Breon Corcoran Takes Over BetFair’s Top Spot
Breon Corcoran has been tapped to take on the CEO role at BetFair, according to an announcement by the betting exchange. Corcoran comes to BetFair after having spent the last ten years working for Irish bookmaker Paddy Power.
Experience BetFair Needs
For most of his tenure with Paddy Power, Corcoran worked in the non-retail and development divisions. During that time he helped the company expand into the Australian market, as well as make a big splash in the U.K. mobile market. He’s been the CEO there for only a year. BetFair has stumbled in its attempts to break into these two lucrative segments and Corcoran’s experience is expected to help get the company back up to speed.
David Yu, BetFair’s previous CEO announced last August that he would be stepping down after spending six years in the company’s top spot. Yu’s departure came in the wake of the BetFair IPO that’s seen mixed, but mostly negative results.
Tough Times at BetFair
BetFair’s IPO last October made a big splash on the London Exchange where traders quickly drove the company’s value to over $1 billion. The company’s previous successes and investor enthusiasm towards social gaming made the company a darling within the financial world. Additionally, their unique model of allowing players to set lines and take bets has helped it stay ahead of the worldwide financial crisis.
But turmoil within the company and trouble with caused BetFair shares to drop from £15.65 to only 780 pence a share. The announcement of Yu’s departure last summer cause shares to drop down to 715 pence.
A recent round of strict gambling regulations in the Eurozone, particularly in Germany is also a factor in BetFair’s stock difficulties.
Yu is expected to stay on at the company in the near future. Corcoran’s tenure officially begins in August.
Will this latest move be a boom, or bust for BetFair? Let us know in the Online Gaming Newswire forum