LONDON, United Kingdom — World Gaming plc (OTC BB: WGMGY), a global provider of I-gaming software and services, has announced the appointment of David Craven to the position of Chief Executive Officer, bringing stability and experience to the company’s top position. Mr. Jim MacKay who held the position on an interim basis stepped down to make room for Craven’s appointment.
“David brings an unparalleled e-commerce and gaming track record to the position,” the company said. “He is a hands-on business builder with a reputation of getting the job done. With his appointment, the company is in very capable hands.”
David Craven is the founder and former CEO of 24dogs, an Internet and Digital TV greyhound racing business owned by global gaming giant Wembley Plc. In its first year, he took the company from a start-up position to an organization with 20,000 customers, pounds Sterling 11 million in gross revenue, and a valuation by Merrill Lynch of pounds Sterling 125 million.
“I have been watching World Gaming for some time and feel very comfortable in saying that there are significant opportunities before us,” said David Craven. “My mandate is to build an organization that can sustain a substantial leadership position in the industry, while providing shareholders an appropriate level of return. Given the company’s solid revenue base, the strong support expressed by our top customers, the experience of our employees, and a product and service suite that is second to none, we possess all of the necessary ingredients to deliver on this mandate.”
The company also announced that it has retained new legal counsel and auditors. The firm of Berwin Leighton Paisner has been retained as legal advisors, and Baker Tilley as auditors.
“The renewal of these key business partnerships is vital to ensuring the highest level of accountability among key stakeholders and shareholders,” said Craven. “Berwin Leighton Paisner was chosen for its extensive experience in the betting and gaming sector, including international betting and gaming compliance, and Baker Tilley for its sports and media expertise, and impeccable credentials.”
David Craven moved from an award-winning Toto SGP career in journalism into the world of the Internet in 1994 with the launch of the UK’s first online tabloid newspaper The Daily Record and Sunday Mail. Subsequently, he launched Europe Online, followed by LineOne, a consumer Internet service from News International and British Telecom, and then NetChannel, the UK’s first TV set-top box Internet service. He was a founding member of European start-up Chello Broadband where he developed and launched the first Pan-European broadband Internet service, as well as defined and deployed Interactive TV services including a betting channel for Chello Broadband parent UPC.
“Despite a strong revenue base, the company must aggressively look to contain its costs,” said Craven. “We are scrutinizing every expense to ensure that we have our priorities right. We are also preparing for what we believe will be record transaction volumes this fall during the peak sportsbook season.”