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BETFAIR FOUNDER AND CHAIRMAN TO STEP DOWN

Thursday September 22, 2011 : Wray will retain a 10 percent stake in the business, but is on the way out
 
The UK business news site This Is London reports that Betfair co-founder and chairman Ed Wray is to step down as chairman on a yet to be determined date, retaining a ten percent interest in the company.
 
The news will come as an unpleasant surprise to investors who have seen the share price dwindle following the group's IPO, and an exodus of middle and senior managers that has included resignations by the Australian regional CEO Andrew Twaits, and the group CEO David Yu.
 
Wray has informed the market that the board is currently looking for a new deputy chairman to replace him when he departs; it is not yet clear whether he will remain on the board after leaving.
 
Wray said that the search for a successor to Yu, being conducted by executive headhunters Zygos, was progressing well. “We are confident that we will get a great new leader for the business and will update you on progress in due course,” he said.
 
Betfair shares listed at GBP 13 but have plunged to 715p. Among the top managers who have departed recently are chief product and services officer Mathias Entenmann, head of mobile Charlie Palmer, director of architecture, research and prototyping Matt Carter, director of UK sports and gaming Lee Cowles, and chief executive of financial betting exchange LMAX, Robin Osmond.
 
The company has also been criticised on the pay rises awarded to CEO Yu and finance chief Stephen Morana.
 
Speaking to investors at the company's annual meeting Thursday Wray said: "We look to the current financial year with confidence and a strategy that will cement our position as the leading online betting operator."



Gambling News :

Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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