Online gambling regulatory body eCOGRA strengthens industry representation.Michael Hirst OBE, the independent chairman of eCOGRA has announced the appointment of Swedish national Karl Magnusson (30) to the board of directors of the online gambling self-regulatory body.
Magnusson is a director of software developer Ongame in Stockholm Sweden which powers one of the largest poker operations, PokerRoom.com in the booming poker room industry. He is also a director of UK companies Ongame Limited and Nordicone Limited and has extensive financial and general management experience with major organisations like ABN Amro's Alfred Berg Asset Management and the financial statistics department of the government of Sweden.
He holds a Master's degree in Economics from Uppsala University in Sweden.
"We welcome Karl's membership of eCOGRA's board of directors," said Hirst. "He brings valuable financial and management expertise which complements the high calibre of professional management capability eCOGRA already has in its independent directorate through respected figures such as Bill Galston and Frank Catania, together with leading industry executives John Anderson of Cassava and Roger Raatgever of Microgaming."
Ongame recently became the third major online gambling software company to join the eCOGRA self-regulatory initiative, which seeks to protect players through the "Play It Safe" seal on 56 top online casino and poker room sites. eCOGRA's members now account for over 80% of the online casino industry's turnover, and provide software to 3 of the top 6 poker networks.
Although directors representing eCOGRA's members now equal the number of independent directors, the organisation's constitution is such that board control is still in the hands of the independent directors, as well as fundamental decisions such as which software suppliers may be admitted as members, and which online gaming sites have earned eCOGRA accreditation.
eCOGRA provides an international framework of best operational and player protection practice requirements called eGAPs which is enforced through inspections and reviews, and continuous monitoring by independent global audit companies. Membership remains open to software companies and their operators. Presently the organisation is developing industry practices for mobile gaming and multiplayer casinos.
Ongame is a world leader in digital entertainment with a focus on poker. The Group develops and markets everything from stand-alone products to turnkey solutions in poker and casino games for digital media. The Group owns one of the world's largest poker networks with about 5 million registered players. By mid 2005, Ongame had a total of 200 employees. Revenue in 2004 was SEK 411 million with a pre-tax profit of SEK 137 million. The Group's head quarters is located in Sweden. Ongame is one of Sweden's fastest growing companies and was appointed "IT Company of the Year" by Swedish business magazine Veckans Affärer in May, 2005.
Source: eCOGRA Press Release
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