Flint to depart Sky Betting & Gaming

Richard Flint is to step down from his role as executive chairman of Sky Betting & Gaming, its parent company The Stars Group (TSG) has revealed.

Flint has been with Sky Bet since 2001, first serving as managing director before going on to become chief executive of the online gaming operator.

He played a major role in its $4.7bn (£3.66bn/€4.19bn) acquisition by TSG last year, after which he stepped aside as CEO to become executive chairman.

Ian Proctor switched from his role as finance director to replace Flint as CEO after the acquisition was granted approval by the UK’s competitions regulator in October 2018.

TSG CEO, Rafi Ashkenazi, confirmed Flint’s exit in a conference call following the publication of TSG’s first-quarter results. Ashkenazi said as the integration of Sky Betting & Gaming has progressed well, Flint has decided to “take the opportunity move on and pursue other opportunities”.

“I’d like to thank Richard for his great work and assistance with the transition of the business,” Ashkenazi said. “Richard leaves SBG in a great state in its new home under the management of Ian Proctor (CEO) and Connor Grant (COO), who were both promoted from within following CMA approval last October.

“I’m confident that this will allow us to maintain our unique culture that has delivered success over the years.”

Ashkenazi did not state when Flint would be leaving the group.

TSG revealed a 47.7% year-on-year increase in revenue to $580.4m for the first three months of the current year, with gross profit also up 33.6% to $417.8m and adjusted earnings before interest, tax, depreciation and amortisation up by 11.6% to $195.6m.

However, operating income slipped 46.0% from $113.9m to $61.5m, while net earnings fell 62.8% to $27.7m and adjusted net earnings also dropped 23.9% to $105.6m.