PartyGaming Loses It’s Managing Director
In a blow to the struggling online poker firm, PartyGaming Managing Director, John O'Malia, has quit the job after only 8 months in the position.
The company said he would be stepping down at the end of next month to pursue other business interests.
Mr O'Malia's departure comes at an important time for the company as it seeks to rebuild its once imperious position in the sector, the Financial Times reported on Thursday.
Mr O'Malia, 39, joined PartyGaming in 2006 when it bought GameBookers, a sports betting operator, where he was chief executive. Industry experts believe he was upset about not getting the top position.
PartyGaming has been working with the US Justice Department in an effort to clear its name from any possible future prosecution that might arise from its operating in the American market prior to 2007. Before pulling out, more than 80 percent of Party's customer base originated from the United States.
Co-founder, Anurag Dikshit, ecently pleaded guilty to violating U.S. gaming laws and agreed to forfeit $300 million. He could face up to two years in jail but apparently won't be sentenced until 2010. He has already paid $100 million of his fine and will pay the rest in two installments next year.
Dikshit was ranked 3nd among the top billionaire blowups of 2008, behind only Anil Ambani and Oleg Deripaska.
Christopher Costigan, Gambling911.com Publisher
