Longtime CEO of Legal Sports Betting Site Pinnacle Steps Back to Advisory Role
After 17 years as chief executive of Pinnacle, the influential Paris Smith announced via LinkedIn that she'll be leaving her role as top dog of the important sports betting brand, and one of the best sportsbooks.
Her statement said she'd be “stepping away from the intense day-to-day requirements of the CEO role to transition into an advisory role with Pinnacle.”
While she's apparently not leaving Pinnacle altogether, Smith’s departure will leave a gaping hole in one of the best online sports betting sites, and an outlet she's led for 17 transformative years.
Leaving a Legacy
During her tenure with the sports betting brand, Pinnacle has carved out a nice little niche as the sports betting industry’s top low-margin provider. Pinnacle has been able to consistently offer lower margins and higher limits than other sportsbooks do and has quietly become a market leader, although not one that captures a ton of headlines among the general public.
Other sportsbooks closely follow what Pinnacle does and Smith has been at the forefront of that. In many ways, Pinnacle has been able to set the tone for oddsmakers and emerging and future sportsbooks, thanks in part to the leadership of Smith.
Smith also oversaw the development and implementation of a very successful business-to-business trading and risk management wing at Pinnacle, as well as an impressive and proprietary esports platform.
Perhaps most importantly, Smith brought Pinnacle from the grey market to the legalized space with the sports betting license the company received to operate in the legal, regulated market of Ontario last year.
Smith leaves behind a stellar resume as one of the most influential CEOs in the sports betting business - from the products she helped create and the culture of mentorship and leadership that were cornerstones to the overall consistent growth of the Pinnacle brand.
“There is no question that Smith leaves a lasting legacy in her time as Pinnacle’s CEO, and we thank her for all that she has done,” Magnus Hedman said in a statement following Smith’s announcement.
Where she is headed
Smith is staying on with Pinnacle, much to the relief of everybody involved with the betting brand. She's taking an advisory role and will explore "new opportunities and strategic projects" with Pinnacle. What that means is still up in the air.
"In taking a step up to the advisory board and council, Paris will maintain a connection to the company she has led so successfully since 2006," said Pinnacle chairman Magnus Hedman.
Where it leaves Pinnacle
Smith leaves Pinnacle in a very good situation as a still-growing sports betting entity in an increasingly popular market. The hunt for the next CEO begins with it questions about what the company will look like without Smith at the helm.
There's been no timeline given for the search, and no indication of if any changes will be coming to the betting brand.
During this time of unprecedented growth in the American legal sports betting industry, all eyes will be on Pinnacle to see who Smith’s successor will be and what direction the company will take under new leadership for the first time in 17 years.
