There have been few laughs at PartyGaming since it retrenched last year after US hostility against online gambling, but John Davy's appointment to the board raises a smile. He is the founder of Jongleurs comedy clubs and the nominated representative of Ruth Parasol and Russell DeLeon , the PartyGaming founders and 28.4 per cent shareholders. Anurag Dikshit - the tech brains of the outfit and a 27 per cent shareholder - has nominated Emilio Gomez , a former senior partner of Baker Tilly in Gibraltar, where Party is licensed. Also joining the board are Lord Moonie , former junior defence minister, and Stephen Box , former finance director of National Grid and independent director at Michael Page.
http://www.ft.com/cms/s/0/77f0eedc-a9e9-11dc-aa8b-0000779fd2ac.html
December 14, 2007
Party goes to Hollywood
PartyGaming has announced its latest alliance, this time an exclusive licensing agreement with Paramount Pictures to develop a range of online slots based on four of the studio’s back catalogue.
The announcement came on the same day that Party issued a pre-close trading statement which said its financial performance was in line with expectations.
The company has also announced changes to the board which has seen founders Anurag Dikshit, Russell DeLeon and Ruth Parasol have placements appointed to represent their interests.
The new film-themed slot games will be available next year and will be based around Top Gun, The Godfather, Saturday Night Fever and Mission Impossible. They mark a first for the online gaming industry.
Party has had a busy few months, announcing deals with ITV, RTL in Germany and Sporting Index.
Mitch Garber, chief executive, said: “Popular brands are a differentiating factor in online gaming and this alliance will enhance and distinguish the quality of PartyCasino’s offer.”
Off the back of the trading statement, analysts at Dresdner Kleinwort have suggested the company should be on a greater P/E ratio that 16 times. The note forecasts 77% year-on-year growth for the fourth quarter and revenue growth expectations for 2008 of 28%.
Regarding the changes to the board, Dikshit, DeLeon and Parasol have placed two non-executive directors as board representatives - John Davy, Emilio Gomez.
Stephen Box and Lord Moonie have also been recruited. Parasol and DeLeon are 28.4% shareholders, and have nominated the founder of Jongleurs comedy club Davy, while Dikshit, who owns 27% of the company, nominated former senior partner of Baker Tilly in Gibraltar, Emilio Gomez. Life peer Lord Moonie is a former under secretary of state at the ministry of defence, and was MP for Kirkaldy between 1987 and 2005.
The announcement came on the same day that Party issued a pre-close trading statement which said its financial performance was in line with expectations.
The company has also announced changes to the board which has seen founders Anurag Dikshit, Russell DeLeon and Ruth Parasol have placements appointed to represent their interests.
The new film-themed slot games will be available next year and will be based around Top Gun, The Godfather, Saturday Night Fever and Mission Impossible. They mark a first for the online gaming industry.
Party has had a busy few months, announcing deals with ITV, RTL in Germany and Sporting Index.
Mitch Garber, chief executive, said: “Popular brands are a differentiating factor in online gaming and this alliance will enhance and distinguish the quality of PartyCasino’s offer.”
Off the back of the trading statement, analysts at Dresdner Kleinwort have suggested the company should be on a greater P/E ratio that 16 times. The note forecasts 77% year-on-year growth for the fourth quarter and revenue growth expectations for 2008 of 28%.
Regarding the changes to the board, Dikshit, DeLeon and Parasol have placed two non-executive directors as board representatives - John Davy, Emilio Gomez.
Stephen Box and Lord Moonie have also been recruited. Parasol and DeLeon are 28.4% shareholders, and have nominated the founder of Jongleurs comedy club Davy, while Dikshit, who owns 27% of the company, nominated former senior partner of Baker Tilly in Gibraltar, Emilio Gomez. Life peer Lord Moonie is a former under secretary of state at the ministry of defence, and was MP for Kirkaldy between 1987 and 2005.
December 13, 2007
Sportingbet Releases Third Quarter Results
Leading online sports betting and gaming group Sportingbet has released its results for the third quarter of the year and announced that its operating profit has risen by 110 percent.
Sportingbet was forced to sell or close its entire US operation following the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) in October of last year and stated that these latest results exclude this business.
Financial highlights include the rise in operating profit to $8.5 million from last year’s $4.1 million and the company reported that 13.8 percent of this increase was down to gaming, up from 2006’s 6.2 percent.
It announced cash on the balance sheet of $52 million, down from last year’s $106 million, and a statutory group losses of $3.4 million, which was considerably down on 2006’s $490.3 million.
'I am delighted with the group's strong performance in the first quarter, which has given us a very solid start to the financial year,” said Andrew McIver, Chief Executive for Sportingbet.
“With much of the restructuring now behind us, our focus can now be on better recruitment and retention of customers, on being a first class retailer of gaming services and on offering a true Internet-based experience. The second quarter has started well with good margins and volumes across the group. With the platform for growth in place, the board looks to the future with confidence.'
Sportingbet was forced to sell or close its entire US operation following the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) in October of last year and stated that these latest results exclude this business.
Financial highlights include the rise in operating profit to $8.5 million from last year’s $4.1 million and the company reported that 13.8 percent of this increase was down to gaming, up from 2006’s 6.2 percent.
It announced cash on the balance sheet of $52 million, down from last year’s $106 million, and a statutory group losses of $3.4 million, which was considerably down on 2006’s $490.3 million.
'I am delighted with the group's strong performance in the first quarter, which has given us a very solid start to the financial year,” said Andrew McIver, Chief Executive for Sportingbet.
“With much of the restructuring now behind us, our focus can now be on better recruitment and retention of customers, on being a first class retailer of gaming services and on offering a true Internet-based experience. The second quarter has started well with good margins and volumes across the group. With the platform for growth in place, the board looks to the future with confidence.'
888 signs white-label deal with Kamay to provide online poker and casino products in European market
Online gaming and betting operator 888 has entered into a white-label partnership with Kamay Holdings to provide online poker and casino products focusing on the “growing markets in Europe”.
888 said Kamay is led by a team of “industry veterans, with a track record of customer recruitment and traffic generation”. Gigi Levy, chief executive at 888 said: "As part of our vision and action to gain dominant market share in growing markets, we are implementing our white-labelling strategy, which enables us to achieve quick growth in parallel to 888's robust organic growth in those markets. The agreement is a further progression of 888’s diversified, multi-channel strategy to grow our customer reach and appeal globally."
The deal announced today is the latest white-label partnership from 888 after it announced deals with Rileyspoker in the UK and Tower Torneos in Latin America. 888 has also recently entered into a white-label deal with Rank subsidiary Blue Square that will see it 888 with a sports-betting website.
888 said Kamay is led by a team of “industry veterans, with a track record of customer recruitment and traffic generation”. Gigi Levy, chief executive at 888 said: "As part of our vision and action to gain dominant market share in growing markets, we are implementing our white-labelling strategy, which enables us to achieve quick growth in parallel to 888's robust organic growth in those markets. The agreement is a further progression of 888’s diversified, multi-channel strategy to grow our customer reach and appeal globally."
The deal announced today is the latest white-label partnership from 888 after it announced deals with Rileyspoker in the UK and Tower Torneos in Latin America. 888 has also recently entered into a white-label deal with Rank subsidiary Blue Square that will see it 888 with a sports-betting website.
Monopolies accused of using sports-betting corruption fears to ‘prop up failing case’
Allegations from the European State Lotteries and Toto Association (ESLTA) that “uncontrolled expansion” of online sports-betting opportunities has “facilitated attempts to rig matches” have been strongly rejected by the Remote Gambling Association (RGA).
The complaints follow the news last week that European football's governing body UEFA is investigating claims that 26 recent Champions League, UEFA Cup and World Cup qualifiers may have been affected by betting-related corruption.
The ESLTA is reported to have complained about a “growing number of actual and attempted manipulations of sporting competitions through betting”.
But Clive Hawkswood, chief executive of the RGA, accused the ESLTA of taking advantage of UEFA’s action "to prop up its failing case to maintain control of sports-betting services by state monopolies.”
Hawkswood pointed out that regulated private betting operators were “regulated to the same standard as state monopolies, if not better”. He added that it was the betting companies themselves that would be the victims of any match-fixing.
“Furthermore, all out members will collaborate to the extent of the law with the competent authorities on any case of alleged match-fixing. The integrity of sports is of fundamental importance to all betting operators because they provide our core products. Wherever possible we are committed to working with sporting authorities to address any problems which arise and that will continue to be the case.”
The complaints follow the news last week that European football's governing body UEFA is investigating claims that 26 recent Champions League, UEFA Cup and World Cup qualifiers may have been affected by betting-related corruption.
The ESLTA is reported to have complained about a “growing number of actual and attempted manipulations of sporting competitions through betting”.
But Clive Hawkswood, chief executive of the RGA, accused the ESLTA of taking advantage of UEFA’s action "to prop up its failing case to maintain control of sports-betting services by state monopolies.”
Hawkswood pointed out that regulated private betting operators were “regulated to the same standard as state monopolies, if not better”. He added that it was the betting companies themselves that would be the victims of any match-fixing.
“Furthermore, all out members will collaborate to the extent of the law with the competent authorities on any case of alleged match-fixing. The integrity of sports is of fundamental importance to all betting operators because they provide our core products. Wherever possible we are committed to working with sporting authorities to address any problems which arise and that will continue to be the case.”
December 11, 2007
Sportingbet looks to organic expansion in Europe
Sportingbet’s European sports-betting businesses have “huge potential for organic growth”, according to David Hobday, the company’s chief operating officer.
Hobday was speaking after Sportingbet released first quarter figures which showed operating profit before exceptionals rising 110% to £4.2m from £2m in 2006. The company also showed a pre-exceptionals pre-tax profit of £1.5m compared to £1.1m last year.
However, net gaming revenue for the group fell slightly to £30.4m from £32.5m after a fall in poker rake. The company attributed the fall to the migration of its poker player base to the Boss platform following the closure of its standalone Paradise poker platform. But Hobday emphasised that the poker business has stabilised following the migration and said the business had seen a pick-up in November with average daily rake being 17% up on the previous month. The casino offering saw the number of bets placed rise 12%, although at a lower average bet size (£4.60 compared with £5.57 in the same period last year. The company said this represented a “substantial change in product mix”.
In terms of regulatory developments, Hobday said the company remained in talks with eh US Department of Justice regarding a possible settlement related to the company’s previous activities in the US. He added that the situation in Europe remained “uncomfortable” but relatively stable.
Sportingbet’s key European markets include Turkey, Spain, Italy and Greece – all represented at next year’s football European Championships - and Hobday said the competition represented a “good opportunity, but the challenge is to differentiate”.
With regard to European sports-betting, Sportingbet has seen amounts wagered rise to £170m from £148m with net gaming revenue rising to £15m from £13m. The number of sports bets over the period rose 16%, a rise which Hobday attributed to improvements in the company’s product offering, particularly in terms of in-running.
“The products have developed so that the customer is now encouraged to stay with us for longer and bet more,” he said.
The company also highlighted good trading at Sportingbet’s Australian operation, despite the intervention of equine influenza in two states effectively shutting down horse-racing in those territories over the period. Overall customer numbers in Australia rose by 31% to 15,164. However, net gaming revenue fell slightly to £3.5m from £3.9m due to slippage at the high-rollers telephone business.
Looking ahead, the company said trading in the second quarter had “started well” and that amounts wagered in sports-betting was 17% up year-on-year.
Hobday was speaking after Sportingbet released first quarter figures which showed operating profit before exceptionals rising 110% to £4.2m from £2m in 2006. The company also showed a pre-exceptionals pre-tax profit of £1.5m compared to £1.1m last year.
However, net gaming revenue for the group fell slightly to £30.4m from £32.5m after a fall in poker rake. The company attributed the fall to the migration of its poker player base to the Boss platform following the closure of its standalone Paradise poker platform. But Hobday emphasised that the poker business has stabilised following the migration and said the business had seen a pick-up in November with average daily rake being 17% up on the previous month. The casino offering saw the number of bets placed rise 12%, although at a lower average bet size (£4.60 compared with £5.57 in the same period last year. The company said this represented a “substantial change in product mix”.
In terms of regulatory developments, Hobday said the company remained in talks with eh US Department of Justice regarding a possible settlement related to the company’s previous activities in the US. He added that the situation in Europe remained “uncomfortable” but relatively stable.
Sportingbet’s key European markets include Turkey, Spain, Italy and Greece – all represented at next year’s football European Championships - and Hobday said the competition represented a “good opportunity, but the challenge is to differentiate”.
With regard to European sports-betting, Sportingbet has seen amounts wagered rise to £170m from £148m with net gaming revenue rising to £15m from £13m. The number of sports bets over the period rose 16%, a rise which Hobday attributed to improvements in the company’s product offering, particularly in terms of in-running.
“The products have developed so that the customer is now encouraged to stay with us for longer and bet more,” he said.
The company also highlighted good trading at Sportingbet’s Australian operation, despite the intervention of equine influenza in two states effectively shutting down horse-racing in those territories over the period. Overall customer numbers in Australia rose by 31% to 15,164. However, net gaming revenue fell slightly to £3.5m from £3.9m due to slippage at the high-rollers telephone business.
Looking ahead, the company said trading in the second quarter had “started well” and that amounts wagered in sports-betting was 17% up year-on-year.
December 05, 2007
Bodog ‘not subject to Nevada law’ rules Las Vegas magistrate
A federal magistrate in Las Vegas has ruled that Bodog is not subject to Nevada law and that founder Calvin Ayre is not required to appear before the court and thus cannot be found guilty of contempt of court.
In a ruling issued on 28 November, the magistrate denied a motion of contempt on the part of ‘patent troll’ 1st Technology, the company that won a ruling in Washington state which meant Bodog ‘lost’ its domain name.
Ayre said: “This has been an interesting case, and as it progresses, there seems to be plenty of compelling facts emerging. With the recent ruling in favour of the defence, I’m happy that it was also clarified by the judge that I am, by law, not personally in contempt of any order from the Nevada court.”
In Washington state, Bodog is in the process of “seeking clarity” on the law of domain-name ownership rights and whether they are property which can be subject to seizure.
http://www.egrmagazine.com/item/2311
In a ruling issued on 28 November, the magistrate denied a motion of contempt on the part of ‘patent troll’ 1st Technology, the company that won a ruling in Washington state which meant Bodog ‘lost’ its domain name.
Ayre said: “This has been an interesting case, and as it progresses, there seems to be plenty of compelling facts emerging. With the recent ruling in favour of the defence, I’m happy that it was also clarified by the judge that I am, by law, not personally in contempt of any order from the Nevada court.”
