A director steps down at Betfair
Betfair has announced that Martin Cruddace will be stepping down as its Corporate and Legal Affairs Director in the autumn after nine years with the betting exchange and online casino operator.
Cruddace joined London-based Betfair in July of 2004 from law firm Schillings after working as a libel lawyer for clients include John Cleese, Rowan Atkinson and former Mirror editor Piers Morgan.
Cruddace also serves as Company Secretary for Betfair and according to a report from the Racing Post daily horseracing newspaper, is due to relinquish his executive duties at the end of this month before officially leaving in early-September.
“Martin has made a significant contribution to Betfair's development over the last nine years and has decided now is the right time to step down,” said Breon Corcoran, Chief Executive Officer for Betfair.
“I would like to wish him the very best for the future.”
Cruddace reportedly decided now was the right time to step down following the successful conclusion of a number of regulatory issues including the long-running battle with rival William Hill over whether betting exchange clients should contribute to the Horserace Betting Levy and will now spend the summer deciding on his next career move.
Betfair also signed a landmark commercial agreement with the British Horseracing Authority in July that will see it contribute a minimum of £40 million to the sport over the next five years.
“I am sorry to hear of Martin's departure and wish him well in the future,” Paul Bittar, Chief Executive Officer for the British Horseracing Authority told the Racing Post.
“No one could question his commitment to the Betfair cause and he was a driving force behind the ground-breaking commercial deal struck last summer. It simply wouldn't have happened without him and he showed considerable foresight to bring the parties together.”