Sweepstakes Giant VGW Names Industry Specialist Angus Tiet as CFO
Sweepstakes giant Virtual Gaming Worlds (VGW) has named gaming industry powerhouse Angus Tiet as its new chief financial officer. A seasoned veteran, Tiet will empower the company with his robust experience, allowing it to continue growing amid growing regulatory challenges in the US.
A Seasoned Veteran Joins the VGW Family
As the new CFO of VGW, Tiet replaces the outgoing Guy Wylie. Wylie will exit the company after a year in the role.
Tiet is no stranger to the gaming industry. His impressive track record includes positions in the Australian gambling sector, as well as roles at prominent companies such as Tabcorp and Aristocrat Leisure.
The new appointee served as chief strategy and ventures officer at Tabcorp and was responsible for the company’s strategic review following the demerger of its lottery business. Those responsibilities saw him shape a new corporate strategy for the company and participate in a number of business and M&A initiatives.
In addition to that, Tiet had a short stint as director of the sportsbook innovator Dabble – a business in which Tabcorp invested prominently.
Prior to that, Tiet spent years at Aristocrat, serving the manufacturer in a variety of C-suite roles. He also served the company’s Pixel United division, formerly known as Aristocrat Digital, as senior vice president of strategy and Asia business development.
The US Pushes Back Against Sweepstakes
Tiet joins VGW at a crucial time as the sweepstakes operator fights back against legal & regulatory challenges in the US. America has been bullish on pushing back against sweepstakes operators, arguing that their businesses constitute illegal gambling.
As a result, VGW has been slapped with cease-and-desist letters in several states, forcing the business to limit the reach of its operations. While the operator recently scored a small win in Georgia, its overall regulatory troubles continue.
In addition to that, consumers across various states are now seeking their money back, accusing sweepstakes operators of using “unpermitted techniques” to attract players and take their money. One such consumer from Connecticut complained that withdrawal conditions were too strict, prompting players to instead continue playing and lose more money.
To elaborate, the minimum permitted redemption amount on the operator’s Chumba and GlobalPoker brands is 100 coins, which can be converted into $100. This means that smaller sums remain stuck on the site and cannot be withdrawn.
In other news, a man in California filed a lawsuit against Pulze, arguing that the operator is conducting illegal gambling, potentially exposing vulnerable players to gambling harm.