In Washington state, Bodog is in the process of “seeking clarity” on the law of domain-name ownership rights and whether they are property which can be subject to seizure.
http://www.egrmagazine.com/item/2311
Betbull looking forward to Spanish ventures
European betting and leisure group Betbull has released its results for the third quarter and nine-month period to the end of September. Highlights include a 56% reduction of Betbull losses to €0.8m during the period, compared with €1.8m in 2006. Net gaming revenue for the nine-month period fell 9% to €9.8m, compared to €10.8m last year, while EBITDA shot up 200% to €0.6m for the period, compared with a loss of €0.6m during the same period in 2006.
Betbull has continued to reduce operating expenses during the quarter, producing savings of €1.5m to bring the costs down to €10.8m, compared with €12.3m in 2006.
The company announced the creation of a joint-venture company with Bwin in October to offer retail betting in the Spanish province of Madrid. The licensing process has been initiated and the new company will operate under the Bwin brand.
Simon Bold, executive director of Betbull, said: “The forthcoming year will see the fruition of many months of planning and fine tuning of our betting products and systems for the Spanish market. We are confident we have the knowledge, product, resources and now brand awareness to become a major retail presence in the province of Madrid and eventually across Spain as further liberalization of the gaming market unfolds.”
http://www.egrmagazine.com/item/2312
Betbull has continued to reduce operating expenses during the quarter, producing savings of €1.5m to bring the costs down to €10.8m, compared with €12.3m in 2006.
The company announced the creation of a joint-venture company with Bwin in October to offer retail betting in the Spanish province of Madrid. The licensing process has been initiated and the new company will operate under the Bwin brand.
Simon Bold, executive director of Betbull, said: “The forthcoming year will see the fruition of many months of planning and fine tuning of our betting products and systems for the Spanish market. We are confident we have the knowledge, product, resources and now brand awareness to become a major retail presence in the province of Madrid and eventually across Spain as further liberalization of the gaming market unfolds.”
http://www.egrmagazine.com/item/2312
December 03, 2007
Unibet acquires Maria Invest bingo business for £54m
Unibet has agreed to acquire the bingo business of Maria Invest for SEK705m (£54m) as it looks to broaden its offering in the Nordic region.
Unibet hopes to finance the acquisition with either bank debt or through money raised in the bond market. Only last we4ek the company announced it had appointed Swedish financial firm Ohman Fondkommission to advise on possible sources of capital of up to €100m.
The deal will see Unibet acquire several domain names including bingo.se and mariabingo.com. The company said the acquisition offered significant growth potential in the key female demographic.
In the first nine months of the year, Maria Invest had a total income of SEK77m and hit an operating profit of SEK26m. Total income in the third quarter of this year stood at SEK30m compared to SEK6.5m in the same period last year. As of the end of the third quarter, Maria Invest had 176,361 registered customers and 11,659 active over the past three months.
Unibet said it hoped the acqusition would be completed before the end of the year.
Unibet hopes to finance the acquisition with either bank debt or through money raised in the bond market. Only last we4ek the company announced it had appointed Swedish financial firm Ohman Fondkommission to advise on possible sources of capital of up to €100m.
The deal will see Unibet acquire several domain names including bingo.se and mariabingo.com. The company said the acquisition offered significant growth potential in the key female demographic.
In the first nine months of the year, Maria Invest had a total income of SEK77m and hit an operating profit of SEK26m. Total income in the third quarter of this year stood at SEK30m compared to SEK6.5m in the same period last year. As of the end of the third quarter, Maria Invest had 176,361 registered customers and 11,659 active over the past three months.
Unibet said it hoped the acqusition would be completed before the end of the year.
November 29, 2007
Boris Becker will be the new face of PokerStars
Tennis legend Boris Becker will be the new face of PokerStars. The three times grand slam event winner will represent the poker site during live events and online tournaments and will star in a new TV advertising campaign for the company. Becker will take part in a training programme to improve his poker skills and will then compete in PokerStars’ European Poker Tour events in Dortmund in late January and Monte Carlo in April next year. Tamar Yaniv, director of marketing EMEA at PokerStars, said: “Boris Becker is a world-class sportsman who became famous for his competitive spirit and aggressive, entertaining playing style, so we’re delighted that he has become an ambassador for PokerStars.”
November 27, 2007
Bodog seeks new judgement in internet domain name dispute
In its domain name court dispute in the state of Washington, Bodog is arguing that internet domain names are not property which can be seized by any court.
Lawyers for the company have suggested there is no previously established case law in the state which permits internet domain names to be seized under Washington law.
Bodog lost its domain names following legal action from a company called First technology, which Bodog insists is a “patent troll”.
Defence lawyer James Nguyen, a partner at internet legal specialists Foley & Lardner, has suggested that the court in Washington should look to the law established in Virginia which holds that domain names should not be subject to seizure.
The defence team also argues that Bodog domain names cannot be transferred, because those names could not be used by third parties without infringing on Bodog trademarks. The Bodog motion argues that if the court does not have the power to permit seizure of trademarks, “it likewise should not have the power to seize or transfer domain names which contain those trademarks”.
Bodog insists that the company named in the First Technology action, Bodog Entertainment Group SA, is a “defunct ex-supplier of data entry and domain management services”.
Calvin Ayre, Bodog founder, said: “This is a groundbreaking case in the muddy waters of internet law, and we are confident that we have many aspects in our favour to potentially solidify some clarity on this issue and our domains returned to us.”
Lawyers for the company have suggested there is no previously established case law in the state which permits internet domain names to be seized under Washington law.
Bodog lost its domain names following legal action from a company called First technology, which Bodog insists is a “patent troll”.
Defence lawyer James Nguyen, a partner at internet legal specialists Foley & Lardner, has suggested that the court in Washington should look to the law established in Virginia which holds that domain names should not be subject to seizure.
The defence team also argues that Bodog domain names cannot be transferred, because those names could not be used by third parties without infringing on Bodog trademarks. The Bodog motion argues that if the court does not have the power to permit seizure of trademarks, “it likewise should not have the power to seize or transfer domain names which contain those trademarks”.
Bodog insists that the company named in the First Technology action, Bodog Entertainment Group SA, is a “defunct ex-supplier of data entry and domain management services”.
Calvin Ayre, Bodog founder, said: “This is a groundbreaking case in the muddy waters of internet law, and we are confident that we have many aspects in our favour to potentially solidify some clarity on this issue and our domains returned to us.”
Unibet to attempt to raise €100m to fund acquisition spree
Unibet is looking to raise up to €100m (£72m) on the bond markets to finance possible acquisitions.
In a statement issued today, the company said it had hired Swedish financial advisors Ohman Fondkommission to advise the board on possible sources of capital of up to €100m.
The statement added that the firm had been in discussions with “a number of parties regarding strategic acquisitions” and that in the opinion of the board “one or more of these acquisitions may be realised”.
In a statement issued today, the company said it had hired Swedish financial advisors Ohman Fondkommission to advise the board on possible sources of capital of up to €100m.
The statement added that the firm had been in discussions with “a number of parties regarding strategic acquisitions” and that in the opinion of the board “one or more of these acquisitions may be realised”.
Party boss cancels planned share sale
Mitch Garber, chief executive at PartyGaming, has cancelled a planned sale of shares and said he will not be off-loading any more shares in the company this year.
Back in March, Party announced that Garber had agreed to a programme of share sales at the end of each calendar quarter. The company gave no further reasons for the decision. However, the news could spark speculation that Party is close to signing off a deal with the US Department of Justice regarding its previous activities in the US.
According to the March plan, in June Garber sold over 4.3 million shares at a price of just over 39p, netting approximately £1.7m US$3.4m), while in September he netted approximately £1.2m from the sale of 5 million shares at 24p.
Under the agreement with the board reached in March, Garber must retain a holding of at least 3.5 million shares. After the announcement yesterday, Garber has a holding in the firm of 8.75 million shares.
Back in March, Party announced that Garber had agreed to a programme of share sales at the end of each calendar quarter. The company gave no further reasons for the decision. However, the news could spark speculation that Party is close to signing off a deal with the US Department of Justice regarding its previous activities in the US.
According to the March plan, in June Garber sold over 4.3 million shares at a price of just over 39p, netting approximately £1.7m US$3.4m), while in September he netted approximately £1.2m from the sale of 5 million shares at 24p.
Under the agreement with the board reached in March, Garber must retain a holding of at least 3.5 million shares. After the announcement yesterday, Garber has a holding in the firm of 8.75 million shares.
November 16, 2007
Duplicate Poker: It’s Online, and It’s Legal
Duplicate Poker is different.
From the moment the download is complete and you find that there is already real money in your account, to playing one of the games for the first time, there is no doubt that it is a new experience. From the ability to play with real money by using your Visa, Mastercard or American Express account to transfer funds, to the fact that winning is based on skill, not luck, Duplicate Poker is a concept that has been a long time coming.
The online poker site launched on September 1, 2006, but only began its expansive marketing blitz this year. Now, its logo can be seen on numerous poker-related websites as the word spreads about this new phenomenon called duplicate poker. The concept and its premise are catching on quickly.
While still in the beginning stages of building a customer base and introducing the idea to card players, the minds behind the concept have already conducted a trial live tournament and are looking to create a tour of live duplicate poker events culminating in a championship event. But it all starts with the success of their already growing website.
More: http://thepokerpromagazine.com/index.php?option=com_content&task=view&id=291&Itemid=2
From the moment the download is complete and you find that there is already real money in your account, to playing one of the games for the first time, there is no doubt that it is a new experience. From the ability to play with real money by using your Visa, Mastercard or American Express account to transfer funds, to the fact that winning is based on skill, not luck, Duplicate Poker is a concept that has been a long time coming.
The online poker site launched on September 1, 2006, but only began its expansive marketing blitz this year. Now, its logo can be seen on numerous poker-related websites as the word spreads about this new phenomenon called duplicate poker. The concept and its premise are catching on quickly.
While still in the beginning stages of building a customer base and introducing the idea to card players, the minds behind the concept have already conducted a trial live tournament and are looking to create a tour of live duplicate poker events culminating in a championship event. But it all starts with the success of their already growing website.
More: http://thepokerpromagazine.com/index.php?option=com_content&task=view&id=291&Itemid=2
France ready for March 2008 opening?
France and the European Commission hope to reach agreement over the provision of online betting and gaming services top French citizens by March 2008.
The news follows French budget minister Eric Woerth’s visit to Brussels to discuss a controlled opening of his country gambling market with European internal markets commissioner Charlie McCreevy.
One diplomat told French press sources there was still some way to go and the government’s representatives had not been in Brussels “to negotiate (with the Commission) but to discuss” a potential liberalisation of the French market.
France will assume the presidency of the European Commission in July 2008 and will want to have this issue cleared up when it takes up its position.
The news follows French budget minister Eric Woerth’s visit to Brussels to discuss a controlled opening of his country gambling market with European internal markets commissioner Charlie McCreevy.
One diplomat told French press sources there was still some way to go and the government’s representatives had not been in Brussels “to negotiate (with the Commission) but to discuss” a potential liberalisation of the French market.
France will assume the presidency of the European Commission in July 2008 and will want to have this issue cleared up when it takes up its position.
Bwin cuts losses but markets respond negatively
Bwin’s results for the third quarter and nine month periods of 2007 were badly received yesterday by analysts across Europe.
Although the company reduced losses to €5m for the three month period to the end of September, compared with losses of €22.6m over the same period in 2006, according to Bloomberg, analyst Christine Reitsamer from Sal. Oppenheim issued a neutral rating and said: “Bwin doesn't seem to be able to show profitable growth. Investors don't like that.'' Wolfgang Matejka, chief investment officer at Meinl Bank in Vienna, told the news agency: ``Bwin has not made the profit some people were waiting for.''
However, Bwin co-chief executive Norbert Teufelberger remained optimistic about the European market. He said: "Who would have thought six months ago that France would move politically? There is movement now. We hope that we will have more clarity in a few months. There won't be a European Union-wide solution, but in individual countries. The UK already has a solution. Our goal is to find one in one or several major countries. If that's going to happen, there will be a landslide."
The company generated gross gaming revenues of €86.2m for the quarter, up 20% on the €71.8m produced in 2006, sports betting revenues rose 15.3% to €47.3m, compared with €41m in 2006 and sports betting margins were 8.5%. Total group revenues for the quarter were €90m, a 34% rise on €67.3m for the same period in 2006. EBITDA for the quarter was €15.2m, compared with a loss of €5.2m in 2006.
Gross gaming revenues for the nine month period were €248m, a 20% increase compared with €206.7m for the same period in 2006. Total group revenues for the period were €252.7m, a 34.5% on €188m in 2006. EBITDA for the nine month period was €49.7m., compared with a loss of €8m last year.
Quarterly net gaming revenues came in at €75.5m, a 22% increase compared with €62m in 2006 and 13.8% rise compared with the previous quarter. Bwin said this was due mainly to an increase in net gaming revenues from poker to €18.5m, a 51% rise compared with 2006 and for sports betting to €40.5m, up 17.2% compared with the same period for 2006.
Bwin’s poker, casino and games divisions all strong performances during the quarter, rising respectively 46.2% (€20.7m), 4.9% (€14.4m) and 32.5% (€4m), while sports betting margins were up on the second quarter of 2007 (7.5%), but down on last year’s figures (9.2%).
Marketing expenses for the quarter were down 44% to €29m, compared with €52m in 2006, the company said it had concentrated on customer acquisition marketing and account reactivations during the period and bonuses totalling €8.5m, 10% of gross gaming revenues, were issued to customers.
Although the company reduced losses to €5m for the three month period to the end of September, compared with losses of €22.6m over the same period in 2006, according to Bloomberg, analyst Christine Reitsamer from Sal. Oppenheim issued a neutral rating and said: “Bwin doesn't seem to be able to show profitable growth. Investors don't like that.'' Wolfgang Matejka, chief investment officer at Meinl Bank in Vienna, told the news agency: ``Bwin has not made the profit some people were waiting for.''
However, Bwin co-chief executive Norbert Teufelberger remained optimistic about the European market. He said: "Who would have thought six months ago that France would move politically? There is movement now. We hope that we will have more clarity in a few months. There won't be a European Union-wide solution, but in individual countries. The UK already has a solution. Our goal is to find one in one or several major countries. If that's going to happen, there will be a landslide."
The company generated gross gaming revenues of €86.2m for the quarter, up 20% on the €71.8m produced in 2006, sports betting revenues rose 15.3% to €47.3m, compared with €41m in 2006 and sports betting margins were 8.5%. Total group revenues for the quarter were €90m, a 34% rise on €67.3m for the same period in 2006. EBITDA for the quarter was €15.2m, compared with a loss of €5.2m in 2006.
