Betfair appoints new CFO as it withdraws from Greek market

INTERNET BOOKMAKERS Betfair Group has appointed Alexander Gersh as chief financial officer with effect from 3 December 2012.

Gersh succeeds Stephen Morana, who announced in September he would step on the appointment of a successor.

For the past seven years, Gersh was CFO of NDS Group, a US digital pay-TV company that, until February 2009, was listed on NASDAQ. Previously, he was CFO of Flag Telecom, a global network services provider.

"Alex has extensive and valuable experience of working in highly competitive, international businesses and a proven track record of delivering results," said Breon Corcoran, CEO of Betfair.

Separately, Betfair said is withdrawing from the Greek market after claiming gambling legislation in the country to be "inconsistent with European law".

On 5 November, the Greek Gaming Commission said it would impose financial penalties and criminal sanctions against gaming operators that continue to operate in the market without a permit.

"The associated fiscal conditions attached to these permits, which may include payment of taxes on historical revenues, make the market economically unattractive," Betfair said.

Betfair had been expected to generate £13m of revenue and £7m of contribution from the Greek market in the current financial year.

Betfair said that, before its decision to exit Greece, it had been expected to generate £13m of revenue and £7m of profit from its operations in the country during the current financial year.