BUSINESS

Betfair loses another and Chartwell releases Q1 results

TAGs: Betfair, Chartwell Technology

Betfair lose another staff memberOnline sports betting exchange Betfair has lost its third high ranking member of staff in the past month as Tim Phillips became the latest to leave via the revolving doors. The director of European and public affairs handed in his resignation at the end of last week and will leave his post at the end of the current month. Under the terms of the resignation, he told eGaming Review that he’s bound to a non-compete agreement for the “next few months.”

It comes after Robin Osmond and then Mathias Entenmann both left posts with the Gibraltar-licensed company over the past month and Phillips also added upon leaving his post that the industry needs to recognize the “regulatory battle ahead.” Originally the place where all the cool kids hung out it seems to have lost a lot of its lustre in recent times. Didn’t they float on the stock market at some point over the last six months?

Chartwell results poorThings are still equally as gloomy over at a company that Betfair was formerly a customer of, Canadian-based Chartwell Technology. Today saw the release of their Q1 2011 results showing that the company is far from out of the water when it comes to figures. Total revenue decreased by 10.3% from $2.4m on Q4 2010 to $2.2m in the first sector of 2011. License revenue was also adversely affected as it fell by 10.9% thanks to the “termination of one significant license agreement.”

Their net loss for the three months ended Jan 31 2011 was $1.9m, an increase from a figure of $796k for the same period a year ago. It led CEO Alan Richter to comment, “Chartwell is working aggressively to replace the decline in revenue that occurred over the last year. Winning new business with both Centrebet and Rank are important steps and we believe that all the new casino content including our new relationship with Live Dealer supplier Ho Gaming will allow us to get back on track to growing revenue.”

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