Ladbrokes' non-executive director Richard Moross will step down from board in May

 
Francesca Washtell
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Doncaster Races
Ladbrokes sponsored the Doncaster Races (Source: Getty)

Ladbrokes' non-executive director, Richard Moross, has announced he will step down from the betting giant's board of directors at this year's annual general meeting (AGM).

Moross will cease to be a director from 5 May. He joined the board in 2012 and has decided to step down so that he can devote "more time to his other commercial interests", the company said in a statement.

Moross is a digital entrepreneur with over 15 years of digital industry experience, and has been featured on both the Media Guardian 100 and Wired 100 lists.

He will leave the company ahead of its planned merger with fellow gambling major Gala Coral, agreed last July for £2.3bn. The companies are awaiting the first provisional decision from the Competition and Markets Authority, which is now expected in mid-May.

"On behalf of the board I'd like to thank Richard for his contribution to the board, particularly through the revamp of our digital product. We wish him well for the future," Ladbrokes chairman John Kelly said.

Online gaming is the future

The nod to Ladbrokes' improved digital performance comes after the company was hit by a punishing point-of-consumption tax on online profits in 2015, despite efforts to innovate the company's digital offerings.

A recent report from Moody's said that despite the pressure from increasing taxes and regulation, online gaming markets are the most likely source of growth for gambling firms over the next few years.

Online gaming markets, according to Moody's, are expected to grow to approximately €42.8bn by 2018, up from €36.9bn in 2014.

Donatella Maso, a Moody's vice present and senior analyst, said:

Gaming companies with a larger online presence like William Hill and pure online company Sky Bet are likely to see higher revenue and earnings before interest, taxes, depreciation and amortisation (Ebitda) growth over the next 12-18 months than those more focused on traditional land-based business. This is a result of the continuing gradual shift online, mobile phone and tablet penetration rising, and fast-growing demand for online games increasing.

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