Sportingbet Founder Bows Out
Published: Thursday, February 01, 2007 Online-Casinos.com
SPORTINGBET FOUNDER BOWS OUT
Blandford resigns from Board "to pursue his own interests"
British business media are reporting the surprise departure from the Sportingbet plc board of directors of founder Mark Blandford, together with fellow director Bob Holt.
"As the company continues to drive further efficiencies from its business we have agreed to reduce the size of the board," said Chief Executive Andrew McIver in a rather non-committal company statement on the departures.
Both Blandford and Holt will pursue other business interests, the company said.
Sean O'Connor, senior independent director, will assume the role of chairman of the audit committee, a position previously held by Holt. The changes are effective immediately.
The U.S. effectively banned online gambling last fall when Congress added a provision to a bill aimed at improving port security to make it illegal for banks and credit card companies to settle payments to online gambling sites. President Bush signed the bill into law Oct. 14.
The decision closed the most lucrative region in a market worth $15.5 billion last year in "spend" value - the amount gambling companies win from their clients, or the amount gamblers lose.
Several European-based online gaming companies collapsed after the decision and those still operating continue to feel the pain from the costs of exiting the United States. Sportingbet plc and Leisure & Gaming PLC both sold their U.S. operations for a token $1.
Peter Dicks, 64, resigned as Sportingbet's non-executive chairman after being detained in New York on September 6. Customs officials discovered he had an outstanding warrant issued covertly by the Louisiana State Police Gaming Enforcement Division. The warrant was issued in May, charging Dicks with gambling by computer, a felony punishable by up to five years in prison and a $25 000 fine. He was later released when New York authorities refused to recognise the attempt to extradite Dicks to Louisiana.
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