Betfair Share Price Plummets 47 Percent: CEO David Yu to Step Down

Written by:
Aaron Goldstein
Published on:

After seeing its share price plummet 47 percent since going public last October, the European betting exchange Betfair has announced its CEO David Yu will be stepping down in the coming months. 


Yu has served as the Company’s CEO for six years and his schedule was supposed to run through October 2012.  CFO Stephen Morana is expected to succeed Mr. Yu.

Betfair will release its first set of annual results this coming Wednesday.

Yu’s decision to step down was “not unexpected” following months of speculation.

The outgoing CEO said in a statement that his announcement comes now in order for Betfair to “actively and transparently begin the process” of finding his replacement.

Betfair has had to deal with increasing competition in the European online betting market amidst a rapidly changing regulatory environment.  Newly introduced products such as the financial trading site LMAX have failed miserably. 

- Aaron Goldstein, Gambling911.com

Business/Financial News

Bitcoin Sportsbook Deposit Bonus Offers

Here you will find the latest bonus offers at some of your favorite online sportsbooks.  These sites typically offer their best bonuses for funding with Bitcoin as this is the easiest method to deposit and withdraw. 

Bitcoin Worldwide Acceptance Monitor

Bitcoin Worldwide Acceptance Monitor

Here you will find all the latest news pertaining to Bitcoin's worldwide acceptance.  Bitcoin and other cryptocurrencies now account for upwards of 70% of all funding at many online gambling sites operating in restrictive (or highly regulated) markets. 

How Cryptocurrency Can Benefit You at Online Casinos

How Cryptocurrency Can Benefit You at Online Casinos

There are plenty of benefits for making cryptocurrency your payment method of choice when playing at online casinos – read on to find out more!

What is a Bookie?

What is a Bookie?

A bookie is someone who accepts wagers or bets on sporting events, and when the bets win they pay the players with the winning wagers and collect money from players with the losing wagers. A bookie can do this by accepting wagers over the phone with paper and pen or he can use a pay per head service.

Bet What Happens First?  Dow Hits $30K? Dow Hits $20K?

Bet What Happens First? Dow Hits $30K? Dow Hits $20K?

The Dow took quite a tumble Friday and this has prompted Betonline to offer a prop bet on what happens first: The Dow hits $30K or it hits $20K.