|Sportingbet directors Mark Blandford and Bob Holt have made a surprise move in quitting the highly profitable online gaming company, that reported a gross profit of £31.7 million in the three months preceding October 2006, and the introduction of the UIGEA.|
Both Blandford and Holt are rumoured to have left to pursue other business projects with Sean O'Connor, senior independent director, assuming the role of chairman of the audit committee, a position previously held by Holt.
'As the company continues to drive further efficiencies from its business we have agreed to reduce the size of the board,' said Chief Executive Andrew McIver in a rather vague company statement on the departures.
Sportingbet was one of a number of online gaming companies who suffered irretrievable losses after the introduction of the U.S. Unlawful Internet Gambling Enforcement act in late 2006. The company was then forced to sell its U.S. operations for the token sum of $1.