Maple International Ventures, the operating company behind UK-facing operator Lottomart, has expanded its board with a trio of appointments, including 32Red founder Edward Ware.
Subject to regulatory approval, Ware, along with investment specialist Andrew McGrath and investment banker Michael Meade will join the Maple board. The company said the additions reflect its commitment to long-term growth, strong governance and resilience amid “uncertain” market conditions.
Ware, former CEO of 32Red, has the most industry experience of the trio. He led 32Red for more than 16 years, stepping aside shortly after its £175 million ($237 million) sale to Kindred Group in June 2017.
Prior to launching 32Red, Ware spent 14 years at Ladbrokes, culminating in his appointment as managing director of Ladbrokes International. In addition, he has served in an advisory capacity to Lottomart since 2019.
“His appointment formalises a long-standing relationship and brings proven entrepreneurial and operational success directly to the board,” Lottomart said.
Meanwhile, McGrath, CEO of Alvar Financial Services and chief investment officer at Burren Capital Advisors, also joins the Board bringing experience across regulated trading operations and institutional market infrastructure.
“Andrew’s appointment further strengthens the group’s governance, financial discipline and operational robustness – key pillars of sustainable, regulated growth,” Lottomart said.
Meade, a qualified accountant, has spent over 30 years as an investment banker, working in senior roles at HSBC, UBS and Deutsche Numis. During this time, he advised several companies in gambling including PartyGaming, Bwin, 888, 32Red, TP ICAP and IG Group.
“Michael brings deep capital markets expertise and long-standing sector experience at the intersection of gaming, trading and financial services,” Lottomart said.
‘Confident’ step for Maple and Lottomart
Setting out further reasoning behind the appointments, the operator said the members would increase its collective expertise across online gaming, regulated financial markets, capital markets and risk management.
“The expansion of the board represents a deliberate and confident step forward,” the statement said. “By formalising the commitment of individuals with exceptional track records across gaming, financial markets, capital raising and regulated operations, Maple is reinforcing their ability to navigate complexity, manage risk and capitalise on future growth opportunities.
“For Lottomart stakeholders, this milestone demonstrates disciplined leadership, enhanced governance and a board fully aligned with long term value creation.”
Lottomart seeking to move on from UK penalty
The board expansion follows Lottomart being penalised in the UK over a series of anti-money laundering and social responsibility failings. In September, the Gambling Commission ordered Maple to pay £360,000 after it fould Maple’s risk assessment efforts between June 2023 and July 2024 were not up to scratch. It said several key risks were omitted from the assessment and that its policy was lacking in sufficient detail.
The commission reported Maple had “swiftly” put in place an action plan designed to remedy the failings, and that the operator was aware of certain issues prior to being contacted over the issue. However, an effective fix was only implemented after discussions held during the assessment, which ultimately led to the payment agreement.
Original article: https://igamingbusiness.com/people/people-moves/lottomart-parent-adds-32red-founder-to-board/
