Playtech's Shuki Barak Resigns

According to an article written on accountingweb.co.uk, Shuki Barak has resigned as Playtech's chief operating officer. Barak spent only 18 months in this position. Barak's departure comes about two years after the gambling ban came into effect, the ban, involves the ban of banking transactions to gambling and poker sites from the internet.

The Universal Internet Gambling Enforcement Act went into effect in October of 2006, after having been pushed through congress during the late hours of the night, and signed into law by President George Bush as an attachment to the Safe Ports Act.

Barak's career with the gaming giant, considered a top distribute of gaming software, is widely considered a success, after all the UIGEA put several companies, well established companies out of business. Playtech's reported revenue only dropped 5%, that's a pretty big change for the company that is used to seeing large increases in profit percentages (81% in 2006 per AccountingWeb), but .. it could have been worse.

Following the introduction of the UIGEA, Playtech decided to leave the US market, and began focusing on Asia, and new previously untapped markets. This was apparently a great choice for them as a company, opting to target area's of the world where gambling is formally legal online, rather than informally illegal.

Barak became a part of the Playtech company in February 2006, before he began at Playtech, Barak called ImageSat International home, or work. Barak's replacement is yet to be named.