Gross gaming revenues for the nine month period were €248m, a 20% increase compared with €206.7m for the same period in 2006. Total group revenues for the period were €252.7m, a 34.5% on €188m in 2006. EBITDA for the nine month period was €49.7m., compared with a loss of €8m last year.
Quarterly net gaming revenues came in at €75.5m, a 22% increase compared with €62m in 2006 and 13.8% rise compared with the previous quarter. Bwin said this was due mainly to an increase in net gaming revenues from poker to €18.5m, a 51% rise compared with 2006 and for sports betting to €40.5m, up 17.2% compared with the same period for 2006.
Bwin’s poker, casino and games divisions all strong performances during the quarter, rising respectively 46.2% (€20.7m), 4.9% (€14.4m) and 32.5% (€4m), while sports betting margins were up on the second quarter of 2007 (7.5%), but down on last year’s figures (9.2%).
Marketing expenses for the quarter were down 44% to €29m, compared with €52m in 2006, the company said it had concentrated on customer acquisition marketing and account reactivations during the period and bonuses totalling €8.5m, 10% of gross gaming revenues, were issued to customers.
November 15, 2007
A Recipe For Success?
On the back of fans’ community website MyFootballClub agreeing to take control of Conference side Ebbsfleet United, internet based sportsbook PartyBets.com is offering a range of odds on what will be achieved.
With due diligence now set to take place, it is expected that the 20,000 members will take control of a 51% stake in the club in the next few weeks. Edging closer to the January transfer window, the members may decide on bringing a big name to the club to really put them on the map. If they do indeed decide to go down this route, you can get 20/1 on Teddy Sheringham joining the club, whilst Jimmy Floyd Hasselbaink is 50/1. Anyone fancying an outside bet can take advantage of odds of 500/1 that Jens Lehmann will be an Ebbsfleet player by the beginning of next season.
Instant success will be something that the members will be hoping for to attract more people to invest, as well as raising the profile of the club. Ebbsfleet are 15/1 to win promotion to the Football League this year, while it is a 250/1 shot that they will steam roll their way to the Premiership in the next five years.
A PartyBets.com spokesman said, “This is a really novel concept with such a huge number of members having equal voting rights on everything from formations to which players to sign. It really is all about the small guy taking on the world and for that it would be brilliant if the MyFootballClub story is a success.”
Markets
Ebbing on Success
Can Ebbsfleet achieve their dream?
Ebbsfleet to be a Premiership club in the next 5 years 250/1
Ebbsfleet to be a Premiership club in the next 10 years 50/1
Ebbing closer
Can Ebsfleet gain promotion this season?
Ebbsfleet to be promoted in 2007/2008 season 15/1
Aiming High
Can Ebbsfleet attract the big names?
To Be a Ebbsfleet player by start of 2008 season
Ray Parlour 15/1
Teddy Sheringham 20/1
Robbie Fowler 50/1
Jimmy Floyd Hasselbaink 50/1
Jens Lehmann 500/1
With due diligence now set to take place, it is expected that the 20,000 members will take control of a 51% stake in the club in the next few weeks. Edging closer to the January transfer window, the members may decide on bringing a big name to the club to really put them on the map. If they do indeed decide to go down this route, you can get 20/1 on Teddy Sheringham joining the club, whilst Jimmy Floyd Hasselbaink is 50/1. Anyone fancying an outside bet can take advantage of odds of 500/1 that Jens Lehmann will be an Ebbsfleet player by the beginning of next season.
Instant success will be something that the members will be hoping for to attract more people to invest, as well as raising the profile of the club. Ebbsfleet are 15/1 to win promotion to the Football League this year, while it is a 250/1 shot that they will steam roll their way to the Premiership in the next five years.
A PartyBets.com spokesman said, “This is a really novel concept with such a huge number of members having equal voting rights on everything from formations to which players to sign. It really is all about the small guy taking on the world and for that it would be brilliant if the MyFootballClub story is a success.”
Markets
Ebbing on Success
Can Ebbsfleet achieve their dream?
Ebbsfleet to be a Premiership club in the next 5 years 250/1
Ebbsfleet to be a Premiership club in the next 10 years 50/1
Ebbing closer
Can Ebsfleet gain promotion this season?
Ebbsfleet to be promoted in 2007/2008 season 15/1
Aiming High
Can Ebbsfleet attract the big names?
To Be a Ebbsfleet player by start of 2008 season
Ray Parlour 15/1
Teddy Sheringham 20/1
Robbie Fowler 50/1
Jimmy Floyd Hasselbaink 50/1
Jens Lehmann 500/1
High roller contribution makes the difference for Ladbrokes
Ladbrokes has reported a rise in gross win of 33% for the four month period to the end of October, with profits increasing 84%, with the company’s telephone betting high rollers contributing most of the growth. Excluding high rollers, total gross win increased by 7%, while profits decreased 12%, factoring in the £3.7m cost of Ladbrokes’ recent TV advertising campaign and the cancellation of many racing meetings due to bad weather this summer.
Telephone betting revenues reached £91.8m, with strong high roller activity continuing into November, the company said. Online gaming net revenue grew 5%, customer sign ups rose 21% and unique active customers grew 11%, despite the impact of the World Cup in 2006. Ladbrokes Bingo benefited from a TV advertising campaign.
Net revenue grew across the sportsbook, casino and games divisions but “was partially offset by slightly weaker margins and lower poker net revenue in a very competitive market”, reflecting the continued competitiveness of the European online poker market.
John O’Reilly, head of Ladbrokes eGaming, said the current business environment was challenging for high street bookmakers but Ladbrokes was looking to invest its profits into developing the business. "That means expanding into Europe, which we are doing in Italy and Spain. We are also focusing efforts on our online poker platform, with the launch of a 3D poker interface available in players on our 2D network in the near future.”
Ladbrokes’ UK retail gross win increased 4%, with average weekly gross win per gaming machine increasing 25% to £586, compared with £467 for the same period in 2006. The company said it was difficult to compare football betting activity in July with 2006 being a World Cup year, but said amounts staked since the start of the 2007-2008 season had been considerably higher than in 2006 but the margins had been poor due to unfavourable results.
Ladbrokes has 17 shops operating in Italy, with more expected soon and an Italian language website due for roll out shortly, while in Spain shop premises are being fitted out in anticipation of an operating licence for the Madrid region in the near future.
The levy was still being discussed with the UK government and the deadlock with Turf TV over UK horse racing pictures was ongoing, the company said.
http://www.egrmagazine.com/item/2271
Telephone betting revenues reached £91.8m, with strong high roller activity continuing into November, the company said. Online gaming net revenue grew 5%, customer sign ups rose 21% and unique active customers grew 11%, despite the impact of the World Cup in 2006. Ladbrokes Bingo benefited from a TV advertising campaign.
Net revenue grew across the sportsbook, casino and games divisions but “was partially offset by slightly weaker margins and lower poker net revenue in a very competitive market”, reflecting the continued competitiveness of the European online poker market.
John O’Reilly, head of Ladbrokes eGaming, said the current business environment was challenging for high street bookmakers but Ladbrokes was looking to invest its profits into developing the business. "That means expanding into Europe, which we are doing in Italy and Spain. We are also focusing efforts on our online poker platform, with the launch of a 3D poker interface available in players on our 2D network in the near future.”
Ladbrokes’ UK retail gross win increased 4%, with average weekly gross win per gaming machine increasing 25% to £586, compared with £467 for the same period in 2006. The company said it was difficult to compare football betting activity in July with 2006 being a World Cup year, but said amounts staked since the start of the 2007-2008 season had been considerably higher than in 2006 but the margins had been poor due to unfavourable results.
Ladbrokes has 17 shops operating in Italy, with more expected soon and an Italian language website due for roll out shortly, while in Spain shop premises are being fitted out in anticipation of an operating licence for the Madrid region in the near future.
The levy was still being discussed with the UK government and the deadlock with Turf TV over UK horse racing pictures was ongoing, the company said.
http://www.egrmagazine.com/item/2271
November 09, 2007
Svenska Spel barred from expanding net poker
Sweden's state-owned gambling monopoly, Svenska Spel, has been forbidden from expanding its net-poker services - for the time being at least.
On Thursday, the Swedish government rejected Svenska Spel's request to expand its existing licence to organize and distribute net-poker services.
Instead, the government asked Svenska Spel to devote more time to an internal, ongoing investigation into the existing licence, which is now due on June 30th 2008. Until the results are in from that investigation, the government will not allow the company to expand its net-poker services.
The government emphasized that Svenska Spel must consider the social effects of gambling, before profits.
Svenska Spel reaped a profit of nearly 1.4 billion kronor ($215 million) in the third quarter, as reported by The Local in October. Svenska Spel controls 35 percent of the Swedish market, as internet gambling including poker is growing rapildy. Overall profits for the first three quarters were more than 4 billion kronor, up 19 percent compared to 2006.
On Thursday, the Swedish government rejected Svenska Spel's request to expand its existing licence to organize and distribute net-poker services.
Instead, the government asked Svenska Spel to devote more time to an internal, ongoing investigation into the existing licence, which is now due on June 30th 2008. Until the results are in from that investigation, the government will not allow the company to expand its net-poker services.
The government emphasized that Svenska Spel must consider the social effects of gambling, before profits.
Svenska Spel reaped a profit of nearly 1.4 billion kronor ($215 million) in the third quarter, as reported by The Local in October. Svenska Spel controls 35 percent of the Swedish market, as internet gambling including poker is growing rapildy. Overall profits for the first three quarters were more than 4 billion kronor, up 19 percent compared to 2006.
Betsson announces record revenues
Sweden-based betting and gaming group Betsson has reported record revenues and profits according to the company’s third-quarter results statement.
Revenue rose to SEK117m (£13m), up 147% over the period. Operating profit rose to SEK54m (£4m).
The company said the revenue increase had been achieved despite difficulties in the Turkish market following the passing of anti-online gaming legislation. “The gaming volume from Turkey declined significantly, which resulted in Turkey’s share of the group’s total revenues during the third quarter only amounting to 10%.” The company attributed the 4% decrease in active customers to just over 90,000 to the problems in Turkey.
The Scandinavian market remains Betsson’s key markets, however, the company said it had launched Italian, Spanish and Greek language websites over the period.
Since period end the company has also launched a financial betting website, Betsson Trader.
Revenue rose to SEK117m (£13m), up 147% over the period. Operating profit rose to SEK54m (£4m).
The company said the revenue increase had been achieved despite difficulties in the Turkish market following the passing of anti-online gaming legislation. “The gaming volume from Turkey declined significantly, which resulted in Turkey’s share of the group’s total revenues during the third quarter only amounting to 10%.” The company attributed the 4% decrease in active customers to just over 90,000 to the problems in Turkey.
The Scandinavian market remains Betsson’s key markets, however, the company said it had launched Italian, Spanish and Greek language websites over the period.
Since period end the company has also launched a financial betting website, Betsson Trader.
Absolute Poker admits 40 days of ‘unfair playing’, pays back US$1.6m
Absolute Poker has admitted that the perpetrator of the so-called ‘pot-ripper’ scandal won US$800,000 during a “known period of unfair playing” amounting to 40 days. According to an interim statement released while the Kahnawake Gaming Commission is still completing its enquiry into the ‘pot-ripper’ scandal, the company said it has paid back players known to have been adversely affected by what it calls the “security breach” to the tune of US$1.6m.
In the statement, Absolute adds that it is cooperating fully with the KGC in its enquiry. It adds: “We would like to assure our players, once again, that the security breach, which resulted in unfair play, was resolved immediately after it was discovered and confirmed, and Absolute’s sites are absolutely secure.” (sic)
It said the “known perpetrator... no longer has access to Absolute”. “The system breach was the result of a recent internal software release impacting internal reporting. The breach was exploitable only by an authorised AP person that manipulated the internal reporting software, together with the AP gaming software. The security breach was not, therefore, the result of an external action, and no individual outside AP could exploit the breach.”
The statement added that there is no evidence of the past or current existence of a “super-user” account with the ability to see other players’ hole cards.
The statement concludes: “AP regrets the damage that has been done to its players and to its own reputation by this incident. We are absolutely focused on doing the right thing for our loyal customers, employees, consultants and business partners and we will continue to work with the KGC and Gaming Associates to bring this incident into the full light of day and to right any wrongs done to innocent victims of this unfair play.”
In the statement, Absolute adds that it is cooperating fully with the KGC in its enquiry. It adds: “We would like to assure our players, once again, that the security breach, which resulted in unfair play, was resolved immediately after it was discovered and confirmed, and Absolute’s sites are absolutely secure.” (sic)
It said the “known perpetrator... no longer has access to Absolute”. “The system breach was the result of a recent internal software release impacting internal reporting. The breach was exploitable only by an authorised AP person that manipulated the internal reporting software, together with the AP gaming software. The security breach was not, therefore, the result of an external action, and no individual outside AP could exploit the breach.”
The statement added that there is no evidence of the past or current existence of a “super-user” account with the ability to see other players’ hole cards.
The statement concludes: “AP regrets the damage that has been done to its players and to its own reputation by this incident. We are absolutely focused on doing the right thing for our loyal customers, employees, consultants and business partners and we will continue to work with the KGC and Gaming Associates to bring this incident into the full light of day and to right any wrongs done to innocent victims of this unfair play.”
Diwali betting a boon for punters
Bookies and gamblers are likely to engage in hectic activity during the second one-day international match between India and Pakistan on Thursday. The fact that it is being held during Diwali when betting activities form part of traditional festivity in the country is only adding to it.
Some local bookies, according to sources, have already thrown offers open accepting bets on favourite India, which is pegged at around 75 paise against the visitors arch-rival Pakistan’s 80 paise. "Initially, India would be a favourite but fluctuations are likely to take place as the match progresses," said an insider. "The toss would be crucial and lot of bets would follow the toss decision in the morning," added the source.
Though most of the bookies have preferred to remain underground or shift outside the city limits, the gambling season has thrown them an opportunity of making big business prior to Diwali.
"Lots of gambling enthusiasts have already started preparing as a part of the traditional festivity. The match between India and Pakistan has only enhanced the mood before Diwali," said a source.
Apart from cricket betting, sources claimed that gambling would be a major activity in the city over the Diwali weekend. "Several enthusiasts are booking hotel rooms, resorts and also organising parties at private premises to gamble. An astronomical amount of cash is likely to change hands," said an insider.
http://timesofindia.indiatimes.com/Cities/Diwali_betting_a_boon_for_punters/articleshow/2527099.cms
Some local bookies, according to sources, have already thrown offers open accepting bets on favourite India, which is pegged at around 75 paise against the visitors arch-rival Pakistan’s 80 paise. "Initially, India would be a favourite but fluctuations are likely to take place as the match progresses," said an insider. "The toss would be crucial and lot of bets would follow the toss decision in the morning," added the source.
