Leading, mobile-first global gaming operator Genesis Global has parted ways with its chief executive officer, Ariel Reem. Reem, who is also one of Genesis’ founders, will depart after almost a decade as the head of the company.
Ariel Reem Exits the Company
Genesis Global was co-founded by Reem and several other influential businessmen back in 2014. Since then, the company has grown into a true powerhouse in the sector, encompassing dozens of online gambling brands.
Reem spoke about his exit in a LinkedIn post, saying that “it is time to move on to the next challenge/adventure.” He used the opportunity to talk about his time at Genesis Global, saying that it has been really fulfilling to build a business from scratch and overcome countless challenges. Reem added that felt really rewarded by his role and was excited to see people developing themselves.
One of the most rewarding aspects of my role has been witnessing people develop themselves and many times breaking through their own perceived boundaries.
Ariel Reem, ex-CEO, Genesis Global
Reem was an experienced member of Genesis Global’s team, having previously worked for various companies. He used to head ExtractNet’s online marketing division and has had a five-year stint at Mansion Group.
An interim CEO is yet to be appointed as of the time of this writing.
The Company May Cease Its Operations in the UK
For all of its successes, Genesis Global was impacted by the post-COVID headwinds and the global macroeconomic issues, allegedly causing it to eye a shutdown of its business in the United Kingdom. Many customers in the country have reported that they have been unable to connect to the operator’s sites, which have told them that they are in a country Genesis Global does not take bets from. The company is yet to make an official statement on the matter.
While the UK is one of the most profitable gambling markets in Europe, it is also one of the most hotly contested ones, making it very expensive for companies to stay in business. Furthermore, the United Kingdom’s regulator, the UKGC is very proactive when it comes to penalizing companies for their misbehavior. For example, at the beginning of 2022, Genesis Global was slapped with $5 million fine after the authority identified a variety of social responsibility and AML shortcomings. This wasn’t the first time the operator had been fined in the UK either as in 2020 it was fined for similar reasons.