| Top > News > 2006 > June > 5 Jun 2006 |
Online Casino Firm Changes Management |
| Online casino and sports betting site Sporting Bet has chosen to use the announcement of its quarterly financial results to also reveal its succession plans in relation to changes within its management team. The changes at the top of the online casino firm are due for implementation by October 2006. Current finance chief Andrew McIver will become Group Chief Executive, while the firm’s current CEO Nigel Payne will become executive director, focusing on pressuring governments for on regulation issues affecting the online casino industry in Europe and the U.S. Payne will also be tasked with assisting McIver and Sporting Bet’s Board with researching and developing new business opportunities in the online casino industry. The changes at the top will coincide with the date on which the online casino and sports betting firm will announce its yearly results for the period prior to 31 July 2006. If these results are anything like Sporting Bet’s quarterly ones, the firm’s achievements will be nothing short of phenomenal. In the three months ended April 30, the firm’s gross margin has increased by 58 percent to GBP 84.4 million, while its profit before tax has risen 55 percent to GBP 21.2 million. The average daily figure generated from the firm’s Paradise Poker site is up 90 percent to GBP 575,339 and new online casino customers have increased by 86 percent. Sporting Bet’s chairman, Peter Dicks, has credited much of the online casino firm’s success to the work carried out by Nigel Payne. Payne, a high profile executive and longtime advocate of regulation for online casino gambling, has achieved an impressive track record for the group, and the latest financial results underline his success in this area. |
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