Though most of the bookies have preferred to remain underground or shift outside the city limits, the gambling season has thrown them an opportunity of making big business prior to Diwali.
"Lots of gambling enthusiasts have already started preparing as a part of the traditional festivity. The match between India and Pakistan has only enhanced the mood before Diwali," said a source.
Apart from cricket betting, sources claimed that gambling would be a major activity in the city over the Diwali weekend. "Several enthusiasts are booking hotel rooms, resorts and also organising parties at private premises to gamble. An astronomical amount of cash is likely to change hands," said an insider.
http://timesofindia.indiatimes.com/Cities/Diwali_betting_a_boon_for_punters/articleshow/2527099.cms
November 08, 2007
PartyBets doubles up with Sporting Index
PartyGaming, the world’s leading listed online gaming company, has launched a comprehensive fixed odds horse racing service on its PartyBets.com platform through an alliance with Sporting Index. The new service features full coverage of UK, Irish and premier international race meetings including unique early prices, ante post markets and specials.
All horse racing odds compilation and associated trading advisory services for PartyBets.com are being provided by Spin Services, a newly created wholesale division within Sporting Index. The PartyBets racing service launch is also being supported with an innovative promotion where winnings are doubled on the first and fifth bet for all new customers.
A spokesman for PartyGaming said: “The traders at Sporting Index are well known for being amongst the very best in the industry and have made the company the recognised world leader in spread betting. Teaming up with Sporting Index to expand our fixed odds betting services is a winning combination.”
Richard Glynn, CEO of Sporting Index, said: “Spin Services has been designed to assist the wider gambling and gaming industry with all its trading needs. We are delighted to be enabling PartyBets to offer its customers a first-class comprehensive horse racing service.”
http://www.partygaming.com/images/docs/070811_Sporting_Index.pdf
All horse racing odds compilation and associated trading advisory services for PartyBets.com are being provided by Spin Services, a newly created wholesale division within Sporting Index. The PartyBets racing service launch is also being supported with an innovative promotion where winnings are doubled on the first and fifth bet for all new customers.
A spokesman for PartyGaming said: “The traders at Sporting Index are well known for being amongst the very best in the industry and have made the company the recognised world leader in spread betting. Teaming up with Sporting Index to expand our fixed odds betting services is a winning combination.”
Richard Glynn, CEO of Sporting Index, said: “Spin Services has been designed to assist the wider gambling and gaming industry with all its trading needs. We are delighted to be enabling PartyBets to offer its customers a first-class comprehensive horse racing service.”
http://www.partygaming.com/images/docs/070811_Sporting_Index.pdf
November 07, 2007
Party in German TV deal
PartyGaming has entered into an exclusive arrangement with German media giant RTL to provide an German-language dotnet poker site.
The move represents a significant step in one of PartyGaming’s major markets.
The deal with RTL Interactive will see the launch of a new RTLpoker.de website containing advertorial links to PartyPoker.net, Party’s free-to-play website. The RTL.de website has over six million users per month.
This is the second media-related deal signed with the past few months following on from the deal signed with UK broadcaster ITV in September.
RTL Interactive will also promote its poker offering and poker school via TV spots on the leading German TV channel RTL TV.
A PartyGaming spokesperson emphasised this was “more than a white label”.
PartyGaming chief executive Mitch Garber said: “We are thrilled to have been chosen by RTL Interactive to provide an online poker school to their users. This is a hugely exciting opportunity for us to work with the German internet division of Europe’s leading broadcaster.”
The move represents a significant step in one of PartyGaming’s major markets.
The deal with RTL Interactive will see the launch of a new RTLpoker.de website containing advertorial links to PartyPoker.net, Party’s free-to-play website. The RTL.de website has over six million users per month.
This is the second media-related deal signed with the past few months following on from the deal signed with UK broadcaster ITV in September.
RTL Interactive will also promote its poker offering and poker school via TV spots on the leading German TV channel RTL TV.
A PartyGaming spokesperson emphasised this was “more than a white label”.
PartyGaming chief executive Mitch Garber said: “We are thrilled to have been chosen by RTL Interactive to provide an online poker school to their users. This is a hugely exciting opportunity for us to work with the German internet division of Europe’s leading broadcaster.”
November 05, 2007
Las Vegas Sands Falls
Shares of Las Vegas Sands Corp. dropped Friday as investors reacted to the casino operator's weak third-quarter results.
On Thursday, Las Vegas Sands reported a loss of $48.5 million, or 14 cents per share, compared with a profit of $97.3 million, or 27 cents per share, a year ago. Revenue climbed 19.5 percent to $661 million.
Adjusted net income fell to $41.8 million, or 12 cents per share, from $117.6 million, or 33 cents per share.
Analysts polled by Thomson Financial expected earnings of 31 cents per share on revenue of $783 million.
Las Vegas Sands, which is run by billionaire Sheldon Adelson, blamed the loss on high costs related to the opening of the Venetian Macao in August and an unlucky run in its casinos.
While investors were spooked by the results, analysts remain confident in the company's operations.
Steven Kent, an analyst with Goldman Sachs, said investors should capitalize on the buying opportunity.
"Few casino openings go smoothly and management has already put a plan in place to boost results. October looks to be off to a good start," he wrote in a client note.
However, Kent lowered some earnings estimates based on the third-quarter report. He cut his 2007 profit estimate to $1.05 from $1.45 per share and trimmed his 2008 forecast to $4 from $4.45 per share. Kent also reduced his 2008 earnings estimate to $6.25 from $6.75 per share.
Stifel Nicolaus & Co. analyst Steven Wieczynski said investors need to remember that Macau is a work in progress.
"We think a lot of investors are going to lose sight of the fact that the Venetian Macao was only open for 34 days during the third quarter and is still not operating with all its amenities. In our opinion, these results are meaningless and tell us nothing so far," he said in a client note.
Wieczynski lowered his full-year earnings estimate to $1 from $1.38 per share and cut his 2008 forecast to $2.07 from $2.64 per share.
Shares of Las Vegas Sands fell $8.53, or 6.8 percent, to close at $116.77 Friday. Over the past year, the stock has traded between $71.15 and $148.76.
On Thursday, Las Vegas Sands reported a loss of $48.5 million, or 14 cents per share, compared with a profit of $97.3 million, or 27 cents per share, a year ago. Revenue climbed 19.5 percent to $661 million.
Adjusted net income fell to $41.8 million, or 12 cents per share, from $117.6 million, or 33 cents per share.
Analysts polled by Thomson Financial expected earnings of 31 cents per share on revenue of $783 million.
Las Vegas Sands, which is run by billionaire Sheldon Adelson, blamed the loss on high costs related to the opening of the Venetian Macao in August and an unlucky run in its casinos.
While investors were spooked by the results, analysts remain confident in the company's operations.
Steven Kent, an analyst with Goldman Sachs, said investors should capitalize on the buying opportunity.
"Few casino openings go smoothly and management has already put a plan in place to boost results. October looks to be off to a good start," he wrote in a client note.
However, Kent lowered some earnings estimates based on the third-quarter report. He cut his 2007 profit estimate to $1.05 from $1.45 per share and trimmed his 2008 forecast to $4 from $4.45 per share. Kent also reduced his 2008 earnings estimate to $6.25 from $6.75 per share.
Stifel Nicolaus & Co. analyst Steven Wieczynski said investors need to remember that Macau is a work in progress.
"We think a lot of investors are going to lose sight of the fact that the Venetian Macao was only open for 34 days during the third quarter and is still not operating with all its amenities. In our opinion, these results are meaningless and tell us nothing so far," he said in a client note.
Wieczynski lowered his full-year earnings estimate to $1 from $1.38 per share and cut his 2008 forecast to $2.07 from $2.64 per share.
Shares of Las Vegas Sands fell $8.53, or 6.8 percent, to close at $116.77 Friday. Over the past year, the stock has traded between $71.15 and $148.76.
888 announces Blue Square sportsbook deal
Casino and poker giant 888 has announced a tie-up with Blue Square for a sportsbook offering.
The deal will see the pair develop a multi-national offering to be launched across Europe in the first quarter of next year. The details of the revenue-share agreement between the two have not been disclosed.
Martin Belsham, managing director at Blue Square, said the deal “strengthens both parties”. “We will benefit from 888’s international experience and liquidity as we extend our reach beyond the UK; and 888 will complete their customer offer by adding Blue Square’s innovative range of betting products.”
The two companies will work closely to tailor the content for each European territory. 888 will now provide Blue Square with a payment processing platform as the latter looks to expand further into Europe.
Gabi Campos, senior vice-president, at 888 said the company’s research had shown that a significant proportion of its players bet on sports events occasionally. “The inclusion of sports betting in our offering is in line with our focus to aid customer acquisition and reinforce 888 as the entertainment destination of choice.”
Last month, 888 announced its first sportsbook offering in Italy.
Blue Square parent group Rank said the deal would not have a material affect on group earnings in the coming financial year.
http://www.egrmagazine.com/item/2241/23/5/3
The deal will see the pair develop a multi-national offering to be launched across Europe in the first quarter of next year. The details of the revenue-share agreement between the two have not been disclosed.
Martin Belsham, managing director at Blue Square, said the deal “strengthens both parties”. “We will benefit from 888’s international experience and liquidity as we extend our reach beyond the UK; and 888 will complete their customer offer by adding Blue Square’s innovative range of betting products.”
The two companies will work closely to tailor the content for each European territory. 888 will now provide Blue Square with a payment processing platform as the latter looks to expand further into Europe.
Gabi Campos, senior vice-president, at 888 said the company’s research had shown that a significant proportion of its players bet on sports events occasionally. “The inclusion of sports betting in our offering is in line with our focus to aid customer acquisition and reinforce 888 as the entertainment destination of choice.”
Last month, 888 announced its first sportsbook offering in Italy.
Blue Square parent group Rank said the deal would not have a material affect on group earnings in the coming financial year.
http://www.egrmagazine.com/item/2241/23/5/3
November 01, 2007
Unibet chief released on bail by French
Unibet chief executive Petter Nylander was released by the French authorities yesterday evening following his hearing in Nanterre just outside Paris. Nylander was transferred from Holland to France during the course of the day and set free on bail of €200,000 following the hearing.
In a statement, Nylander said: “The fact that there are numerous legal proceedings ongoing against responsible operators such as Unibet doesn't make sense at a time when the French government has publicly referred to the opening of its online gaming market. Such proceedings serve only one purpose - the commercial interests of France's two State-owned monopolies.”
Nylander said Unibet had always abided by the law and acted in a transparent way and pointed to the “urgent need for reform of this market where these monopoly operators' actions are in complete disregard of EU Treaties and the interests of French players”.
He added: “It is Unibet's strong belief that the French consumer should have a choice regarding online betting and gaming, with specific regulation. France has everything to gain from the controlled opening of its market, and La Française des Jeux, the PMU and French casino operators alike have an opportunity to be co-leaders together with private operators in the European online gaming market.”
Nylander was detained by the Dutch authorities at Schipol airport last week under a French arrest warrant and held for two nights. He has spent the rest of his time in a hotel in Amsterdam. Yesterday, Unibet released interim figures that showed third quarter pre-tax profits sliding year-on-year to £6.9m from £7.5m the year previously.
http://www.egrmagazine.com/item/2234
In a statement, Nylander said: “The fact that there are numerous legal proceedings ongoing against responsible operators such as Unibet doesn't make sense at a time when the French government has publicly referred to the opening of its online gaming market. Such proceedings serve only one purpose - the commercial interests of France's two State-owned monopolies.”
Nylander said Unibet had always abided by the law and acted in a transparent way and pointed to the “urgent need for reform of this market where these monopoly operators' actions are in complete disregard of EU Treaties and the interests of French players”.
He added: “It is Unibet's strong belief that the French consumer should have a choice regarding online betting and gaming, with specific regulation. France has everything to gain from the controlled opening of its market, and La Française des Jeux, the PMU and French casino operators alike have an opportunity to be co-leaders together with private operators in the European online gaming market.”
Nylander was detained by the Dutch authorities at Schipol airport last week under a French arrest warrant and held for two nights. He has spent the rest of his time in a hotel in Amsterdam. Yesterday, Unibet released interim figures that showed third quarter pre-tax profits sliding year-on-year to £6.9m from £7.5m the year previously.
http://www.egrmagazine.com/item/2234
October 31, 2007
In Brief
All Bets Are Off For NFL’s London Debut
In a move that further highlights the National Football League’s vehement and influential opposition to gambling, organisers of Sunday evening’s game between the Miami Dolphins and the New York Giants consented to the NFL’s request that all Betfred’s betting facilities inside Wembley Stadium were closed for the event.
Ruling Party Votes To End Swedish Gambling Monopoly
Moderate Party members voted at their congress last weekend in favour of a proposal to liberalise the country’s gambling market but the Swedish Government still advocates taking a more cautious approach towards regulation.
In a move that further highlights the National Football League’s vehement and influential opposition to gambling, organisers of Sunday evening’s game between the Miami Dolphins and the New York Giants consented to the NFL’s request that all Betfred’s betting facilities inside Wembley Stadium were closed for the event.
Ruling Party Votes To End Swedish Gambling Monopoly
Moderate Party members voted at their congress last weekend in favour of a proposal to liberalise the country’s gambling market but the Swedish Government still advocates taking a more cautious approach towards regulation.
October 30, 2007
Clement 'asked to throw a match'
Former top 10 tennis player Arnaud Clement said today that he had been offered money to throw a match.
"It happened to me but I will not tell you where or how," Clement, the 2001 Australian Open runner up, said after his first-round defeat by Mikhail Youzhny at the BNP Paribas Masters Paris.
"I didn't hesitate for a second, I said no.
"It may be different for a guy who's not that high up in the rankings and who has financial problems.
"It's very serious.
"I can't imagine that a top 10 player could accept that, but it's hard to imagine as well that guys go to tournaments to make such offers.
"I haven't heard many players say it happened to them."
Clement, who is now ranked No.53 in the world, believes he is unlikely to be approached again, but he believes that authorities have to hit hard to stamp out corruption.
"They should throw (the perpetrators) off the circuit," he said.
"It's a really preoccupying situation.
"It can happen to eveyone to get fed up with (playing) a match. But I've already seen matches where players have thrown good points away."
The threat of possible match-fixing was being taken very seriously at the Paris tournament, French Tennis Federation (FFT) president Christian Bimes said earlier today.
"We consider this a serious problem," Bimes said.
"It is a dreadful disease which is a threat for tennis worldwide.
"We have to act straight away and be as severe with this as we are with doping."
Bimes said that information on the volume of betting involved in the game was being collected through the professional players association (ATP) and the European lotteries network.
