Novibet strengthens leadership with CFO appointment ahead of LatAm expansion

Lea Hogg October 30, 2023

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Novibet strengthens leadership with CFO appointment ahead of LatAm expansion

Al Alevizakos, a financial expert, joins Novibet’s executive team

Novibet, a leading pan-European online gambling group, has announced the appointment of Al Alevizakos as its Chief Financial Officer (CFO), marking a significant move as the company prepares for expansion in the Latin American market.

Alevizakos, known for his expertise in corporate finance, auditing and financial planning for mass-market enterprises, brings a wealth of experience to Novibet. He previously served as the Managing Director at Athens private equity group AXIA Ventures from 2020 to 2022. During his career, he has led auditing units and research projects for prominent financial organizations, including London FX group TP ICAP, HSBC and MedioBanca Italia.

Novibet announced Alevizakos’ appointment highlighting his proven track record in managing high-performing global teams and his dedication to excellence and sustainable growth. The company views his extensive knowledge of capital markets, investment banking, and corporate finance, along with his leadership experience, as essential elements for their growth journey.

Expansion to LatAm region

This strategic move comes as Novibet refocuses its primary efforts on expanding in its Greek home market and other Eastern European regions. This decision followed the cancellation of its anticipated SPAC merger and the intended listing worth over $690 million on the Global Nasdaq, which was initially led by Artemis Investment Corporation.

The expansion into the South American market is a central element of Novibet’s growth strategy. The company’s commitment to this venture is highlighted in this month’s SBC Leaders magazine, where CEO George Athanasopoulos is featured as the headline interviewee. As Novibet positions itself for expansion in Latin America, the appointment of Al Alevizakos as CFO is seen as a significant step towards achieving its growth objectives.

Novibet is an online betting and casino platform that was established in 2010. It is owned by Logflex MT Limited and operated by Novigroup Ltd. The company is headquartered in Malta and has offices in Greece. Novibet is regulated by the Malta Gaming Authority and holds operational licences from UKGC, the MGA and is also regulated in Greece and Italy.

Novibet expected to generate US$156 million in net gaming revenue and EBITDA of US$20 million in 2022 from iGaming operations in four regulated European markets.

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