Stephen Hill has stepped down as CEO of Betfair to pursue plans for a new venture.
“I have enjoyed my time at Betfair and believe that I have done what I setout to do. The business is thriving, international expansion is progressing well and our portfolio of products is growing. I am proud to have been associated with the company. However, I feel now is the right time to make this move,” said Hill.
Betfair Chairman Sir Robert Horton will take over the role of Executive Chairman with operational matters being handled by Chief Operational Officer David Yu until Hill\’s successor is found.
Betfair has yet to replace Finance Director Owen O\’Donnell, who resigned in July.
“Stephen leaves us with a top-class management team and the ability to scale significantly,” said Horton. The departure of Mr Hill comes on the day the world\’s leading betting exchange announced it has no plans to float in the immediate future.
Betfair\’s appointment of Goldman Sachs and Morgan Stanley to advise on strategic options had led to speculation that the company was planning an imminent floatation which could value the betting exchange at up to £1 billion.
“We don\’t have any reason to go for an immediate flotation,” said Mark Davies, Betfair\’s Director of Communications.
“Why would we float? We have no reason to raise new money, and we don\’t have any shareholders who are agitating for an exit.”
In separate news and in contrast with newspaper reports, Betfair said it has no secret plans to leave Britain.
The company believes that the UK\’s Government will not introduce a punishing new tax regime for betting exchanges as part of its soon-to-be-published review of gambling taxation.
Mark Davies said Betfair remains commited to the UK and there is no good reason for the Treasury to tax betting exchanges differently to the bookmakers.
“The bookmakers, the Tote and every operator in the world make money the same way;” said Davies.
“When the Treasury comes out in November and says, \’no change\’, it will not be because of any Betfair threat, because there is no threat there.”
“It will be because logic is on our side.”
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