The French national betting operator, Francais des Jeux, will monitor betting activity during the Paris Masters tournament.
FDJ will monitor the betting patterns on four national lottery companies from Sweden, Denmark, Slovenia and Switzerland, and it will inform FFT should irregular betting patterns be discovered.
The move follows irregular betting on a match in which world No.4 Nikolay Davydenko lost to unheralded Martin Vassallo Arguello at Sopot in August, despite Davydenko taking the first set.
Davydenko, who strenuously denies any wrong-doing, came under the spotlight again early last week when he was fined $US2000 for not trying hard enough during his shock defeat to Croatian qualifier Marin Cilic at St Petersburg.
Bimes said all matches were being recorded at the Masters, where Davydenko is the defending champion, and information would be provided to police when match and betting analyses indicate suspect performances.
"(Police) are the only ones who can undertake certain types of investigation," he said.
The measures will be evaluated at the end of the Paris Masters before being implemented at the French Open at Roland-Garros next year.
"We aren't naive enough to think that we are going to fix this problem by waving a magic wand," FFT director Jean-Francois Vilotte said.
"But in any case, we want it clearly understood that betting on (Paris Masters) matches on banned sites is from now on a risky activity."
The ATP is also cracking down on possible match-fixing, with president Etienne De Villiers vowing the possibility of a life ban for any person found guilty of involvement in match-fixing.
http://www.foxsports.com.au/story/0,8659,22671615-23216,00.html
"It happened to me but I will not tell you where or how," Clement, the 2001 Australian Open runner up, said after his first-round defeat by Mikhail Youzhny at the BNP Paribas Masters Paris.
"I didn't hesitate for a second, I said no.
"It may be different for a guy who's not that high up in the rankings and who has financial problems.
"It's very serious.
"I can't imagine that a top 10 player could accept that, but it's hard to imagine as well that guys go to tournaments to make such offers.
"I haven't heard many players say it happened to them."
Clement, who is now ranked No.53 in the world, believes he is unlikely to be approached again, but he believes that authorities have to hit hard to stamp out corruption.
"They should throw (the perpetrators) off the circuit," he said.
"It's a really preoccupying situation.
"It can happen to eveyone to get fed up with (playing) a match. But I've already seen matches where players have thrown good points away."
The threat of possible match-fixing was being taken very seriously at the Paris tournament, French Tennis Federation (FFT) president Christian Bimes said earlier today.
"We consider this a serious problem," Bimes said.
"It is a dreadful disease which is a threat for tennis worldwide.
"We have to act straight away and be as severe with this as we are with doping."
Bimes said that information on the volume of betting involved in the game was being collected through the professional players association (ATP) and the European lotteries network.
The French national betting operator, Francais des Jeux, will monitor betting activity during the Paris Masters tournament.
FDJ will monitor the betting patterns on four national lottery companies from Sweden, Denmark, Slovenia and Switzerland, and it will inform FFT should irregular betting patterns be discovered.
The move follows irregular betting on a match in which world No.4 Nikolay Davydenko lost to unheralded Martin Vassallo Arguello at Sopot in August, despite Davydenko taking the first set.
Davydenko, who strenuously denies any wrong-doing, came under the spotlight again early last week when he was fined $US2000 for not trying hard enough during his shock defeat to Croatian qualifier Marin Cilic at St Petersburg.
Bimes said all matches were being recorded at the Masters, where Davydenko is the defending champion, and information would be provided to police when match and betting analyses indicate suspect performances.
"(Police) are the only ones who can undertake certain types of investigation," he said.
The measures will be evaluated at the end of the Paris Masters before being implemented at the French Open at Roland-Garros next year.
"We aren't naive enough to think that we are going to fix this problem by waving a magic wand," FFT director Jean-Francois Vilotte said.
"But in any case, we want it clearly understood that betting on (Paris Masters) matches on banned sites is from now on a risky activity."
The ATP is also cracking down on possible match-fixing, with president Etienne De Villiers vowing the possibility of a life ban for any person found guilty of involvement in match-fixing.
http://www.foxsports.com.au/story/0,8659,22671615-23216,00.html
32Red sells Bet Direct to Stan James
32Red has sold its Bet Direct sportsbook to Stan James for £5.75m, as revealed by eGaming Review at the end of September.
The news came with the publicaiton of the firm’s results for the first half of the year which showed total revenues increasing of 47.2% to £9.2m. However, casino revenues were almost static and poker revenues fell nearly 4% over the period.
32Red bought Bet Direct in June 2006 from Sportech for £12.5m. The company said it will use proceeds from the sale to increase the profile of its casino, poker and sportsbetting products and expansion into new territories. Bookmakers Stan James and Boylesports were reportedly in the running to buy Bet Direct, but Boylesports chief executive Daniel O’Mahoney counted his company out of the race late last week.
In its statement, 32Red said that further to a strategic review of both brands and a review of the potential business development opportunities for the company, it had accepted the offer of £5.75m for the intellectual property and “certain assets” of the Betdirect business. Chief executive Ed Ware said: “The sale of the Bet Direct brand allows us to channel our marketing and management focus on the core 32Red brand.”
Ware added that mobile gaming services and an integrated bingo offering will be added to the product range in the final quarter of this year.
32Red reported casino revenues of £4.6m for the six month period to the end of June, a 1.7% increase on the same period in 2006, and a drop in poker revenues of 3.8% over the six month period in 2007, compared to revenues of £0.6m in 2006.
The number of active customers grew to 75,911, compared with 44,539 in 2006.
Chief executive Ed Ware said: “Whilst the recent UK legislative changes effective from 1 September 2007 allow greater access to the UK market, we have identified a number of new territories into which we intend to market the 32Red brand.”
http://www.egrmagazine.com/cgi-bin/item.cgi?id=2226&d=pg_dtl_art_news&h=0&f=0
The news came with the publicaiton of the firm’s results for the first half of the year which showed total revenues increasing of 47.2% to £9.2m. However, casino revenues were almost static and poker revenues fell nearly 4% over the period.
32Red bought Bet Direct in June 2006 from Sportech for £12.5m. The company said it will use proceeds from the sale to increase the profile of its casino, poker and sportsbetting products and expansion into new territories. Bookmakers Stan James and Boylesports were reportedly in the running to buy Bet Direct, but Boylesports chief executive Daniel O’Mahoney counted his company out of the race late last week.
In its statement, 32Red said that further to a strategic review of both brands and a review of the potential business development opportunities for the company, it had accepted the offer of £5.75m for the intellectual property and “certain assets” of the Betdirect business. Chief executive Ed Ware said: “The sale of the Bet Direct brand allows us to channel our marketing and management focus on the core 32Red brand.”
Ware added that mobile gaming services and an integrated bingo offering will be added to the product range in the final quarter of this year.
32Red reported casino revenues of £4.6m for the six month period to the end of June, a 1.7% increase on the same period in 2006, and a drop in poker revenues of 3.8% over the six month period in 2007, compared to revenues of £0.6m in 2006.
The number of active customers grew to 75,911, compared with 44,539 in 2006.
Chief executive Ed Ware said: “Whilst the recent UK legislative changes effective from 1 September 2007 allow greater access to the UK market, we have identified a number of new territories into which we intend to market the 32Red brand.”
http://www.egrmagazine.com/cgi-bin/item.cgi?id=2226&d=pg_dtl_art_news&h=0&f=0
UIGEA rules ‘burdensome’
The proposed rules for enforcement of the UIGEA have been labelled as “burdensome” and “unprecedented in scope” in a legislative and public policy advisory document released by law firm Alston and Bird.
In a detailed analysis of payments methods and the impact of the draft regulations on each, the paper says: “The proposed regulation may also raise concerns about regulatory burden due to the impact of implementation costs on US-based participants in the payments system that are not applicable to similarly situated foreign firms.”
The UIGEA’s coverage of all forms of cards, including debit cards, stored-value cards and pre-paid cards as well as credit cards without any exemption for gift cards is also highlighted. As is the likelihood that foreign bank accounts provide an effective and non-legislated route for payments to be processed for US gamblers.
Responding to the paper, spokesman for Washington-based lobbying group the Safe and Secure Internet Gambling Initiative, Jeffrey Sandman said that the challenge US financial service firms face is that enforcement of UIGEA will be very difficult. He said: “The proposed rules create an unprecedented and unwieldly regulatory burden on the US financial services sector…companies are being left to interpret ambiguous state and federal gambling laws which do not clearly differentiate between legal and illegal internet gambling activities and transactions.”
Alston and Bird, in the concluding part of the document state that the proposed regulation does not mention the fact that many foreign banks are located in jurisdictions where internet gambling is a legal activity, and thus there is no prohibition of the foreign bank accepting transactions involving internet gambling operations of what might be considered a restricted transaction in the US.
It says: “additionally, the proposed regulation does not address the attempt to impose US law on those foreign banks by including contract language that requires the foreign banks to not accept transactions that are unlawful in the US.”
In a detailed analysis of payments methods and the impact of the draft regulations on each, the paper says: “The proposed regulation may also raise concerns about regulatory burden due to the impact of implementation costs on US-based participants in the payments system that are not applicable to similarly situated foreign firms.”
The UIGEA’s coverage of all forms of cards, including debit cards, stored-value cards and pre-paid cards as well as credit cards without any exemption for gift cards is also highlighted. As is the likelihood that foreign bank accounts provide an effective and non-legislated route for payments to be processed for US gamblers.
Responding to the paper, spokesman for Washington-based lobbying group the Safe and Secure Internet Gambling Initiative, Jeffrey Sandman said that the challenge US financial service firms face is that enforcement of UIGEA will be very difficult. He said: “The proposed rules create an unprecedented and unwieldly regulatory burden on the US financial services sector…companies are being left to interpret ambiguous state and federal gambling laws which do not clearly differentiate between legal and illegal internet gambling activities and transactions.”
Alston and Bird, in the concluding part of the document state that the proposed regulation does not mention the fact that many foreign banks are located in jurisdictions where internet gambling is a legal activity, and thus there is no prohibition of the foreign bank accepting transactions involving internet gambling operations of what might be considered a restricted transaction in the US.
It says: “additionally, the proposed regulation does not address the attempt to impose US law on those foreign banks by including contract language that requires the foreign banks to not accept transactions that are unlawful in the US.”
October 26, 2007
Garber upbeat as Party goes for full on offering
Mitch Garber, PartyGaming chief executive, praised the operational changes the company had driven since the company’s US exit and the fact that the group had addressed its structural weaknesses, as it revealed rising revenues in its third-quarter key performance indicators yesterday.
“In the space of a year, we have gone from being an English-only operator to providing our products in 12 different languages and three currencies,” Garber said. “Our casino has performed particularly strongly and the product has improved dramatically through our acquisitions of Empire Online and Intercontinental Online.”
One of the landmark dates for Party will be 1 January 2008, when Germany publishes its State Lottery Treaty outlining the regulation of gambling services. Germany is Party’s second biggest market after the UK representing around 19% of revenues. Garber said: “The momentum is clearly going the way EU law says it should be going. It is hard to imagine Germany discriminating against EU-licensed operators and the European Commission has shown it is willing to take action against governments that do. Therefore we are looking at Germany in that European context and it would be very surprising if they took an aggressive position. If that happened you would see us oppose it more aggressively than you have seen us oppose any similar positions from governments, where frankly there has been less of a financial incentive to take the lead in opposition.”
Garber said Party had no current plans for further acquisitions and could not foresee further partnerships such as the one Party has with UK broadcaster ITV. The group did not have “that many weaknesses left” in it, as it has acquired or developed the main product lines it needed to be a fully diversified online gaming operator. “We have a lot of work and growth ahead of us now that we are established as a multi-lingual, multi-currency operator with our own casino and bingo software and our own sportsbook. Growth in the non-poker areas of the business is now a key focus for everyone at PartyGaming.”
A new UK advertising campaign for Party’s sportsbook will be launched in the near future. However, Garber said there were many other markets Party was targeting and the UK was already the most competitive betting market in the world. Party would not be spending “a disproportionate amount of its marketing budget on the UK”, he added.With regards to its dealings with the US Department of Justice, Garber said Party was aware it would probably have to pay a fine but they were talking “months and not years” in terms of coming to an agreement with the US authorities.
The poker liquidity issues Party suffered after the US exit had been addressed throughout the first and second quarters of the year during which time marketing and affiliate-related distribution costs had risen significantly. They had now been brought into line to between 43% and 45% of the company’s revenues and the company was now focusing on attracting back the high rollers it lost after the US internet gaming ban.
Party revealed a 24% annual increase in group revenue to US$116m (£56m), compared with US$93.3m in 2006, and a 5% rise on the previous quarter. Poker revenue fell 3% to US$74.8m, compared with US$76.9m in 2006, but was up 3% on the second quarter. Casino revenues were up 158% to US$36.7m, compared with US$14.2m in 2006. Sports-betting income rose 91% to US$4.2m, compared with US$2.2m last year and 100% up on the previous quarter.
http://www.egrmagazine.com/item/2219/23/5/3
“In the space of a year, we have gone from being an English-only operator to providing our products in 12 different languages and three currencies,” Garber said. “Our casino has performed particularly strongly and the product has improved dramatically through our acquisitions of Empire Online and Intercontinental Online.”
One of the landmark dates for Party will be 1 January 2008, when Germany publishes its State Lottery Treaty outlining the regulation of gambling services. Germany is Party’s second biggest market after the UK representing around 19% of revenues. Garber said: “The momentum is clearly going the way EU law says it should be going. It is hard to imagine Germany discriminating against EU-licensed operators and the European Commission has shown it is willing to take action against governments that do. Therefore we are looking at Germany in that European context and it would be very surprising if they took an aggressive position. If that happened you would see us oppose it more aggressively than you have seen us oppose any similar positions from governments, where frankly there has been less of a financial incentive to take the lead in opposition.”
Garber said Party had no current plans for further acquisitions and could not foresee further partnerships such as the one Party has with UK broadcaster ITV. The group did not have “that many weaknesses left” in it, as it has acquired or developed the main product lines it needed to be a fully diversified online gaming operator. “We have a lot of work and growth ahead of us now that we are established as a multi-lingual, multi-currency operator with our own casino and bingo software and our own sportsbook. Growth in the non-poker areas of the business is now a key focus for everyone at PartyGaming.”
A new UK advertising campaign for Party’s sportsbook will be launched in the near future. However, Garber said there were many other markets Party was targeting and the UK was already the most competitive betting market in the world. Party would not be spending “a disproportionate amount of its marketing budget on the UK”, he added.With regards to its dealings with the US Department of Justice, Garber said Party was aware it would probably have to pay a fine but they were talking “months and not years” in terms of coming to an agreement with the US authorities.
