Ladbrokes Chief Executive Chris Bell Steps Down After 9 Years

Chief executive Chris Bell has mutually agreed with betting company Ladbrokes to leave his post this summer, after the company decided it was “an appropriate time to seek new leadership for the business”.
Mr Bell (52) started his career with Ladbrokes as a marketing director in 1991, and by 2000 had become the company’s chief executive. Mr Bell proved to be a sturdy head of the company particular during a time of major upheavals in the industry, such as tax and regulatory changes, as well as the internet betting explosion.
However, Mr Bell had come under pressure over the past 12 months for a number of reasons, including unimpressive trading figures, and investor concerns following the profit warning issued by the company while launching a £275 million equity issue. Commenting on Bell’s exit, analyst James Hollins from Daniel Stewart said:
“Our key issue with the management has been a lack of international growth in its online division, while Bell has probably become more famous for his arrogance surrounding his decision to ban Ladbrokes staff from using British Airways following a personal dispute with the airline.”
In 2009, Mr Bell was payed a basic wage of £617,000, but bonuses and sundries included meant he actually received £2.04m. As he makes his preparation to leave the company in the summer, the hunt is now on to find a replacement, with Ladbrokes chairman Peter Erskine, commenting:
“The board is currently engaged in the search for a new chief executive to fully capitalise on Ladbrokes’ brand strength and position the company for a new era of profitable growth.”
Ladbrokes’ finance director Brian Wallace, and Ladbrokes’ internet gambling operations head John O’Reilly, are both widely believed to be in the running for the chief executive position.
Ladbrokes shares rose slightly on Bell’s announcement, and are currently trading at 146.30p, up 1.30p on the day so far.

Other news:   Multi-state online poker compact bill introduced in Pennsylvania

Poker News
Spanish Online Poker Revenue Jumps 27% in Q1
03 Jun 2018
In January, Spain and France started pooling their online poker players in an attempt to revive an industry decimated by the ring-fenced policies adopted by their respective governments. If they were ever in any doubt as to the validity of their move, the results for the first three months of 2018 will certainly have allayed
Ohio Casino Revenue Up 1% to $71.8m in April
17 May 2018
The Ohio Casino Control Commission has released its gambling results for April, with the state’s four casinos collecting $71.8 million last month, up by almost 1% compared to the prior year. Meanwhile, the Buckeye State’s seven racinos fared considerably better, with their revenue rising by 8% to $89.7 million from their slots and video gaming
NJ Generates Record iGaming Revenues in February
15 May 2018
In April, New Jersey’s online gambling market saw its revenue rise by 10.6% to $23 million versus the same month in 2017, with the amount posted second only to the record $25.6 million collected in March 2018. As a result, the Garden State has now generated $92.5 million over the first four months of this
Maryland Casino Revenue Up 6% to $143m in April
11 May 2018
Maryland’s six casinos generated gross gaming revenue (GGR) of $143.5 million in April, marking a 5.7% increase compared to the $135.7 million collected in the same month a year ago. As a result, the Free State has now returned four consecutive months of gains this year, providing much needed assistance to the Education Trust Fund,