Exclusive: OpenBet CEO leaves after 11 years in charge

David Loveday, chief executive of sports betting platform and gaming software provider OpenBet, has left the business after 11 years at the company, eGaming Review can exclusively reveal.

eGR understands Loveday left the company last Friday after its board, that includes representatives from private equity owners Virtuvian Partners, decided the business needed a senior executive with a “different skillset in order to take it to the next stage”, according to a spokesman. Loveday “left on good terms”, he added.

“Hiring a new chief executive was considered the best way of effecting change in the business.

“OpenBet has a very capable and experienced management team that will continue to drive the business forward,” the spokesman added.

eGR understands that Virtruvian are close to making an appointment for Loveday’s successor with an announcement due “in the not too distant future”.

Virtuvian acquired a majority share of the business for £208m in January 2011 from previous owners NDS with Loveday leading a cash management buyout and taking a minority stake as part of the deal. His share in the deal is understood to have been cancelled as a result of his departure. Vitruvian Also owns Inspired Gaming following its acquisition of the company for £75m in May 2010.

“Vitruvian have a deep understanding of our business in both the online gaming and retail sectors,” Loveday said at the time. “Their backing will enable OpenBet to continue to grow its business worldwide, with both existing customers and future opportunities.

“The business strategy is exactly as before but this now gives us a platform for future expansion and long-term investment. We have a specific plan and we’re going to continue to invest in core technology, expand our B2G deals, grow retail and online, grow our customer base and continue to make modest acquisitions,” he added.

According to Virtruvian’s website OpenBet generates approximately £55m in annual sales with the majority of its cash derived from long-term sportsbook platform deals with some of the industry’s largest operators including Ladbrokes, William Hill and SkyBet. In January the latter signed a three-year contract extension with OpenBet for the provision of software, content, support and maintenance, the supplier has announced this morning.

Loveday had been chief executive since 2002 making him one of the longest-serving CEOs in the industry. During his time the company has grown significantly with a total of 500 employees, established itself as the industry’s leading online sportsbook provider. More recently it has increased its amount of cross supplier-operator work via its Remote Gaming Interface (RGI) with companies such as SkyBet and Rank Group using the RGI to gain access to WMS’s online slot content for use across desktop and mobile.

In the last three years in particular Loveday and his team had worked on building the business’s lottery client list particularly in North America, successfully tendering and winning software contracts with a trio of Canadian provinces including British Columbia, Loto Quebec and Manitoba. It was shortlisted for the Ontario online supplier contract however eGR understands it lost out to rivals Spielo G2.

Ontario is North America’s biggest egaming contract outside the US and is estimated to be worth up to CA$75m in profit to the chosen supplier.