The poker liquidity issues Party suffered after the US exit had been addressed throughout the first and second quarters of the year during which time marketing and affiliate-related distribution costs had risen significantly. They had now been brought into line to between 43% and 45% of the company’s revenues and the company was now focusing on attracting back the high rollers it lost after the US internet gaming ban.
Party revealed a 24% annual increase in group revenue to US$116m (£56m), compared with US$93.3m in 2006, and a 5% rise on the previous quarter. Poker revenue fell 3% to US$74.8m, compared with US$76.9m in 2006, but was up 3% on the second quarter. Casino revenues were up 158% to US$36.7m, compared with US$14.2m in 2006. Sports-betting income rose 91% to US$4.2m, compared with US$2.2m last year and 100% up on the previous quarter.
http://www.egrmagazine.com/item/2219/23/5/3
Boylesports: 'We will not be buying Bet Direct'
Boylesports has counted itself out of the running to acquire 32Red’s sports-betting operation Bet Direct, according to the chief executive.
Speaking on the publication of his company results for the year, boss Daniel O’Mahoney said: “We will not be buying Bet Direct”.
The news leaves Stan James as the leading contender to snap up the online bookmaker which has been up for sale for over a month.
O’Mahoney said his company would concentrate on re-investing in his own business. “We are delighted,” he said. “These results put us in an excellent position.”
In the year to the end of June, Boylesports saw turnover increase 25% to E629m while operating profit rose to E15.6m from E12m the year previously. Boylesports operates an online and telephone betting operation along with a retail operation in its native Ireland.
The company said that a “string of favourable results” had a positive impact on profit, in particular at the Cheltenham and Aintree horse-racing festivals.
O’Mahoney hailed the company sponsorships at English premier League club Sunderland and at Cheltenham as having helped boost the company profile in its target market of the UK.
“We get good exposure from them both,” he said. The UK now accounts for over 50% of Boylesports’ UK client base.
“The UK is obviously very competitive, and you need a quality product,” he added. “But even a small percentage of the UK market can still be significant.”
http://www.egrmagazine.com/item/2218
Speaking on the publication of his company results for the year, boss Daniel O’Mahoney said: “We will not be buying Bet Direct”.
The news leaves Stan James as the leading contender to snap up the online bookmaker which has been up for sale for over a month.
O’Mahoney said his company would concentrate on re-investing in his own business. “We are delighted,” he said. “These results put us in an excellent position.”
In the year to the end of June, Boylesports saw turnover increase 25% to E629m while operating profit rose to E15.6m from E12m the year previously. Boylesports operates an online and telephone betting operation along with a retail operation in its native Ireland.
The company said that a “string of favourable results” had a positive impact on profit, in particular at the Cheltenham and Aintree horse-racing festivals.
O’Mahoney hailed the company sponsorships at English premier League club Sunderland and at Cheltenham as having helped boost the company profile in its target market of the UK.
“We get good exposure from them both,” he said. The UK now accounts for over 50% of Boylesports’ UK client base.
“The UK is obviously very competitive, and you need a quality product,” he added. “But even a small percentage of the UK market can still be significant.”
http://www.egrmagazine.com/item/2218
October 25, 2007
Poker stars push Congress to ease Internet gambling strictures
About 100 members from the nonprofit Poker Players Alliance -- including poker stars Howard Lederer, Annie Duke, Chad Brown and Vanessa Rousso -- were in Washington this week to raise the stakes and push legislative proposals that would ease federal restrictions on Internet poker.
At issue is the Unlawful Internet Gambling Enforcement Act of 2006 that bars the transfer of funds between financial institutions and Internet gambling sites, with the exception of "fantasy" sports, Internet lotteries and horse racing. Poker players want in on the action under an exception for their sport.
Two bills in the House seek to provide that.
One, proposed by Rep. Barney Frank, D-Mass., would essentially revamp last year's measure. The other, called the Skill Game Protection Act, sponsored by Rep. Robert Wexler, D-Fla., would establish poker, bridge, mah-jong, chess and backgammon as games of skill. It would grant those games the same exemption that existing law gives online horse racing, fantasy sports and Internet lotteries.
"I think poker is a sport. It's people having a good time. It's a skill game," said 24-year-old Rousso, who stunned the poker world last year by placing seventh at the World Poker Tour Championship in Las Vegas.
"I studied game theory at Duke University (as an undergrad) and specialized in it. There is a uniquely mathematical optimal move to every single decision that you make in a game of poker. It's much more akin to chess. The only thing it has in common with the other more traditional forms of gambling is the fact that it is housed in a casino," she said.
Rousso ended 2006 as the top earning female in the U.S. circuit and has banked $1.6 million in her two years of professional play. A full-time law student at the University of Miami, Rousso said Internet gambling opportunities are important, especially for women, which is why she was in Washington Wednesday lobbying for change.
"Being a woman, playing on the Internet was a great way for me to become comfortable playing the game before having to sit down with a bunch of older guys in the intimidating atmosphere of a real casino. I play about 10 hours a week online and as a professional player, it allows me to constantly hone my game and improve," she said.
Expanding gambling while curbing problems
At the heart of Frank's bill is regulation that would allow U.S. companies to accept bets and wagers online from reputable agencies, while combating concerns about underage players and gambling addiction. This would entail using advanced technology capable of age verification, geo-location and identification of problem gamblers.
Supporters of the law in 2006 said it would help lower levels of gambling addiction. Many represented constituents opposed to gambling itself.
The Family Research Council, which backed the effort to restrict Internet gambling, cited research that said "accessibility of gambling leads to increased gambling addiction and the resulting social ills associated with gambling activities."
The key argument among the poker players supporting Frank's legislation is that the 2006 law infringes on civil liberties by authorizing government to rule on what Americans should or should not do in the privacy of their homes, said John Pappas, executive director for the poker alliance.
"Poker players are being inconvenienced," said poker pro Lederer at a public policy forum on the future of Internet poker Wednesday. "We have to respect the privacy of Americans at home."
Also driving the lobbying effort is the lack of consumer safety in the 2006 internet gambling law, said Radley Balko, senior editor of Reason magazine and a participant on the poker policy panel. Americans are forced to shift to black and gray markets, where there are issues of accountability in the event of fraudulent activities, he said.
Trade and protectionism
The Internet gambling law led to a World Trade Organization ruling in favor of the Caribbean nation of Antigua, which charged the U.S. with violating its treaty obligations by not granting full market access to online gambling companies based in the island nation. Antigua filed a claim for $3.4 billion in trade sanctions against the U.S.
"Basically, the bottom line is protectionism," said Gary Shaw, founder of St. Minver Ltd., a pan-European, multicurrency gaming operator based in Gibraltar, a British outpost on the southern tip of the Iberian peninsula.
"They can't stop players from playing," he explained. "The (new) legislation will emerge and will grant a few licenses to big incumbent organizations." It will be the big casino groups with political clout that will be the ones getting the licenses, he added.
His company offers integrated gaming solutions for European companies and relies on technology for reliable banking and fraud-protection services, he said. He argued that technology is available that effectively safeguards poker-playing consumers.
Reason senior editor Balko echoed Shaw's comments about the role of government. "We will see the government picking winners and losers when it starts handing out these contracts," said Balko. "I would rather see an open market. It's not ideal, but it's still better than what we have now."
http://www.marketwatch.com/news/story/poker-stars-push-congress-ease/story.aspx?guid=%7BC4955FAA-7315-4493-9854-EA91C4FD33EA%7D
At issue is the Unlawful Internet Gambling Enforcement Act of 2006 that bars the transfer of funds between financial institutions and Internet gambling sites, with the exception of "fantasy" sports, Internet lotteries and horse racing. Poker players want in on the action under an exception for their sport.
Two bills in the House seek to provide that.
One, proposed by Rep. Barney Frank, D-Mass., would essentially revamp last year's measure. The other, called the Skill Game Protection Act, sponsored by Rep. Robert Wexler, D-Fla., would establish poker, bridge, mah-jong, chess and backgammon as games of skill. It would grant those games the same exemption that existing law gives online horse racing, fantasy sports and Internet lotteries.
"I think poker is a sport. It's people having a good time. It's a skill game," said 24-year-old Rousso, who stunned the poker world last year by placing seventh at the World Poker Tour Championship in Las Vegas.
"I studied game theory at Duke University (as an undergrad) and specialized in it. There is a uniquely mathematical optimal move to every single decision that you make in a game of poker. It's much more akin to chess. The only thing it has in common with the other more traditional forms of gambling is the fact that it is housed in a casino," she said.
Rousso ended 2006 as the top earning female in the U.S. circuit and has banked $1.6 million in her two years of professional play. A full-time law student at the University of Miami, Rousso said Internet gambling opportunities are important, especially for women, which is why she was in Washington Wednesday lobbying for change.
"Being a woman, playing on the Internet was a great way for me to become comfortable playing the game before having to sit down with a bunch of older guys in the intimidating atmosphere of a real casino. I play about 10 hours a week online and as a professional player, it allows me to constantly hone my game and improve," she said.
Expanding gambling while curbing problems
At the heart of Frank's bill is regulation that would allow U.S. companies to accept bets and wagers online from reputable agencies, while combating concerns about underage players and gambling addiction. This would entail using advanced technology capable of age verification, geo-location and identification of problem gamblers.
Supporters of the law in 2006 said it would help lower levels of gambling addiction. Many represented constituents opposed to gambling itself.
The Family Research Council, which backed the effort to restrict Internet gambling, cited research that said "accessibility of gambling leads to increased gambling addiction and the resulting social ills associated with gambling activities."
The key argument among the poker players supporting Frank's legislation is that the 2006 law infringes on civil liberties by authorizing government to rule on what Americans should or should not do in the privacy of their homes, said John Pappas, executive director for the poker alliance.
"Poker players are being inconvenienced," said poker pro Lederer at a public policy forum on the future of Internet poker Wednesday. "We have to respect the privacy of Americans at home."
Also driving the lobbying effort is the lack of consumer safety in the 2006 internet gambling law, said Radley Balko, senior editor of Reason magazine and a participant on the poker policy panel. Americans are forced to shift to black and gray markets, where there are issues of accountability in the event of fraudulent activities, he said.
Trade and protectionism
The Internet gambling law led to a World Trade Organization ruling in favor of the Caribbean nation of Antigua, which charged the U.S. with violating its treaty obligations by not granting full market access to online gambling companies based in the island nation. Antigua filed a claim for $3.4 billion in trade sanctions against the U.S.
"Basically, the bottom line is protectionism," said Gary Shaw, founder of St. Minver Ltd., a pan-European, multicurrency gaming operator based in Gibraltar, a British outpost on the southern tip of the Iberian peninsula.
"They can't stop players from playing," he explained. "The (new) legislation will emerge and will grant a few licenses to big incumbent organizations." It will be the big casino groups with political clout that will be the ones getting the licenses, he added.
His company offers integrated gaming solutions for European companies and relies on technology for reliable banking and fraud-protection services, he said. He argued that technology is available that effectively safeguards poker-playing consumers.
Reason senior editor Balko echoed Shaw's comments about the role of government. "We will see the government picking winners and losers when it starts handing out these contracts," said Balko. "I would rather see an open market. It's not ideal, but it's still better than what we have now."
http://www.marketwatch.com/news/story/poker-stars-push-congress-ease/story.aspx?guid=%7BC4955FAA-7315-4493-9854-EA91C4FD33EA%7D
Party’s revenues continue to rise
PartyGaming’s third quarter key performance indicators have highlighted a 24% annual increase in group revenue to US$116m (£56m), compared with US$93.3m in 2006, and a 5% rise on the previous quarter.
Poker revenue fell 3% to US$74.8m, compared with US$76.9m in 2006, but was up 3% on the second quarter. Much of the group’s revenue was generated by a strong performance from its casino, up 158% to US$36.7m, compared with US$14.2m in 2006. Sports-betting income rose 91% to US$4.2m, compared with US$2.2m last year and in the previous quarter.
Party said its quarterly poker results reflected “a full period benefit to the operational changes introduced during the second quarter of 2007 that helped to deliver a 10% increase in yield per active player day versus the previous quarter to US$13.2”.
The company said much of the performance had been driven primarily by strong growth in its casino and was achieved despite a 14% drop in yield per active player day from US$20.3 in 2006 to US$17.4 in 2007, following the loss of many of Party’s high-spending customers after the passing of the Unlawful Internet Gambling Enforcement Act and Party’s related exit from the US.
Third quarter new player sign-ups were down 14% on 2006 to 129,7000, reflecting the quieter summer months, however Party said this followed a particularly strong first half to the year, with the number of new player sign-ups up 44% on the equivalent nine month period last year.
The company said fourth quarter trading had increased 9% on the previous quarter to US$1.6m and active players per day averaged 65,000, generating average daily revenues of US$938,000 and casino daily revenues of US$569,000.
Analysts from Deutsche Bank said the strength of current trading and the continued development pipeline “give us increased confidence that our 2008 estimate forecasts should be achievable”.
http://partygaming.com/images/docs/072510_Q3_2007_KPIs__Trading_Update.pdf
http://www.egrmagazine.com/item/2215
Poker revenue fell 3% to US$74.8m, compared with US$76.9m in 2006, but was up 3% on the second quarter. Much of the group’s revenue was generated by a strong performance from its casino, up 158% to US$36.7m, compared with US$14.2m in 2006. Sports-betting income rose 91% to US$4.2m, compared with US$2.2m last year and in the previous quarter.
Party said its quarterly poker results reflected “a full period benefit to the operational changes introduced during the second quarter of 2007 that helped to deliver a 10% increase in yield per active player day versus the previous quarter to US$13.2”.
The company said much of the performance had been driven primarily by strong growth in its casino and was achieved despite a 14% drop in yield per active player day from US$20.3 in 2006 to US$17.4 in 2007, following the loss of many of Party’s high-spending customers after the passing of the Unlawful Internet Gambling Enforcement Act and Party’s related exit from the US.
Third quarter new player sign-ups were down 14% on 2006 to 129,7000, reflecting the quieter summer months, however Party said this followed a particularly strong first half to the year, with the number of new player sign-ups up 44% on the equivalent nine month period last year.
The company said fourth quarter trading had increased 9% on the previous quarter to US$1.6m and active players per day averaged 65,000, generating average daily revenues of US$938,000 and casino daily revenues of US$569,000.
Analysts from Deutsche Bank said the strength of current trading and the continued development pipeline “give us increased confidence that our 2008 estimate forecasts should be achievable”.
http://partygaming.com/images/docs/072510_Q3_2007_KPIs__Trading_Update.pdf
http://www.egrmagazine.com/item/2215
October 24, 2007
Online’s Parent Posts Good Results
Swedish betting and gaming operator Redbet Holdings has announced that its recent acquisitions have begun to produce fruit as has recorded a 416 per cent increase in turnover to $2.8 million.
