BETTING pundits will tell you that there is no such thing as a sure-fire winner. Fortunately for Gareth Wong, CEO and founder of the gambling insurance company GamBond, when he staked his career on an Executive MBA (EMBA) it turned out to be a safe bet, rather than a risky gamble.

In 2002, Wong was well on his way to the boardroom when he decided on a change in career direction. “Although I was very successful as a business development and regional director within the telecoms market, I realised that I needed to build on my strategy and financial skill set, and fill in my knowledge gaps. I appreciated the limited understanding I had of capital and financial markets,” Wong says.

Wong decided to take an EMBA at Cass Business School in London. In particular he wanted to learn new financial skills that would help him to set up his own company in the remote gaming and gambling market. It is a sector that covers everything from Texas hold ’em poker to complex financial spread betting on corporate stocks. The common factor is that the person making the wager does so via an interactive channel — whether it is online, using a mobile phone or through interactive television.

“I hoped that the MBA would help me to gain an in-depth understanding of how the international banking, corporate finance and insurance industries work,” Wong says. “It has done that and much more. It has provided me with a common language and understanding that makes it much easier to communicate and establish a rapport with people in the City, at all levels, and the finance and insurance markets in particular.”

Now that he has graduated, Wong is in the process of getting his new venture rolling. He is playing for high stakes; a slice of the action in a market that is estimated to be worth about £7 billion worldwide. “When it is launched GamBond will have a virtual monopoly in the provision of insurance guarantees for the world’s remote gaming and gambling market,” he says.

There is also a continuing involvement with Cass. “In conjunction with the business school I have founded a special-interest group for the gaming and gambling industry, called Gambit. It acts as a forum where industry leaders from around the world can come together to discuss, communicate and help each other via the public and private forum meetings.”

Despite the fact that he was still able to work and earn a salary, taking the EMBA was tough at times. “Holding a full-time job, having two young kids, and commuting to work in Birmingham plus pursuing an EMBA was definitely a challenge. But it was all worth it,” he says.

Now Wong faces a new challenge — finding a suitable business partner and raising £80 million-plus to fund his new venture. “My focus is on building up my company, my network of business contacts and bringing trust and transparency to the remote gaming and gambling marketplace,” Wong says.

Let’s hope his winning streak continues.

OPENING GAMBIT

GAMBIT is a forum for anyone with an interest in the gaming and gambling industries. The special interest group set up by Gareth Wong, founder of GamBond, and Cass Business School holds several forums, open and private, throughout the year. The group’s most recent public forum in September was attended by more than 70 people, representing industry heavyweights such as Betfair, Littlewoods, BSkyB, Nomura and Reuters. The next public forum is on interactive television betting and will be held early next year. There will also be a series of invitation-only events entitled: “Sense and nonsense in the gaming gambling industry”.

thegambit.info

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