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Israel Appoints New Chairman of Sports Betting Board

27th October 2009 8:39 am GMT

Israel's Finance and Sports Ministries have chosen Zach Fishbein to serve as the new Chairman of the Israel Sports Betting Board, the country's only licensed sports betting provider.

The Israel Sports Betting Board is entrusted with the sole right to manage sports betting in Israel under 1967 legislation, with all profits dedicated to the advancement of sports. Last year the Israel Sports Betting Board achieved online retail sales of €290 million.

On his appointment, Fishbein said that his main goal was to increase the income of the ISBB in order to build a solid economic infrastructure for the advancement of Israeli sports.

"Our aim is to rebuild a new sports realty in Israel that will change the sports and recreation culture in the country" said Fishbein.

Fishbein previously founded Office Depot Israel, the first joint venture of Office Depot Inc. outside the U.S, and led the expansion of the company as CEO to become the largest office supply retailer in Israel with over $200 million in sales, 44 stores and 1,200 employees.

Prior to that, Fishbein established Altra Industries, a U.S wholesaler of DIY Audio Video cabinets and office furniture, where he served as President and led its development until 1994 when he sold his ownership to Global Canada. Fishbein has also worked for leading accountants, PricewaterhouseCoopers Israel and Deloitte & Touch Israel.

Last month the Israel Sports Betting Board finalised an agreement with Scientific Games for the delivery of up to 2,000 new online terminals, including the provision of maintenance and project services for a period of five years. The agreement is expected to generate $8.6 million in annual service revenue to Scientific Games.

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