Sergey Portnov Steps Back From Parimatch To Launch SP Ventures

Sergey Portnov is stepping back from the operational management of Parimatch after more than a decade with the betting brand, shifting his focus towards new investment and advisory company SP Ventures.

The transition will see Portnov relinquish responsibility for managing Parimatch as the company finalises agreements with local operating partners across its markets. Plans are also being developed to transfer control of the remaining assets to a separate structure.

Portnov, who previously served as CEO of Parimatch, will now lead SP Ventures as Founder and Chairman.

Parimatch Prepares Operational Handover

The transition represents a broader restructuring of Parimatch's operations rather than a direct replacement of Portnov with another executive.

According to details released by SP Ventures, agreements with local operating partners are being finalised, with some negotiations already at an advanced stage. Operational responsibility for different parts of the Parimatch business is therefore expected to be distributed across its individual markets.

A separate plan is also being considered for assets not covered by those agreements. This could involve transferring operational management to a foundation or trust as part of a full transfer of control.

Parimatch has not disclosed the identities of its prospective operating partners or established a timetable for completing the transition. No single successor to Portnov has been announced.

Portnov said his decision followed a gradual expansion of his interests “beyond a single industry and the management of one business”.

Portnov Turns Attention To SP Ventures

Portnov will concentrate on building SP Ventures, which has been established to invest in and provide strategic support to companies across a range of industries.

Rather than operating solely as a conventional consultancy charging businesses for advisory services, SP Ventures intends to take equity positions in companies it supports. Its approach will combine investment with hands-on assistance aimed at helping portfolio companies expand.

Technology and education are among the sectors being targeted, with the firm considering opportunities involving both early-stage businesses and more established companies.

SP Ventures' existing portfolio includes Cyprus-based Trinity Private School, with additional investments expected to be announced over the coming months.

Further Details Of Parimatch Transition Awaited

Several elements of the Parimatch restructuring remain unresolved, including when the operating partner agreements will be completed and how the remaining assets will ultimately be controlled.

Details of the proposed foundation or trust structure have also not been disclosed.

The transition nevertheless marks a significant change for both Portnov and Parimatch after his more than decade-long involvement with the business, with management responsibilities now set to move towards a more locally operated model as Portnov concentrates on investments outside the gambling industry.