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888 chief executive, Gigi Levy, is stepping down

Written On  4/11/11 By Recentpoker.com staff writer  Lenny Wasman :

LEVY DEPARTURE NOT ASSOCIATED WITH LADBROKES TALKS

888.com CEO is on the move

The news that online gambling group 888.com's chief executive, Gigi Levy, is stepping down surprised many when it was released over the weekend, but 888 has been quick to emphasise that his imminent departure is not connected to the reported acquisition negotiations on-going between 888 and rival online and land gambling group Ladbrokes.

Announcing Levy’s resignation, 888 said that the high profile internet gambling executive would be pursuing his own interests after five years with the company, four of them as its chief executive. The intention is that Levy will remain a member of the board of directors, committing up to half his time over the next six months to help find a replacement.

It is not at this stage known what Levy's future plans are. The 888.com announcement noted that strong Q1 trading continuing into Q2 2011 had left the company well positioned for the future.

888 has been in talks with Ladbrokes since December on a possible takeover. A previous round of talks between the companies ended in failure in 2007. According to some reports, in the present negotiations an initial offer of 70p per share was rejected by 888's founding shareholders, and Ladbrokes is reportedly now considering whether to make a higher bid.

Brian Mattingley, deputy chairman and non-executive director at 888, will “work closely with management on all aspects of the business” pending the appointment of a new CEO, according to the statement.

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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&Johnís 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 - Yggdrasilís Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The companyís 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 ESSAís global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypokerís 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 1ís will start on partypoker on March 12, 2017.

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