Cherry AB, a Sweden-based gaming company, has sacked its CEO Anders Holmgren, following his arrest by the Swedish authorities for “severe insider trading.” Holmgren was also the co-founder of Betsson.
Holmgren had bought shares of Cherry AB worth about US $1.37 million or €1.175 million a few weeks before the company published its unexpectedly positive 2018 first quarter results. The results were so good that the shares rose highly. His stock purchase led to serious allegations of insider trading, which eventually led to his arrest. He was heading Cherry’s operations at its new Malta facility when he was arrested.
Former Cherry CEO Gunnar Lind will return to that role on an interim basis while the company decides on its new permanent CEO. Lind is also the head of the company’s Audit Committee.
Four press updates released
Cherry AB has issued four daily statements regarding the Holmgren matter since Tuesday morning’s raid, strictly conforming to the requirements of the European Union’s Market Abuse Regulation code. Those four statements include Tuesday’s acknowledgment of the raid by Swedish Economic Crime Authority. According to that brief update, Sweden’s ECA had “performed a search at the head office of Cherry AB and in relation to this event, the company’s CEO, Anders Holmgren, was arrested.”
Wednesday’s and Thursday’s updates, in turn, offered the news that Holmgren had been detained, was denied bail, and was scheduled for an initial court hearing on Thursday, and then on Thursday, that the initial court hearing had occurred and Holmgren will indeed face trial. Holmgren could face a sentence of anywhere between six months to six years in prison if convicted, in addition to financial penalties.
Friday’s update brought the news that Holmgren was out as Cherry AB’s head, likely unsurprising given the earlier developments.
According to the latest statement:
The Board of Cherry AB (publ) – STO: CHER-B.ST, has resolved to terminate the employment of Anders Holmgren as CEO and President of Cherry. Effective immediately, he will leave the company and the Cherry Group. The process of finding his successor is initiated.
Morten Klein, chairman of the board of Cherry AB commented: “Anders Holmgren has made valuable contributions as CEO of Cherry, but he is unable to perform his duties while facing accusations of severe insider trading. The board of directors has today decided to terminate his employment as CEO. In connection therewith, Anders Holmgren will also leave his assignments as board member in Cherry’s subsidiaries. As previously announced, Gunnar Lind is acting CEO and will remain in this position to ascertain that the group develops according to plan until a permanent CEO is appointed.”
Sudden end to Holmgren’s run
Holmgren first emerged to prominent industry view as one of the three co-founders of the bookmaker Betsson, along with Henrik Bergquist and Fredrik Sidfalk. Betsson and Cherry AB (which was also formerly known as Cherryföretagen AB, have swapped business divisions on several occasions over the past 15 years, and though Betsson AB is separately-traded entity, the two remain closely tied.
Holmgren served as Betsson’s CEO from 2000 to 2011, moved to other roles as the companies shifted their combined focus, and then was named as Cherry’s CEO and President in January of 2017. Holmgren also played a prominent role in the company’s opening of its new Malta headquarters.
Cherry’s abrupt ending of the Holmgren era included a cooperation pledge with Swedish authorities, according to the initial statement that also named Lind as the returning CEO.
AstroPay Appoints Fayyaz Ansari as CFO
AstroPay has appointed Fayyaz Ansari as its Chief Financial Officer (CFO).
Having worked in finance for over 20 years, Fayyaz brings with him a deep understanding of the global payments industry. Prior to joining AstroPay, he was working at Skrill, NETELLER & Income Access (part of Paysafe Group Plc) as CFO of their digital wallet division and board member of their regulated entities. He will be based in the UK with responsibility for overseeing all aspects of AstroPay’s global financial management and activities.
Fayyaz’s extensive leadership experience includes controllership, treasury, financial planning and analysis, tax restructuring, corporate finance, performance management, M&A and strategic planning. He also managed other aspects of the finance function which includes banking, investments, financial systems and was involved in fundraising as well as coordinating efforts for an exit via a trade sale/ IPO.
“I am delighted to welcome Fayyaz to AstroPay where he will undoubtedly make an immediate impact as we aim to become the world’s leading payments platform. His wealth of experience will be essential in implementing our strategic plans to accelerate growth and position AstroPay for the future. Fayyaz and the team will contribute to our mission of providing financial freedom to millions of people worldwide. He is an excellent addition to the AstroPay team and I look forward to working with him in our journey,” Mikael Lijtenstein, CEO of AstroPay, said.
