Posts Tagged ‘CoFounder’

FanDuel Co-Founder Nigel Eccles Leaves Company

 FanDuel Co Founder Nigel Eccles Leaves Company

Nigel Eccles, co-founder and CEO of daily fantasy sports (DFS) giant FanDuel, announced that Monday was his last day at the company. Matt King, the CFO of FanDuel from 2014-2016 will step into Eccles’ vacated role. Between his previous stint at FanDuel and now, King was equity partner and President of Regional Operations and Corporate Development at ‎Cottingham & Butler.

“Excited but a little bit sad to be leaving @fanduel today,” Eccles tweeted. “It has been an amazing 8 years. Really excited to see how Matt King and the team drive the company in 2018 and beyond. For me I’m building something awesome in eSports. Watch this space.”

Though DraftKings is the DFS market leader, it really was Eccles’ FanDuel that launched industry. Traditional, season-long fantasy sports have been popular for multiple decades now, but DFS has really only been a thing for less than ten years. It was born largely out of the UIGEA, which while hurting online poker, contained a carveout for fantasy sports. Eccles founded FanDuel in 2009 and grew it to the biggest player in the space until DraftKings eclipsed them a few years later. FanDuel is still the second largest DFS site in the industry.

In a statement on FanDuel’s website, Eccles said of Matt King:

With his strategic vision, range of experiences, and broad skillset, I cannot imagine a better individual to steer FanDuel forward. With tremendous legislative strides in the past two years and the business moving into profitability in Q4, FanDuel is in a great position. I know Matt is the leader to capitalize on the momentum in the sports technology space to take FanDuel to the next level.

King himself said, “It’s an incredible honor to return to FanDuel at such an exciting time for the company. Over the past eight years, Nigel has built one of the most disruptive companies in the sports world. I look forward to working with our talented team to make FanDuel the place for fans to engage with sports they love in new and exciting ways.”

The FanDuel Board said in a statement:

Nigel achieved something remarkable — he completely redefined an existing industry. His passion, intelligence, and focus have been the bedrock of FanDuel’s success. We would like to offer our sincere thanks as he leaves to pursue his next venture. We are excited to work with Matt again. He is an exceptional executive who knows the business intimately, and has a clear vision for its next phase of growth.

Aside from essentially creating the DFS industry and elevating FanDuel to its position of prominence, one impressive feat Eccles had a hand in was getting the professional sports leagues to see DFS as a legitimate recreational activity, even though many consider it gambling. Of course, much of that has to do with the leagues enjoyment of the money that DFS helps generate, but nonetheless, that FanDuel has partnered with half of the NBA and NFL teams (and DraftKings essentially the other half), is quite the accomplishment.

The post FanDuel Co-Founder Nigel Eccles Leaves Company appeared first on Poker News Daily.

Poker News Daily

Playtech Co-Founder Sells £329 Million of Company Stock

 Playtech Co Founder Sells £329 Million of Company Stock

Playtech PLC’s co-founder Teddy Sagi, the company’s largest shareholder, has sold off a sizable chunk of his stock in the company. The sale was made through his trust, Brickington Trading Limited.

It was known that Sagi was going to sell some of his stock, but he decided to increase the amount from 10 percent to 12 percent of his holdings. He still remains Playtech’s largest shareholder, owning 21.6 percent of the online gaming firm. The fun figures: 38.7 million ordinary shares for 850p each, a total of £329 million.

As part of the sale, Sagi and Brickington (which sounds like a LEGO city) agreed to not sell any more shares for 180 days.

The sale put a hurting on other shareholders, as naturally Playtech’s stock price plummeted to the level at which Brickington sold. On November 29th, the day before the sale, Playtech (LON: PTEC) closed at 921p per share. Brickington clearly sold at a discount, but when selling that many shares, that is not unusual, as Brickington needed to match up with buyers. So while it hurts other shareholders in the near term, this sort of thing is commonplace.

Sometimes, when major shareholder sells a significant piece of their holdings, it can be a sign that said shareholder is not confident in the future of the company. That is not the case with Sagi. Sagi simply wanted to diversify Brickington’s portfolio, not keeping it weighted quite so heavily in Playtech (though it still is). The trust also holds shares in tech ventures and UK property. Playtech has said that Sagi is still very much onboard with where the company is going.

In March of 2014, Sagi made a similar transaction, selling 15 percent of his stake in Playtech at the time for £326 million. He had not originally intended to sell that much, but according to Reuters, Playtech said that there was such high demand for the stock that Sagi decided to up his sale from 29.3 million shares to 45 million. After that sale, Sagi owned 33.6 percent of Playtech and promised to not sell any more shares for a year. Playtech Chief Executive Mor Weizer and Chief Financial Officer Ron Hoffman both bought thousands of Sagi’s shares in the offloading.

Playtech is the world’s largest online gaming software developer, providing licenses for a number of customers, including Betfair, William Hill, and Paddy Power. It operates the iPoker Network, currently ranked sixth in terms of cash game traffic by PokerScout.com. With a seven-day average of 950 cash game players, it is just behind the Winning Poker Network (1,000 cash game players) and Winamax.fr (1,100). The top three poker rooms are PokerStars (13,000), 888poker (1,900), and Ignition, which took over Bovada’s poker room (1,200). Ignition and Winning Poker Network have an advantage over iPoker, as they still accept customers from the U.S.

Poker News Daily



usa poker svenska poker finland poker Deutsch poker spain poker italy poker france poker japan poker greece poker china poker brazil poker denemark poker netherlands poker india poker russia poker korea poker turkey poker
romanian poker bulgarian poker croatian poker czech poker israel   poker norway poker poland poker serbia poker slovakia poker slovenia poker