Online Casinos Ratings: Online casinos resembling mature businesses

Online Casinos Ratings
Online casinos resembling mature businesses

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Online Casinos Ratings - Online casinos resembling mature businesses

The mainstream business world is full of resignations, IPOs, merger deals and so on and so forth, and as time goes by the online casinos industry is becoming more and more like the big-name corportations featured on CNBC and Bloomberg when they were once often just simply websites often run by a few friends out of a living room. Such an impression is reinforced when announcements come forth from online casinos and sports books like Betfair stating that the Chief Financial Officer (CFO) of that online casinos company is stepping down on August 31 in a move which many analysts say could be a prelude to an initial public offering (IPO) for Betfair in the first quarter of 2006.

Betfair officials have said little regarding the possibility of an IPO and the resignation of Owen O’Donnell as setting the stage for the hiring of a CFO who has more experience and is IPO-oriented. Whatever details left to the imagination by Betfair, it is well known that the online casinos company recently appointed the financial experts at Morgan Stanley and Goldmann Sachs to advise Betfair on a possible floatation in the next year. The parting of ways between Betfair and O’Donnell is seen as being amicable, with the chief executive of Betfair, Stephen Hill, saying that Owen O’Donnell “…made a significant contribution to Betfair’s online gambling development during the past two years. In particular we owe our strong controls environment and efficient financial online casinos revenue reporting system to his tenure. We are grateful to him and wish him well in his future career.”

Those who are concerned that O’Donnell was unfairly let go can take solace in the fact that when the current Betfair CFO leaves at the end of August he will take with him 245, 000 Betfair share options to exercise which he got as part of a package upon joining the online casinos betting exchange.

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