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Betsson CEO steps down with immediate effect

Gaming company employs 1,000 workers in Malta

Ulrik Bengtsson.

Ulrik Bengtsson.

Updated 5pm with Betsson comments

Ulrik Bengtsson will step down as president and CEO of Betsson AB with immediate effect after a decision on his departure was taken by the board of directors and Mr Bengtsson himself.

No reason was given for this shock departure, with a company spokesman telling the Times of Malta that the board was happy with both Betsson's results and strategy.

The board was happy with both Betsson's results and strategy

"When the Board and the CEO disagree, it is normal procedure that the CEO leaves. Ulrik has chosen to leave immediately," she said.

 READ: In June, Mr Bengtsson shared a very public coffee with Joseph Muscat

The company grew year-on-year revenues by 26% to €123.2 million in the second quarter of 2017, driven by a strong performance from its core casino component and also sportsbook.

Adjusted for acquisitions undertaken since the comparable quarter last year, the operator achieved an organic growth of 15%. Betsson acquired NetPlay TV, Spanish-licensed Premier Casino, the Lithuanian-facing business of Tonybet and niche horse racing operator RaceBets in this period.

Pontus Lindwall has been appointed as CEO of Betsson AB until a new CEO has been recruited, with his role as chairman of the board to be assumed by board member Patrick Svensk until further notice.

"Ulrik Bengtsson has done a good job for Betsson during the five years he has been
employed by the group. He has clarified the strategy and implemented significant
product launches. On behalf of the board and myself, I would like to thank Ulrik for his
efforts,” Mr Lindwall said in a company announcement.

The board has initiated the process to find a new permanent CEO of Betsson AB. 

Jesper Svensson, chief commercial officer of BML Group, has been appointed acting CEO in Betsson’s operational subsidiary in Malta.

Betsson is the largest gaming company in Malta, having employed its 1,000th staff member a few months ago. It has been operating in Malta since 2004.

 

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