Online Gaming Provider Playtech Shakes up Board of Directors

Article by : Erik Gibbs May 30, 2024

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Online gaming provider Playtech has recently announced significant changes to its board structure. These changes aim to enhance governance and streamline the oversight functions within the company.

This reorganization involves partially merging the audit committee with the existing risk and compliance committee to form a new entity and creating a separate committee dedicated to regulatory and compliance matters.

One of the pivotal changes in Playtech’s board structure is the establishment of the Audit and Risk Committee. This new committee merges audit responsibilities with risk and compliance functions, creating a more integrated oversight body.

Ian Penrose, a senior independent director at Playtech since September 2018, will chair this committee. Penrose brings over 25 years of leadership experience in the global gaming, sporting and technology sectors to his new role, providing a wealth of knowledge and expertise.

Samy Reeb and Linda Marston-Weston, both non-executive directors at Playtech, will join Ian Penrose as ordinary members of the Audit and Risk Committee.

Reeb and Marston-Weston will contribute their substantial experience and insights to the committee’s functions. This reorganization is scheduled to take effect on June 1, ensuring a seamless transition into the new structure. Importantly, no other committees within Playtech will be affected by this reorganization.

In parallel with the creation of the Audit and Risk Committee, Playtech is also introducing a new Regulatory and Compliance Committee. This committee will inherit the compliance oversight from the former Risk and Compliance Committee and focus exclusively on regulatory and compliance issues.

Samy Reeb will chair this new committee. Ian Penrose and Anna Massion will also support Reeb as ordinary members. This team is expected to enhance the company’s focus on regulatory and compliance matters, ensuring adherence to the stringent regulatory frameworks governing the gaming and financial trading industries.

In addition to announcing these structural changes, Playtech has also provided a trading update for the first four months of 2024.

The company reported a “solid” trading performance across both its business-to-business (B2B) and business-to-consumer (B2C) segments, despite facing revenue impacts from customer-friendly sporting results.

Within the B2C segment, Playtech has reported significant advancements, particularly through its Snaitech brand in Italy. Snaitech has shown robust performance on an underlying basis, with strong wagers across both online and retail betting segments.

The B2B segment has also demonstrated notable revenue increases, particularly in regulated gambling markets such as the United States and Canada.

Playtech continues to benefit from tighter cost control measures, which have helped maintain profitability. Additionally, the rapid expansion in the live gaming industry has been a key driver of revenue growth.