The Stockholm-based parent company of the Redbet.com sports betting exchange said that turnover for the nine-month period up to the end of September showed a similarly buoyant performance, rising 316 percent to $5.95 million with the company’s net profits standing at $309,000.
The firm’s management said that the recent $2.27 million acquisition of Pullman Gaming alongside the purchase of Latvia’s Teletoto for $2.13 million had started producing results. Redbet acquired Mike Bennet's Pullman along with its Gold Club Casino and Total Poker assets in April and has also recently launched its NextPoker product on three different online networks, Ongame, B2B and IPN.
http://igamingbusiness.com/article-detail.php?articleID=15067
The Stockholm-based parent company of the Redbet.com sports betting exchange said that turnover for the nine-month period up to the end of September showed a similarly buoyant performance, rising 316 percent to $5.95 million with the company’s net profits standing at $309,000.
The firm’s management said that the recent $2.27 million acquisition of Pullman Gaming alongside the purchase of Latvia’s Teletoto for $2.13 million had started producing results. Redbet acquired Mike Bennet's Pullman along with its Gold Club Casino and Total Poker assets in April and has also recently launched its NextPoker product on three different online networks, Ongame, B2B and IPN.
http://igamingbusiness.com/article-detail.php?articleID=15067
October 23, 2007
Call for more EU ‘urgency’ following Nylander arrest
The European Commission should act with “more urgency” over the violation proceedings brought by the EU’s Competition Commission against the French, following the detention of Petter Nylander under an arrest warrant issued by the French authorities, says a Swedish MEP.
Christofer Fjellner, a representative from the Swedish Conservatives at the European Parliament, said he hoped to meet with competition commissioner Charlie McCreevy later this week.
He said of the French moves: “The French were given two months to respond (to the Commission’s findings against them). Now it seems the French are going to use the two months to violate fundamental human rights. It makes the matter even more urgent.”
Nylander was detained last night by Dutch customs officials when boarding a plane to London (see earlier Unibet story). Unibet have said this morning that they hope Nylander will be released today. Mark Davies, managing director at Betfair, said there was “no question” that the EU would be aware of events. “They will be asking why has this happened?”
Fjellner noted the French authorities had detained Nylander using a European arrest warrant, “meant for use with organised crime and terrorism”. He accused the French of using the warrant as a “political tool in an effort to prolong the (French gaming) monopoly.” He added: “This is intimidation.”
One industry insider said the arrest of Nylander should act as a “wake-up call for (Charlie) McCreevy”. They added: “It’s about time the French realised this is the 21st Century and not the 19th. It’s ludicrous.”
Clouding the issue is a judgment secured in a Dutch court a fortnight ago on the part of Dutch monopoly operator De Lotto against Unibet. Unibet was reported at the time as saying it had no knowledge of the ruling.
In an interview with eGaming Review in July this year, Nylander said the fight against the monopoly operators across Europe – including the French – was like “having hand grenades under out pillow”. “We are in a war... We all know how it will end. In 10 years maybe it will break down... Efforts to stop us have not worked.
Nylander also commented on the last time the French authorities made a move against online gaming operators when they arrested Bwin’s Manfred Bodner and Norbert Teufelberger. Said Nylander in July: “I was surprised by the brutality... The French psyche is very proud. You need to take it easy there.”
http://www.egrmagazine.com/item/2210
Christofer Fjellner, a representative from the Swedish Conservatives at the European Parliament, said he hoped to meet with competition commissioner Charlie McCreevy later this week.
He said of the French moves: “The French were given two months to respond (to the Commission’s findings against them). Now it seems the French are going to use the two months to violate fundamental human rights. It makes the matter even more urgent.”
Nylander was detained last night by Dutch customs officials when boarding a plane to London (see earlier Unibet story). Unibet have said this morning that they hope Nylander will be released today. Mark Davies, managing director at Betfair, said there was “no question” that the EU would be aware of events. “They will be asking why has this happened?”
Fjellner noted the French authorities had detained Nylander using a European arrest warrant, “meant for use with organised crime and terrorism”. He accused the French of using the warrant as a “political tool in an effort to prolong the (French gaming) monopoly.” He added: “This is intimidation.”
One industry insider said the arrest of Nylander should act as a “wake-up call for (Charlie) McCreevy”. They added: “It’s about time the French realised this is the 21st Century and not the 19th. It’s ludicrous.”
Clouding the issue is a judgment secured in a Dutch court a fortnight ago on the part of Dutch monopoly operator De Lotto against Unibet. Unibet was reported at the time as saying it had no knowledge of the ruling.
In an interview with eGaming Review in July this year, Nylander said the fight against the monopoly operators across Europe – including the French – was like “having hand grenades under out pillow”. “We are in a war... We all know how it will end. In 10 years maybe it will break down... Efforts to stop us have not worked.
Nylander also commented on the last time the French authorities made a move against online gaming operators when they arrested Bwin’s Manfred Bodner and Norbert Teufelberger. Said Nylander in July: “I was surprised by the brutality... The French psyche is very proud. You need to take it easy there.”
http://www.egrmagazine.com/item/2210
Unibet chief arrested
Peter Nylander, chief executive at Unibet, has been detained while boarding a flight in Holland under an arrest warrant issued by the French authorities.
In a statement, Unibet has said the arrest pertained to proceedings filed in 2006 by the French gaming monopolies Francaise des Jeux (FDJ) and the PMU. The charges relate to breaches of laws dating back to 1836 and 1891.
The company said it is “outraged by France’s total disregard of European Community law aiming to protect a domestic commercial gambling monopoly, which is being challenged by the European Commission”.
The company added that though it was aware of the possibility of action being taken it was still "surprised” by the move.
“In March 2007, the European Court of Justice ruled in the Placanica case, confirming that betting services are covered by the EU Treaty. The court also confirmed that criminal proceedings brought against legitimate operators based in other EU member states are in contradiction with the EU Treaty.
The company adds that on 27 June, the EU Commission issued a reasoned opinion against France, in relation with the infringement proceedings concerning France's restrictions on sports betting. Furthermore, on 10 July, the highest jurisdiction in France (Cour de cassation) overturned a decision that banned a Maltese company from offering online betting on horse races in France. Finally, the French government has stated its will to open a discussion with the European Commission towards a regulated opening of the French online gaming market.
Unibet’s chief financial officer and deputy chief executive Ragnar Hellenius has been appointed by the board of Unibet as acting chief executive until Nylander is released. He commented: “This situation is clearly unacceptable and extraordinary in ours and in any industry. It is our view that this use of the possibility for cross-border legal actions is a clear abuse of their true aim, and in all aspects, disproportionate. Unibet is licensed in the UK, Malta and Italy for gambling, listed on the OMX Nordic Stock Exchange and a company complying with European law. This is clearly a breach of the EU Treaty and the fundamental principles of the European Union.
Hellenius concluded: “We are upset of this unlawful act and harassment against our company and a citizen of Europe and we will take every action possible to bring this matter to justice. This criminalisation of a specific individual is a tactic that we have seen French authorities using before and something we will not tolerate. We take for granted that Petter Nylander will be released immediately.”
http://www.egrmagazine.com/item/2208
In a statement, Unibet has said the arrest pertained to proceedings filed in 2006 by the French gaming monopolies Francaise des Jeux (FDJ) and the PMU. The charges relate to breaches of laws dating back to 1836 and 1891.
The company said it is “outraged by France’s total disregard of European Community law aiming to protect a domestic commercial gambling monopoly, which is being challenged by the European Commission”.
The company added that though it was aware of the possibility of action being taken it was still "surprised” by the move.
“In March 2007, the European Court of Justice ruled in the Placanica case, confirming that betting services are covered by the EU Treaty. The court also confirmed that criminal proceedings brought against legitimate operators based in other EU member states are in contradiction with the EU Treaty.
The company adds that on 27 June, the EU Commission issued a reasoned opinion against France, in relation with the infringement proceedings concerning France's restrictions on sports betting. Furthermore, on 10 July, the highest jurisdiction in France (Cour de cassation) overturned a decision that banned a Maltese company from offering online betting on horse races in France. Finally, the French government has stated its will to open a discussion with the European Commission towards a regulated opening of the French online gaming market.
Unibet’s chief financial officer and deputy chief executive Ragnar Hellenius has been appointed by the board of Unibet as acting chief executive until Nylander is released. He commented: “This situation is clearly unacceptable and extraordinary in ours and in any industry. It is our view that this use of the possibility for cross-border legal actions is a clear abuse of their true aim, and in all aspects, disproportionate. Unibet is licensed in the UK, Malta and Italy for gambling, listed on the OMX Nordic Stock Exchange and a company complying with European law. This is clearly a breach of the EU Treaty and the fundamental principles of the European Union.
Hellenius concluded: “We are upset of this unlawful act and harassment against our company and a citizen of Europe and we will take every action possible to bring this matter to justice. This criminalisation of a specific individual is a tactic that we have seen French authorities using before and something we will not tolerate. We take for granted that Petter Nylander will be released immediately.”
http://www.egrmagazine.com/item/2208
October 22, 2007
NBA disciplines 6 referees for gambling offences
The National Basketball Association has punished six referees for minor gambling offences, according to a report in the New York Daily News.
Citing sources, the newspaper reported Sunday that the six unnamed officials were punished for infractions such as visiting casinos, and that their cases are not related to the Tim Donaghy betting scandal.
"Nobody's getting suspended. They were reprimanded and punished, but nobody lost their job," a source was quoted as saying.
In September, Donaghy forfeited $30,000 US in restitution to the government under his plea deal, according to court records.
The veteran referee pleaded guilty in a Brooklyn, N.Y., court to felony charges for taking cash payoffs from gamblers and betting on games he officiated. He was released on $250,000 bond and is set to be sentenced Nov. 9.
Court papers say Donaghy, 40, started placing bets on NBA games in 2003. He then gave gamblers inside information, including tips on which crews would officiate games and how the various officials and players interacted.
He faces a maximum of 25 years in prison for conspiracy to engage in wire fraud and transmitting betting information through interstate commerce. He also must pay a $500,000 fine in addition to the restitution already paid.
Citing sources, the newspaper reported Sunday that the six unnamed officials were punished for infractions such as visiting casinos, and that their cases are not related to the Tim Donaghy betting scandal.
"Nobody's getting suspended. They were reprimanded and punished, but nobody lost their job," a source was quoted as saying.
In September, Donaghy forfeited $30,000 US in restitution to the government under his plea deal, according to court records.
The veteran referee pleaded guilty in a Brooklyn, N.Y., court to felony charges for taking cash payoffs from gamblers and betting on games he officiated. He was released on $250,000 bond and is set to be sentenced Nov. 9.
Court papers say Donaghy, 40, started placing bets on NBA games in 2003. He then gave gamblers inside information, including tips on which crews would officiate games and how the various officials and players interacted.
He faces a maximum of 25 years in prison for conspiracy to engage in wire fraud and transmitting betting information through interstate commerce. He also must pay a $500,000 fine in addition to the restitution already paid.
October 19, 2007
Sportingbet Announces Annual Profit Loss
Online gambling company Sportingbet PLC reported an annual loss on Wednesday but said its other operations were doing well and it expected to grow in Europe.
Sportingbet was forced to quit the US after lawmakers effectively made its business illegal and has stated a loss of $637.5 million for the past financial year after posting a profit of $141 million the year before.
It announced that revenue fell 36 percent to $2.69 billion from $4.19 billion after it lost over 75 percent of its business when US legislators outlawed credit card-based online gambling in October of last year.
The Alderney-licensed company stated that was pleased with results from its continuing operations with turnover from remaining operations up 23.3 percent at to $2.2 billion compared with $1.81 billion for the same period last year.
'Given the enormity of the change and restructuring that has taken place at Sportingbet, I am pleased to report a strong increase in gross win in the continuing business and especially pleased with the growth in our core European sports betting business of 48 percent,' said Andrew McIver, Chief Executive for Sportingbet.
Sportingbet, like many of its rivals, pulled out of the US and sold its operations cheaply after the White House outlawed the industry. It sold its American operations, comprising a US-facing sportsbetting and casino business and a poker operation to Antigua-based Jazette Enterprises Ltd in October, and offloaded $13.2 million of debt. Its operations now consist of a European sports, casino and poker business, an Australian sports business and the non-US Paradise Poker business.
http://www.igamingbusiness.com/article-detail.php?articleID=15009
ITV faces £70m phone scandal fine
The results of the investigation carried out by accountants Deloitte into the premium-rate phone-line scandal at ITV could lead to fines of up to £70m (US$140m) for the UK broadcaster and possible criminal investigations if regulator Ofcom decides to pass the case on to Scotland Yard.
Only parts of the Deloitte report were made public by ITV yesterday but the headline figures will make uneasy reading for the interactive TV sector. Viewers spent £8m on phone calls to ITV competitions they thought they were influencing. The full cost of the scandal could rise to £18m.
ITV chief executive Michael Grade said no senior ITV executives would lose their jobs over the scandal because running the investigation on the basis of finding someone to sack “would not have produced a full and frank” picture. When questioned about possible criminal charges of fraud for those involved in the deception, Grade insisted that their motives were not to increase revenues but to produce better television shows. He then pledged a ‘zero tolerance’ policy on any future transgression and praised his company for its openness in the matter.
The investigation found serious “editorial issues” going as far back as 2005 with flagship ITV shows such as Saturday Night Takeaway, X-Factor and Soapstar Superstar. Some of the charges include the producers manufacturing the results of viewer phone-ins by disregarding voter requests and picking songs they thought would be more suitable for contestants to sing or picking winners of cash competitions only if they lived within an hour of where the production team happened to be.
888 launches Italian sportsbook
Casino and poker operator 888 has launched its first dedicated licensed sportsbook offering in Italy, according to a statement to the London Stock Exchange this morning.
The Italian website (888.it) has been launched in conjunction with Italian market specialist Cogetech, and is 888’s first foray into the market since it gained a license in October last year from the Italian regulator.
The website is restricted to sports-betting (though not horse-racing for the time being) and skill games, though further products may be added should the Italian regulator allow it.
Gigi Levy, chief executive at 888, said: “This is a milestone in the progression of 888’s diversified, multi-channel strategy to grow our customer reach and appeal globally.”
Levy added that the Italian sports-betting market is “growing strongly”.
It is believed that 888 will be entering into a white-label deal with Blue Square in the coming months as it endeavours to further its reach in the sports-betting market elsewhere in Europe. Levy is on record as saying the company should be moving towards a full-service offering for its customers.
