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IG Group Holdings subsidiary starts operations
From the CAP News page:October 16, 2008 (InfoPowa News) — The online gambling software provider Chartwell Technology reports that Extrabet, a wholly owned subsidiary of IG Group Holdings plc, has launched the first U.K. Gambling Commission-licensed online casino powered by Chartwell.
London-based IG Group Holdings plc is a FTSE 250 company with global operations generating revenues in excess of $200 million. Formed in 1974, the group is the holding company of IG Index plc and Extrabet Limited, which operate online and telephone-based spread betting and fixed odds betting businesses in Britain.
IG Index plc is regulated by the Financial Services Authority in Britain, the Australian Securities and Investments Commission, and most recently the U.K. Gambling Commission.
The IG Sport casino will be launched and marketed through Extrabet.com.
In order to fulfil IG Index’s requirements and commitment to regulatory provisions, Chartwell’s gaming system underwent a thorough certification process by the U.K. regulatory authority. This included both corporate and software certification to ensure maximum security and reporting functionality necessary for Chartwell to receive certification by the Gambling Commission.
“This event marks a significant milestone for Chartwell, the IG Group, and online gaming regulation as a whole,” said Darold H. Parken, President and CEO of Chartwell.
“Delivering the software solution to power the U.K.’s first licensed online gaming site elevates our company and technology to the next level, and I am proud of every member of our team for achieving this industry first. I would also like to compliment the efforts of the IG Group; their pursuit of growth built on technology while conducting business within an extensive regulatory framework clearly defines this organisation.”
“We’re delighted to add Chartwell’s casino to our online sports betting portfolio,” said head of IG Sport Stuart Lane. “While we’re continuing to see growth with both fixed-odds and sports spread betting, we also recognize the appetite for other modes of online gaming and thus the benefits of increasing the offerings on our sports platforms. With the addition of the online casino we are now a step nearer to our long-term goal in bringing both Extrabet and IG Sport customers everything they require on one betting site.”