“I’m thrilled to have the opportunity to join AstroPay as the next step in my career. I am excited about working with a team that is passionate about the business, has a clear strategy and always puts customers’ needs first. With its commitment to global expansion, a strong business model, a focus on diversity and proud history, AstroPay is well positioned for extraordinary growth and impact. I believe the company’s unique value proposition and strong foundation will allow the business to grow and execute its vision of making payments much more accessible to customers around the world,” Fayyaz Ansari, CFO of AstroPay, said.
Casinos Market Growth USD 764861.32 million by 2027
A casino is more of a tourist attraction and indoor amusement zone. It offers services in hotels, restaurants, and shopping malls. The majority of the revenue comes from gambling. Casinos are concentrated in certain regions because gambling is illegal in several parts of the world.
Casinos Market report analysis benefits to shape the competition within the businesses and policies for the competitive environment to improve the possible revenue. The report evaluates key opportunities in the market and plans the factors that are and will drive the progress of the industry. Taking into account earlier growing patterns, growth drivers, and existing and upcoming trends, we also estimate the overall development of the Casinos Research during the forecast period.
In short, the Casinos Market report is helpful for industry players, investors, consultants, business strategists, researchers, and all those who is having any kind of interest or are planning to venture into the Casinos Market in any way. The global Casinos market size was valued at USD 545645.2 million in 2021 and is expected to expand at a CAGR of 5.79% during the forecast period, reaching USD 764861.32 million by 2027.
Casinos Market Segmentation: –
Market segments help decision-makers direct the product, sales, and marketing strategies, and can power your product development cycles by informing how you make product offerings for different segments.
Based on types –
- Gambling Machines
- Gaming Tables
- Online Legal Casino Gaming Services
Based on applications
Market segment by Region/Country including: –
- North America (United States, Canada, and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Spain, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Southeast Asia, etc.)
- South America (Brazil, Argentina, Colombia, etc.)
- Middle East & Africa (South Africa, UAE, Saudi Arabia, etc.)
Key Players in the Casinos Market: –
- Delaware Park
- Tropicana Entertainment
- Caesars Entertainment
- Harrington Gaming
- Grupo Fobes
- William Hill
- 888 Holdings
- MGM Resorts
- Boyd Gaming
- Galaxy Entertainment
- Penn National Gaming
- SJM Holdings
- Las Vegas Sands
- Dover Downs Gaming & Entertainment
Key Benefits of Casinos Market Research Report:
- Types, applications, regions, and key players covered in the study
- Industry drivers, restraints, and opportunities covered in the study
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Casinos Market
- Sales, price, revenue, market share, and growth rate are covered in the report sales channels, distributors, traders, dealers, etc. are covered in the report
Xtremepush Enters into Partnership with Playtech
Xtremepush, the sports betting and gaming industry’s leading player acquisition and retention platform, has partnered with Playtech, the world’s largest supplier of online gaming and sports betting software.
This strategically significant agreement will enable licensees of both solutions to enhance their player communications through personalised, real-time messaging across email, SMS, push notifications and a range of other channels.
As part of this exciting new partnership, Xtremepush becomes a Playtech Certified Partner, underpinned by a deep integration between its multichannel engagement platform and Playtech’s IMS player management system.
For operators, this will allow them to activate player and event data stored within Playtech’s IMS as part of individually relevant engagement campaigns delivered through the Xtremepush platform, creating play-centric engagement.
Seamless integration also allows for advanced personalisation and segmentation, true multichannel player engagement and a full suite of campaign optimisation tools.
“We’re delighted to have built this integration with Playtech, a company that we have long-since admired within the industry. Playtech has a deserved reputation for providing outstanding software solutions and we’re proud to become a certified partner. Our mutual clients are already experiencing the benefits of this collaboration, and we look forward to working closely together over the coming months and years,” Tommy Kearns, CEO at Xtremepush, said.
“Xtremepush is a key provider of multichannel engagement software in the industry. This integration enables our licensees to fully avail of its broad capabilities and deliver personalised acquisition, engagement and retention campaigns, powered by our IMS player management system. We are excited to see how this partnership will develop, and the impact it will have on operators,” Anthony Evans, VP of Products at Playtech, said.
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