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BETFAIR CEO'S DEPARTURE CONFIRMED

Tuesday June 28 , 2011 : Yu will not renew contract in October 2012
 
Reports over the weekend that Betfair chief exec David Yu is on the way out have been confirmed by the company.
 
The Reuters news agency reports that Yu has informed the Board that he believes it is the right time for the company to start looking for his successor. He does not intend to renew his current contract (which expires in October 2012) and therefore the Board will now begin a search process for a new CEO.
 
During the process of identifying his successor, Yu will remain fully committed to the company and to delivering the plans for future growth, Betfair said in a statement.
 
The publication Digital Look independently confirmed the report, saying that Yu wants to move on after six years at the helm.
 
The report notes that Yu took the company public in October 2010 but since then shares have fallen 52 percent on revenues of around GBP340 million. It also draws attention to the adverse news for the company that the proposed new tax regime in Germany will effectively prevent online betting exchanges operating from 2012.
 
Germany currently provides Betfair with 5 percent of its income.
 
Yu told the publication: "I have discussed my plans with the board and as a result, we are beginning the search for my successor. We are announcing this now so we can actively and transparently begin the process. I will remain committed to delivering the best for our people and our shareholders and will give the board all possible support during the succession process."



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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