already failed in the UK High Court, and it looks as if it may be rejected by the European Court of Justice too.

Quickspin are now available in Denmark - #quickspin The roll-out strengthens the long-standing partnership between the supplier and the operator, with Quickspin games already available on Vera&John’s websites around the world.

UCypher Launches - Indian entertainment and media entrepreneur Ronnie Screwvala has announced the formation of UCypher, an eSports tournament in which ten teams will compete.

Extreme Live Gaming In deal With Betsson - Extreme Live Gaming, a subsidiary of the Novomatic Interactive group, has announced a live dealer product deal with the Betsson online gambling group, with an initial launch planned for Betsson.com, followed by other brands in the Swedish group's portfolio.

Expansion Mode For BoyleSports - The Bambury premises are situated in Kildare, Meath and Dublin and will be refurbished and rebranded after acquisition, with the total of 31 staff remaining in employment..

Safecharge Q4-2016 - Online e-cash processing firm Safecharge, where Playtech's Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.

ASA Most Controversial Ads of 2016 - Paddy Power's penchant for advertisements that cause a stir saw the betting company mentioned twice in the Top Ten most controversial adverts of 2016 released by the Advertising Standards Authority in the UK Thursday.

Yggdrasi To Enter Italian Gambling Market - Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

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