Another Senior Executive Departs from 888; Experienced Gaming Professional Joins AK Bets' Team
888 Holdings experiences another executive exodus as Yariv Lavi announces his departure after over a decade. Meanwhile, Irish iGaming operator AK Bets attracts an industry veteran to help propel their growth.
Lavi is bidding farewell amid turmoil at 888, which intensified after acquiring William Hill's non-U.S. gaming assets. Multiple high-ranking executives, including former CEO Itai Pazner, have left the company.
AK Bets emerged in 2021, making it one of the newer players in the betting sphere. Despite its youth, the company has been experiencing consistent growth in its customer base.
Changing Roles at 888
Lavi broke the news on LinkedIn, wrapping up a career at 888 that started in November 2009. He served as the company's director of business development throughout his tenure.
Before joining 888, Lavi held positions at Israel Aerospace Industries as its sales director and BVR Systems as its marketing director. The latter does not appear on LinkedIn, but Israel Defense describes it as a company that "develops, manufactures, and markets simulation systems for military applications." Elbit Systems, a military tech company, acquired it in 2009, the year Lavi left.
Lavi's post doesn't reveal his future plans, although it suggests he's eager to see what lies ahead.
Pazner left 888 in January, as the company's revenues diminished. Additionally, rumors of potential regulatory compliance issues and money laundering surfaced in several jurisdictions.
Alongside Pazner, CFO Yariv Dafna also announced his plans to leave. Originally scheduled to step down in March, he later agreed to remain until the end of the year.
Recently, 888 found itself in the media spotlight due to financial instability. This led to talks of a potential hostile takeover by shareholders, which in turn jeopardized its UK gaming license.
The planned deal would have installed Kenny Alexander, a former Entain CEO and seasoned industry investor, as 888's new CEO. However, given the issues with its UK license, 888 abandoned the plan and is still searching for a replacement CEO.
Irish Luck Prevails
AK Bets kicked off in July 2021 as a trackside bookmaker and has been expanding ever since. In January this year, they launched an online casino.
In a bid to capitalize on their upward trajectory, AK Bets' founder Anthony Kaminskas has enlisted Joe Lee, who will serve as the company's head of strategy and performance.
Kaminskas and Lee worked together at Paddy Power. At the time, Kaminskas ran the company's greyhound racing operations, while Lee, who boasts a three-year tenure with Australia's Sportsbet, headed their Trump betting division.
Kaminskas left Paddy Power in March 2018, and Lee was promoted to head of GB & Ireland in December that same year. He served in that role until April 2022, when he joined One Zero, a company dedicated to sports and sports technology conferences, as their corporate sales & sponsorship manager.
Since then, Lee has been a consultant in the iGaming industry and expressed eagerness to "get back into startup mode and work with some really top people."
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Source: www.casino.org
