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SPORTINGBET DOWNSIZING INCLUDES SENIOR EXEC
Comments made by the CEO of Sportingbet.com, Andy McIver, to the publication eGaming Review this week reveal that the company and its employees have faced a tough struggle following its withdrawal from the United States market in the wake of the UIGEA.
Despite a trading update anticipating rising operating profits for the first nine months to date of GBP 18.7 million (2007: GBP 6.7 million) the company has had to go through a painful downsizing, with possible redundancies at the head office following a move to Guernsey and Dublin of up to a third of the staff. The final decision is subject to a consultation process.
Among those departing will be Chief Operating Officer David Hobday, who McIver praised, telling eGaming Review: “We brought David Hobday in as the business had got so big. The US was doing very well, and sadly six months later UIGEA happened. At that point we did a lot of downsizing, waited until that bedded in and then re-assessed the situation. It is by no means Dave’s fault.
“It is sad for the individuals concerned, and it does seem slightly peverse that the company has been performing so well.” McIver added that the board thanked Hobday for his hard work and dedication.
Commenting on the improved business performance, McIver said it reflected the long hard slog the company had faced since the U.S. withdrawal in late 2006, and is the result of a lot of hard work.
"If you lose the amount of business we lost it’s amazing to still be here," he added. "In terms of forecasts for the end of the year, the market thinks we will do GBP28 million, and we are happy with that.”
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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