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Matchbook CEO resigns as betting firm awaits decision on UK licence

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Matchbook is a betting exchange

Matchbook is a betting exchange

Matchbook is a betting exchange

The chief executive of Matchbook, a betting exchange operated by the Cork-based technology firm Xanadu Consultancy, has resigned after 16 years with its holding company.

In February, Matchbook had its licence to operate in the UK suspended by the Gambling Commission, a UK watchdog for the sector, following a two-year review. The review exposed concerns over anti-money laundering regulations at Matchbook and customer care policies, including fair treatment for users of the exchange.

In April, Matchbook’s owner, Triplebet, was told to pay a £740,000 fine by the Gambling Commission. It is understood the UK licence remains suspended until it can prove it has implemented the remedial measures required by the regulator. Its Irish betting services are unaffected.

Mark Brosnan’s resignation from the holding company behind Matchbook, Newfoundland Limited, has also meant he has resigned from his position as CEO of Xanadu. He is set to continue as a director of both the holding company behind Matchbook and Xanadu.

A statement from Xanadu said Brosnan’s decision came at the “natural conclusion” of a number of long-term projects, including the development of a new sportsbook product and the submission of an independent audit to the UK Gambling Commission.

Brosnan’s decision will see Xanadu’s chief financial officer Farzad Peyman fulfil CEO leadership duties on an interim basis.

A spokesman for Xanadu said the independent audit process had been submitted to the UK Gambling Commission, adding that Brosnan’s decision to resign was not linked to the UK licence suspension. He said it hopes to have more information on the UK licence in the coming weeks.

Sunday Indo Business