Betsson CEO Won’t Be Leaving After All

In a dramatic turn of events, Pontus Lindwall will remain at Betsson and continue to serve as the company’s CEO. 

The Stockholm-headquartered operator had originally said that Lindwall had “completed his goals” in his role, announcing his departure last month. 

Lindwall Restored With a New Board 

After the company’s CEO was set to leave, Patrick Svensk — Betsson’s chairman — received a vote of no confidence from the board. Soon after, he resigned with immediate effect. 

At that time, Svensk said: “It is very sad, and I am sorry that I have disappointed our major owners, but I have done what I thought was best for the company. I am proud of what we have achieved during these years and wish everyone at Betsson great luck in the future.”

Meanwhile, after Lindwall was set to leave, he said: “Pontus Lindwall has played an invaluable role in Betsson’s successful development. When he took over as CEO in 2017, his mission was to strengthen the company’s position and create a solid platform for continued growth.”

“That task has now been completed. We are grateful for all the good work Pontus Lindwall has done during these years and the strong foundation he has created for the future.”

Johan Lundberg replaced Svensk after his resignation. The reshuffled Betsson board chose to reinstate Lindwall as CEO. 

Lundberg said: “We have had several discussions with Betsson’s main stakeholders, the Betsson management team, Betsson employees, as well as many of the largest shareholders.

“Based on those discussions, the current board does not believe that it would be good to change leadership now.” 

Lindwall a Long-Serving Betsson Employee 

Lindwall has been associated with the Betsson brand for over 20 years. He originally became the company’s CEO in 1998, and stayed in that role until 2011. After six years away, he returned to the same position in 2017. 

Betsson held an extraordinary general meeting (EGM) yesterday, in which Eva Leach and Frederik Carlsson were re-elected alongside Lundberg to the company’s board of directors. 

Peter Hamberg is a new member of the board. 

Betsson Enjoys a Strong Q3 2021 

Today, Betsson released its Q3 report for this year. The company continued its strong 2021, reporting an 8% organic revenue increase. Group revenue rose by 3%, surpassing 1.67 billion Swedish Krona (SEK — roughly $194.3 million). 

The number of active customers on Betsson’s brands also rose by 7%, totalling 986,429. 

In the same press release, Betsson noted that it has hit a stumbling block in the Dutch market: “Against the background of strong development this year, it was unfortunate that the Dutch Gaming Authority unexpectedly published a new policy at the end of September that entails a deviation from the previously communicated guidelines during the cooling off period. 

“The new policy implies that operators who are waiting out the cooling off period are forced to cease operations completely, pending an obtained license. Based on the new policy, Betsson decided to temporarily stop accepting Dutch customers on international websites in order to create good conditions for the upcoming licensing process.” 

However, it doesn’t plan on being out of action forever: “Betsson continues to have strong faith in the Dutch market and an ambition to be able to conduct business in the future in accordance with the new regulations.”