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Bwin.party CEO Jim Ryan announced he will be resigning from the world’s largest online gambling firm in January. Norbert Teufelberger, who acted joint CEO, will assume sole responsibilities for that position.
The publicly traded Gibraltar-based betting company, a merger between PartyGaming and Austrian bookmaker bwin, will proceed with a single CEO for the foreseeable future beginning January 15.
James Hollins, an analyst at Investec, called the move “inevitable” in a conversation with the Financial Times of London.
“An industry with multiple European regulatory changes and a lack of clarity on the legality of operations in your company’s key market, Germany, could be enough to break anyone’s will to continue...to walk away suggests he had had enough,” he said. “But for the company itself it doesn't make a big difference.”
Ryan was PartyGaming’s CEO since 2008.
“Having given over 11 years of my life to the online gaming industry, I am now looking forward to returning to Canada and enjoying more time with my family,” Ryan said.
- Aaron Goldstein, Gambling911.com
