Betsson AB has made moves to strengthen its governance advisory. One key move has seen the gambling group hire a new company non-executive director in the form of Andy McCue, the one-time chief executive of Paddy Power.
The appointment comes after the Stockholm-based company re-elected each of its current board members, led by chairman Patrick Svensk.
McCue’s arrival at Betsson also comes as corporate governance continues to strategically diversify Betsson’s business services.
A Strong Record
McCue, who served as senior executive for Paddy Power for 10 years, was the last Irish bookmaker’s chief executive in 2015, he led the company through its merger with betting exchange Betfair.
The £5 million deal was a record in the industry, and led to FTSE100 enterprise Paddy Power Betfair.
While McCue was heavily favoured to take the helm at Paddy Power Betfair, he departed the firm in 2016 after all merge projects were finalised under his charge.
In a move that saw enter an altogether different industry, MccCue took control of The Restaurant Group Plc, where he oversaw its £550 purchase of the popular chain Wagamama.
In January 2019, McCue parted ways with The Restaurant Group, due to what he described as “personal circumstances”. He was replaced by ex GVC Holdings and Gala Coral executive Andy Hornby.
Betsson owns several brands, including CasinoEuro.com. This year, the firm has clearly made plans to further expand its footprint in the iGaming industry.
Betsson has increased its global expenditure, investing in a majority stake in Brazilian racebook Suaposta. More recently, it announced plans to launch its flagship sportsbook Betsafe in Kenya, thanks to a collaboration with Bet High Ltd.
Betsson is also intent on launching a B2b sportsbook division this year, which will make use of the company’s full technology capabilities.
Joint Venture with Dostal Alley Casino
Betsson will be entering the online sports betting market in Colorado through a 10-year market access deal with Dostal Alley Casino. As long as it receives local regulatory approval, Betsson plans to launch the new online casino in early 2021.
The Dostal property, which is situated in Central Hawk, was among the first gaming venues to open in Colorado in 1991.
Dostal is a small casino, and its offerings are limited to video poker and slot machines. As it doesn’t own any gambling tables, it has no space for a retail sportsbook.
Further Plans for U.S. Market
Betsson described the Colorado move as a first step into the U.S. market, with the firm planning to gain valuable information on the preferences and quirks of U.S. bettors.
Betsson’s expansion plans included tailoring its product to regional customer differences and needs each time it launches into a new state. It will be able to look at the customer profile and favourite sports, such as baseball and soccer, of each regional market.
CEO of Betsson Pontus Lindwall said that the U.S. has a strong gambling culture. The firm plans to use its Colorado-based operations as a demonstration of its B2B capabilities to other prospective states.
Colorado opened its online sports betting market in May, and in its first full calendar month, generated $25.5 million in betting handle.