Parimatch CEO on boosting the odds for success

Being successful doesn’t always mean winning, but it does mean never quitting.

I became CEO of Parimatch at the age of just 27, having had no previous executive experience. That was a steep learning curve, and as I strive to deliver results to the company and employees – while also raising a young family – I’m certainly still learning.

So if I had to give one piece of advice, it would be to be open to lifelong learning. This is critical for leading a successful organisation; from embracing new technologies, understanding the cultures of new markets to smart working, learning usually means identifying innovation and opportunity. Ultimately, there’s no silver bullet to leading a successful business, but here are a few lessons that I’ve learned.

People first, then results

When it comes to qualities typically associated with the role of CEO – adjectives such as decisive, goal focused and high performing all likely spring to mind before softer attributes, such as being caring or empathetic. The stereotypical hard-line CEO profile is often further exaggerated within fast-paced, risk taking sectors such as the gambling industry.

I’ve come to learn that the CEO role is not about calling the shots. Of course, the most effective CEOs need to be visionaries, ambitious and strategic, but we are also responsible for building workplace culture – essential to an engaged and loyal workforce, and therefore the bottom line. Positive culture has to come from the top, through good communication backed up by actions that actually emphasise the value of human capital. If you invest in your people, through providing growth opportunities and learning development, you reap the longer-term benefits in competitive edge.

Work life balance – myth versus reality

Work life balance is a modern-day mantra – but it is certainly easier said than done. As a CEO, there’s always something that warrants your time and attention, which means it’s not possible to neatly divide your professional and work life.

I like to approach this dilemma by optimising my day, which means rising early and practising meditation. For me, making time for praying and mindfulness actually helps me cope with the demands of the job. I also train three times a week, which helps me release any tensions. I’m a Mixed Martial Arts (MMA) enthusiast, which is more than a hobby for me, it’s a way of life – and much of the motivation behind our UFC partnership and sponsorship deal with Conor McGregor. I apply what I’ve learnt through practising MMA to my role as CEO – such as self-improvement, self-control and knowing my strengths and limitations.

I like to preach what I practise and encourage all Parimatch employees to pursue hobbies outside of work. Offering a flexible work experience that complements personal endeavours is key to attracting and retaining the best talent – and signals that the company believes in work life balance, instead of just paying lip service to it.

Risk is the ultimate antidote to inertia

Risk is a fact of business life, and I wouldn’t be in the gambling business if I didn’t think risk-takers were winners. An overestimation of bad outcomes can lead to the biggest risk of all – which is risk aversion. At Parimatch, we see all risks as having gain, even if that gain is only the lesson taken from failure. We try to call out risk-aversion to create a culture that recognises and rewards thinking that challenges the status quo. To embed this, employees need to be encouraged to share news trends and industry business models – so that as an organisation, we collectively and continually re-assess our approach.

Sergey Portnov became CEO of Parimatch Holding in 2015 and has led the transformation of Parimatch from a bookmaker trading out of retail betting shops into an online sports betting platform and recognised international brand. He is a fan of MMA and kickboxing and promotes a healthy lifestyle and personal development.