Maple International Ventures, which operates the British gambling brand Lottomart, recently announced the appointment of three new directors to its board, including Edward Ware, founder of 32Red. This appointment is pending regulatory approval, and joining him are investment expert Andrew McGrath and investment banker Michael Mead. Simply put, in the current uncertain market, a few "old wizards" are brought in to sit in and supplement the shortcomings of governance and risk control. This board expansion occurred after the company was fined £360,000 by the UK Gambling Commission for anti-money laundering and social responsibility failures, clearly intending to strengthen compliance. Want to know how international gambling companies adjust their personnel to cope with regulatory pressures? PASA's official website continues to track industry governance dynamics.
First, what's the story behind the new "Three Musketeers" directors?
The three new directors bring extensive experience across gambling operations, investment banking, and capital markets:
Edward Ware
Former CEO of 32Red, he steered the company for over 16 years until it was sold to the Kindred Group for £175 million in 2017
Previously worked at Ladbrokes International for 14 years, serving as Managing Director
Has been an advisor to Lottomart since 2019, this appointment is a "formalization of a long-term cooperative relationship"
Andrew McGrath
CEO of Alvar Financial Services, Chief Investment Officer at Burren Capital Advisors
Rich experience in regulated transaction operations and institutional market infrastructure, will strengthen the company's financial discipline and operational robustness
Michael Mead
With over 30 years of investment banking experience, he has held senior positions at HSBC, UBS, Deutsche Numis
Has provided consulting for several gambling companies, including PartyGaming, Bwin, 888, 32Red, etc.
Will bring capital market expertise and a cross-sector perspective on gambling and financial services
Second, why expand now? Compliance rectification is an important context
This board upgrade occurred after Maple International Ventures, the parent company of Lottomart, was penalized by the UK regulators. In September last year, the UK Gambling Commission ordered it to pay £360,000 due to deficiencies in its risk assessment from June 2023 to July 2024. The investigation found that several key risks were omitted in the assessment, and related policies lacked sufficient detail.
The company acknowledged that it had recognized some issues before regulatory contact, but only implemented effective rectifications after discussions during the assessment period. The introduction of three senior experts is seen by the company as "a confident step to strengthen governance and enhance resilience under uncertain market conditions."
————
This article is from "PASA-Global iGaming Leaders," a gambling industry news channel: https://t.me/pasa_news
Original deep channel for gambling: https://t.me/gamblingdeep
Free data reports: @pasa_research
PASA Matrix: @pasa002_bot
PASA official website: https://www.pasa.news
