BUSINESS

Redbet revenues increase; Optimal sign racing deal; Paddy reshuffles cabinet

TAGs: lotus f1, Optimal Payments, Paddy Power, Redbet, Sweden

redbet optimalSwedish gaming industry firm RedBet experienced a sizeable increase in revenues during the first part of the year. Operating revenue was up 42 percent to SEK24.5 million even as operating profit decreased from SEK 0.8 million last year to SEK 0.6 million this year. Revenue increases were in no small part down to the company’s betting and casino verticals performing well. Revenues for the casino part of the business rose 97 percent with betting also up 32 percent. Poker only experienced a small rise of 3 percent and this is something that will have disappointed those in charge after the investment focused on the poker side of the business just last year.

Optimal Payments has signed an agreement to become an official partner for the Lotus F1 team. As part of the deal Optimal will devise unique strategies for “cardholder-not-present” transactions for the Asian, European and North American markets. They will also develop payment solutions for the team’s associates and after Interwetten become the second online gaming industry firm to sign an agreement with the team.

Paddy Power has announced an extensive reshuffle including the appointment of a new chief financial officer. Cormac McCarthy moves from a non-executive director into the CFO throne and as such becomes an executive director. Jack Massey has been made director of finance and company secretary and as such relinquishes his role as finance director. Meanwhile David Johnston takes the position of group general counsel after giving up his position as company secretary and general counsel.

Both Massey and Johnson have been with the company for a number of years now and speaking on the appointments Patrick Kennedy, chief executive of the firm, said: “We have a strong track record of investing for growth and today’s appointments represent another step in this direction. They broaden and deepen our capability and capacity in the key areas of finance, legal and compliance and follow our philosophy of hiring, rotating and retaining great talent.”

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