Absolute engulfed in cheating scandal
Allegations of a cheating scandal have engulfed Absolute Poker after it emerged that the Kahnawake Gaming Commission has asked testing and certification company Gaming Associates to carry out an audit of Absolute’s activities for the period in question.
A spokesperson at Gaming Associates would not comment further on the matter only to confirm that it would be auditing Absolute Poker.
Whispers of a possible cheating scam had been circulating on poker messageboards for the past couple of weeks. Footage is available on YouTube of the alleged scam (http://www.youtube.com/watch?v=FczbS7FiWSM).
Players on Absolute Poker had voiced suspicions of one particular player on the site whose unpredictable style of play had allegedly enabled him to win large amounts.
More importantly, according to some posters on the forums, the player seemed to know what his opposing players’ hole cards are and never made a wrong move.
Rumours of a ‘super-user account’ that has the ability to view opponents’ hole cards began to appear on poker blogs and forums. According to the threads, when Absolute customers requested their hand histories to analyse the patterns of play, they were in fact sent highly sensitive information containing the email and IP addresses of the people playing and observing the games in question. The players then claim to have traced one player’s IP address back to an Absolute Poker domain. Rumours persist that the player is connected is some way with the management of the firm though there has been no confirmation of this.
Absolute Poker has denied any wrongdoing so far but has agreed to cooperate in any investigation about the matter.
October 17, 2007
Affiliates Say Intertops.com has the Fastest Paying Affiliate Program
October 16, 2007 (St. John’s, Antigua) – 'The First' online betting site is the first to pay its affiliates according to a report in the October issue of CAP Magazine. The world’s leading publication for gambling affiliates has listed Intertops.com as the fastest paying casino affiliate program. The magazine, published by CasinoAffiliatePrograms.com, reports that a webmaster poll showed 'getting paid quickly and reliably' is affiliates' number one criteria for judging affiliate programs. The same story reported that Intertops paid their affiliates faster than nineteen other programs mentioned.
'This recognition from CAP Magazine shows that 'Trust the First' isn’t just a slogan, but something we really mean,' said Michl Posch of Intertops.com.
Back in 1996, Intertops was the first sportsbook ever to offer online betting. It wasn’t long before they offered online casino games and online poker as well. The Intertops affiliate partner program has been renowned in the industry since 1999 and established its reputation for quick payment from the beginning. The program pays lifetime commission for all products that are offered by Intertops.com: sportsbook, casino, poker and games.
'Intertops sets the bar very high,' said Posch. 'In a business where partners rarely meet, trust is a key to success. We’re happy about the outstanding reputation that Intertops has earned among affiliates.'
In January, Casino Affiliate Programs will again recognize leaders in the online gambling business when they present the 'Cappy Awards' at a glamorous awards night during January’s CAP Euro conference in London. Intertops has been nominated by affiliates in the 'Best Sportsbetting Affiliate Program' category. Webmasters can vote for Intertops at www.capawards.com.
'The nomination of Intertops for Sports Betting Affiliate Program of the Year and being named the fastest paying program in this issue of CAP Magazine comes as no surprise. These guys are great,' said Lou Fabiano, founder of Casino Affiliate Programs. 'Affiliates love cash flow and fast payments as they allow them to buy more domains, build more sites and run more ads. This means more players and more income each month! Hats off to Intertops for helping affiliates to maximize their revenues.'
The CAP Magazine article '10 Things Webmasters Want' is available here: www.lyceummedia.com/intertops/capmag-oct07.pdf
October 11, 2007
Mansion live on Ongame
Gibraltar-based operator Mansion went live on the Ongame network last night. Mansion had been expected to join a poker network for some time and with Playtech already providing it with its casino games, it was expected to join the company’s iPoker network.
Guy Gussarsky, chief executive of Mansion, said: “We chose Ongame as one of the most tried and trusted platforms online and for their superior poker software, but an equally important deal-maker has been their ability to enhance our business rather than consume it.”
With its casino and poker products now being supplied by two different providers, a source close to Mansion said the integration of all the products would require some extra work but would not bring substantial problems. Asked why it had chosen Ongame over Playtech, they said: “The intention of the company is to provide its services with the best poker and casino products and Ongame have been experts in online poker from the start while Playtech have been experts at casino games.”
Since launch, Mansion has struggled to build the liquidity needed to operate its own poker platform and has already closed down its sportsbook with rumours of its betting exchange due to close in near future.
Asked what they would do differently to attract enough players to build up liquidity levels now that they were part of a network, they said: “We will maintain our guaranteed tournament series and also offer all the network promotions. We will also continue to raise our brand awareness levels through our continued sponsorship of Tottenham Hotspur and other marketing activities.”
http://www.egrmagazine.com/cgi-bin/item.cgi?id=2183
Guy Gussarsky, chief executive of Mansion, said: “We chose Ongame as one of the most tried and trusted platforms online and for their superior poker software, but an equally important deal-maker has been their ability to enhance our business rather than consume it.”
With its casino and poker products now being supplied by two different providers, a source close to Mansion said the integration of all the products would require some extra work but would not bring substantial problems. Asked why it had chosen Ongame over Playtech, they said: “The intention of the company is to provide its services with the best poker and casino products and Ongame have been experts in online poker from the start while Playtech have been experts at casino games.”
Since launch, Mansion has struggled to build the liquidity needed to operate its own poker platform and has already closed down its sportsbook with rumours of its betting exchange due to close in near future.
Asked what they would do differently to attract enough players to build up liquidity levels now that they were part of a network, they said: “We will maintain our guaranteed tournament series and also offer all the network promotions. We will also continue to raise our brand awareness levels through our continued sponsorship of Tottenham Hotspur and other marketing activities.”
http://www.egrmagazine.com/cgi-bin/item.cgi?id=2183
Bet Direct ‘could fetch £6m’
32Red’s up-for-sale Bet Direct operation could fetch £6m (US$12m), valuing the business at less than half of the price it fetched when it was sold by Sportech in May of last year, according to sources.
It is thought that Irish-based bookmaker Boylesports remains the favourite to snap up the business, though Stan James and Chronicle bookmakers (half-owned by Dermot Desmond, the Irish billionaire and owner of Betdaq) are also rumoured to be in the hunt. The deal could well go through within the next two weeks.
The Aim-listed operator confirmed a fortnight ago in a statement to the London Stock Exchange it was in talks to sell Bet Direct after eGaming Review broke the story that the loss-making sports-betting operation was on the market.
32Red bought the business from Sportech in May 2006 for £12.5m.
Boylesports gave an official no comment, as did Stan James, which was thought to be among the original bidders for Bet Direct when it was sold by Sportech.
No-one at Chronicle was available for comment.
http://www.egrmagazine.com/item/2182
It is thought that Irish-based bookmaker Boylesports remains the favourite to snap up the business, though Stan James and Chronicle bookmakers (half-owned by Dermot Desmond, the Irish billionaire and owner of Betdaq) are also rumoured to be in the hunt. The deal could well go through within the next two weeks.
The Aim-listed operator confirmed a fortnight ago in a statement to the London Stock Exchange it was in talks to sell Bet Direct after eGaming Review broke the story that the loss-making sports-betting operation was on the market.
32Red bought the business from Sportech in May 2006 for £12.5m.
Boylesports gave an official no comment, as did Stan James, which was thought to be among the original bidders for Bet Direct when it was sold by Sportech.
No-one at Chronicle was available for comment.
http://www.egrmagazine.com/item/2182
October 10, 2007
Refunds On All Losing First Goalscorer Bets If Owen Goes Off Before First Goal
Internet based sportsbook PartyBets.com (www.PartyBets.com) is guaranteeing best odds on England to win Euro 2008 for a limited period and will refund all losing first goalscorer bets if Michael Owen is substituted before the first goal in Saturday’s game with Estonia.
Anybody logging on to the PartyBets.com platform between 10am-2pm BST on Saturday will be guaranteed to be able to take advantage of the best price on the market for the ‘Three Lions’ to win the trophy in Austria and Switzerland next summer. Users looking to take advantage of the best price would be advised to visit the site early as the side will be priced up at a tasty 9/1 when the promotion kicks off.
PartyBets.com is also offering punters a special insurance on all first goalscorer bets in the Estonia game; If Michael Owen goes off before the first goal is scored, all losing first goalscorer bets will be refunded up to a value of £20.
A PartyBets.com spokesman said, “The ‘Owen insurance’ is something that is sure to be popular with our customers. Unfortunately, there is usually only one thing as certain as a Michael Owen goal and that is that he will not last the full 90 minutes.”
PartyBets.com England v Estonia Specials
G-Owen to the finals
Can Michael Owen once again inspire England?
Owen to score and England to win 8/5
Hat-Trick Heroes
Will an English player demolish the minnows?
An England player to score a hat-trick 16/1
Robbo's Woes
Can things get any worse for Paul Robinson?
Robinson to score an own goal 33/1
Robinson to concede a penalty 8/1
Robinson to be sent-off 14/1
Hotshots
Who will come out on top between England's strikers?
Owen to outscore Rooney 7/4
Rooney to outscore Owen 9/4
Both players to score the same amount 6/1
Neither player to score 11/10
Anybody logging on to the PartyBets.com platform between 10am-2pm BST on Saturday will be guaranteed to be able to take advantage of the best price on the market for the ‘Three Lions’ to win the trophy in Austria and Switzerland next summer. Users looking to take advantage of the best price would be advised to visit the site early as the side will be priced up at a tasty 9/1 when the promotion kicks off.
PartyBets.com is also offering punters a special insurance on all first goalscorer bets in the Estonia game; If Michael Owen goes off before the first goal is scored, all losing first goalscorer bets will be refunded up to a value of £20.
A PartyBets.com spokesman said, “The ‘Owen insurance’ is something that is sure to be popular with our customers. Unfortunately, there is usually only one thing as certain as a Michael Owen goal and that is that he will not last the full 90 minutes.”
PartyBets.com England v Estonia Specials
G-Owen to the finals
Can Michael Owen once again inspire England?
Owen to score and England to win 8/5
Hat-Trick Heroes
Will an English player demolish the minnows?
An England player to score a hat-trick 16/1
Robbo's Woes
Can things get any worse for Paul Robinson?
Robinson to score an own goal 33/1
Robinson to concede a penalty 8/1
Robinson to be sent-off 14/1
Hotshots
Who will come out on top between England's strikers?
Owen to outscore Rooney 7/4
Rooney to outscore Owen 9/4
Both players to score the same amount 6/1
Neither player to score 11/10
Victor Chandler Questioned by French Police
According to a report in the UK’s Daily Mail newspaper, the head of one of the nation’s leading bookmakers was arrested in France for allegedly taking bets on horses.
The newspaper reported that Victor Chandler, one of the first bookies to start an online business that he still runs from Gibraltar, and three other bookmakers were arrested during the Arc De Triomphe race meeting at Longchamps on Sunday for illegally taking bets.
The group, believed to include Chandler's nephew and rails representative Butch Beaton-Brown, were caught in a raid on the corporate facility for British race-goers run by Horse Racing Abroad, a group that takes around 1,300 fans to the Paris venue every year.
The Daily Mail stated that Chandler was questioned by French police from their racecourse gambling unit and told not to leave the country before a further interview the next day, supposedly prompting the multi-millionaire to stay overnight at a suite in the five-star George V Hotel just off the Champs-Elysees in the French capital.
Ian Fry, boss of Horse Racing Abroad, was quoted in the newspaper as saying that he had seen none of the party of more than ten gendarmes that raided his pavilion at Longchamps nor had he seen Chandler at the racecourse.
However, following further questioning, Chandler was not held by French police and allowed to leave the country.
“Four people from Victor Chandler were questioned by French police on Monday in respect of various aspects regarding entertaining at Longchamps and they were subsequently released without charge,” said a spokesperson for Victor Chandler.
http://www.igamingbusiness.com/article-detail.php?articleID=14911
The newspaper reported that Victor Chandler, one of the first bookies to start an online business that he still runs from Gibraltar, and three other bookmakers were arrested during the Arc De Triomphe race meeting at Longchamps on Sunday for illegally taking bets.
The group, believed to include Chandler's nephew and rails representative Butch Beaton-Brown, were caught in a raid on the corporate facility for British race-goers run by Horse Racing Abroad, a group that takes around 1,300 fans to the Paris venue every year.
The Daily Mail stated that Chandler was questioned by French police from their racecourse gambling unit and told not to leave the country before a further interview the next day, supposedly prompting the multi-millionaire to stay overnight at a suite in the five-star George V Hotel just off the Champs-Elysees in the French capital.
Ian Fry, boss of Horse Racing Abroad, was quoted in the newspaper as saying that he had seen none of the party of more than ten gendarmes that raided his pavilion at Longchamps nor had he seen Chandler at the racecourse.
However, following further questioning, Chandler was not held by French police and allowed to leave the country.
“Four people from Victor Chandler were questioned by French police on Monday in respect of various aspects regarding entertaining at Longchamps and they were subsequently released without charge,” said a spokesperson for Victor Chandler.
http://www.igamingbusiness.com/article-detail.php?articleID=14911
October 09, 2007
Online Casino to Open Sportsbook
One of the world’s largest online gaming companies, 888.com, has announced plans to offer sportsbetting as soon as later this year.
Gigi Levy, Chief Executive Officer for the Gibraltar-licensed firm, was speaking at the recent European iGaming (EiG) conference in Barcelona and hinted that sports betting could be launched in the first market in a few months and implied that the deal with the provider would be for more than just one year.
'The UK is our biggest market but we also have Seville,' said Levy. 'It's highly likely that there will be another deal by the end of the year. It'll be something that doesn't cost much but hopefully makes a lot of money.”
Having seen takeover talks with gambling group Ladbrokes come to nothing due to worries about retrospective prosecution by US authorities following the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) last year, 888.com has previously stated that it is looking to be a predator rather than prey for larger rivals.
Industry analysts have previously speculated that 888.com could purchase Rank Group’s Blue Square to offer bets on football (soccer) matches, horse racing and other sports for the first time.
Gigi Levy, Chief Executive Officer for the Gibraltar-licensed firm, was speaking at the recent European iGaming (EiG) conference in Barcelona and hinted that sports betting could be launched in the first market in a few months and implied that the deal with the provider would be for more than just one year.
'The UK is our biggest market but we also have Seville,' said Levy. 'It's highly likely that there will be another deal by the end of the year. It'll be something that doesn't cost much but hopefully makes a lot of money.”
Having seen takeover talks with gambling group Ladbrokes come to nothing due to worries about retrospective prosecution by US authorities following the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) last year, 888.com has previously stated that it is looking to be a predator rather than prey for larger rivals.
Industry analysts have previously speculated that 888.com could purchase Rank Group’s Blue Square to offer bets on football (soccer) matches, horse racing and other sports for the first time.
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