bwin has signed up as the sponsor of Europe’s leading basketball competition, Euroleague Basketball, securing marketing and media rights to the competition until 2014.
The agreement with Euroleague Basketball follows the signing of an extension to a similar agreement in June between bwin brand owner bwin.party and FIBA, the world governing body for basketball.
“We are proud to announce the Euroleague Basketball agreement which represents a perfect match to our long lasting relationship with FIBA, the world governing body for basketball. This makes bwin an even stronger brand as we will now cover both club basketball with the Euroleague and the national teams through our FIBA partnership,” said Norbert Teufelberger, co-CEO of bwin.party digital entertainment.
“It is a big step for Euroleague Basketball to welcome bwin as partner until 2014,” added Jordi Bertomeu, president and CEO of Euroleague Basketball. “The most important basketball competition in Europe now gets the most important sports betting brand, bwin, as a supporter to take club basketball´s popularity in Europe to an even higher level.”
July 08, 2011
July 07, 2011
ARJEL suspends Full Tilt licence in France
French regulator ARJEL has suspended Full Tilt's licence for the foreseeable future. Rekop Limited, Full Tilt’s French licence holder, has had its licence suspended as a “precautionary” measure.
The ARJEL panel said a suspension, the length of which has yet to be determined, was necessary due to the dot.fr site’s inaccessibility following the original multiple licence suspension by the Alderney Gambling Control Commission last week and the company’s need to seek additional financial guarantees to continue operating.
ARJEL said it was, and would, remain in contact with Full Tilt to ensure refinancing conditions are met in the interest and protection of players in France.
Just days after Black Friday on 15 April the French regulator gave Rekop notice to generate new certificates of the bank managing its French business proving it had enough funds to pay players and continue operating, however it has so far been unable to do so in France as well as globally.
Full Tilt is facing an increasingly uncertain future with all its current operational licences now suspended, world-wide accounts frozen and two of its founders named in the original Black Friday indictments. It has also yet to pay back any of its US customers.
James Hollins, analyst at Evolution Securities, said that with zero cash income following Full Tilt's complete licensing base suspension, the situation could become "terminal" for the business if its cashflow issues are not resolved soon.
Late last week it emerged Full Tilt could reportedly be on the verge of selling a majority stake in parent company Pocket Kings to unnamed European investors, however no further news has since materialised with various sources connected to the company unable to comment.
The ARJEL panel said a suspension, the length of which has yet to be determined, was necessary due to the dot.fr site’s inaccessibility following the original multiple licence suspension by the Alderney Gambling Control Commission last week and the company’s need to seek additional financial guarantees to continue operating.
ARJEL said it was, and would, remain in contact with Full Tilt to ensure refinancing conditions are met in the interest and protection of players in France.
Just days after Black Friday on 15 April the French regulator gave Rekop notice to generate new certificates of the bank managing its French business proving it had enough funds to pay players and continue operating, however it has so far been unable to do so in France as well as globally.
Full Tilt is facing an increasingly uncertain future with all its current operational licences now suspended, world-wide accounts frozen and two of its founders named in the original Black Friday indictments. It has also yet to pay back any of its US customers.
James Hollins, analyst at Evolution Securities, said that with zero cash income following Full Tilt's complete licensing base suspension, the situation could become "terminal" for the business if its cashflow issues are not resolved soon.
Late last week it emerged Full Tilt could reportedly be on the verge of selling a majority stake in parent company Pocket Kings to unnamed European investors, however no further news has since materialised with various sources connected to the company unable to comment.
Cirsa and Codere against tender and sale of Lotería y Apuestas del Estado
The upcoming IPO of Loterías y Apuestas del Estado (LAE) has not only raised expectations among investors, but also between the rival companies. Some of the major private operators in game, like Cirsa and Codere, criticize the way the privatization will be carry out.
Codere is "concerned about the possible unfair competition that may occur by the state enterprise.” This group, the only quoted in Spain with a capitalization of 520 million euros in 2010, criticizes that "an entity that doesn’t pay taxes can compete with the weapons of their special status against private operators."
Meanwhile, Cirsa is not much more positive. Its CEO, Joaquim Agut, stated that "the State cannot compete unfairly with Loterías," and requested a fiscal and regulatory treatment similar to the one that new law gives to public companies, which prepares the sale of 30% of its capital through an IPO next November.
To Agut, the lack of reciprocity between the two groups is shown in, for example, that LAE may enter and compete in new products with better fiscal framework than the other groups and less advertising restrictions. "We want a similar deal," said Agut. "The state can’t be regulator and competitor at the same time."
Cirsa, controlled by the Lao family, defends his position with data: according to its figures, industry revenue has fallen 27% since 2008, compared to the "slight fall" of LAE (-2%) and Once (-10% ). In its view, reflects the regulatory asymmetry.
At Once, they are cautious. "We don’t have all the information about how the IPO will be and we don’t have a closed stance in this regard," they said in the state. A different approach is the one that shows the association of Internet gamblers, Aedapi. Despite acknowledging that the public group will start "with certain advantages," its director, Sacha Michaud, is "positive" with privatization and believes "that the industry will grow faster. Their current games will continue free tax, but not the new ones,” he says.
Codere is "concerned about the possible unfair competition that may occur by the state enterprise.” This group, the only quoted in Spain with a capitalization of 520 million euros in 2010, criticizes that "an entity that doesn’t pay taxes can compete with the weapons of their special status against private operators."
Meanwhile, Cirsa is not much more positive. Its CEO, Joaquim Agut, stated that "the State cannot compete unfairly with Loterías," and requested a fiscal and regulatory treatment similar to the one that new law gives to public companies, which prepares the sale of 30% of its capital through an IPO next November.
To Agut, the lack of reciprocity between the two groups is shown in, for example, that LAE may enter and compete in new products with better fiscal framework than the other groups and less advertising restrictions. "We want a similar deal," said Agut. "The state can’t be regulator and competitor at the same time."
Cirsa, controlled by the Lao family, defends his position with data: according to its figures, industry revenue has fallen 27% since 2008, compared to the "slight fall" of LAE (-2%) and Once (-10% ). In its view, reflects the regulatory asymmetry.
At Once, they are cautious. "We don’t have all the information about how the IPO will be and we don’t have a closed stance in this regard," they said in the state. A different approach is the one that shows the association of Internet gamblers, Aedapi. Despite acknowledging that the public group will start "with certain advantages," its director, Sacha Michaud, is "positive" with privatization and believes "that the industry will grow faster. Their current games will continue free tax, but not the new ones,” he says.
June 30, 2011
bwin.party begins formal process to sell Ongame
bwin.party digital entertainment plc said Thursday that it has commenced a formal process to sell the company’s Ongame B2B poker network, with a sale expected to be completed by the end of the year.
In a statement to shareholders at the company’s Annual General Meeting in Gibraltar later today, the board of bwin.party will say that current trading is broadly in line with management expectations, despite lower than expected sports margins due to a favourable run of events for customers in May.
While there has been an improvement in new player sign-ups in poker following action taken by U.S authorities against a number of the companies online poker rivals, this has not had a material impact on poker revenues. The company said that this is because new players represent just a small proportion of the overall player base.
Casino continues to perform well, while bingo has been slightly softer than expected in the period, the company said.
Since the completion of the merger, bwin.party said that it continues to make progress on implementing the plans made prior to completion, with the company on-track to deliver the full €55m of annualised synergies by 2013.
As part of its stated strategy to recycle surplus assets, the company confirmed that having taken some initial soundings from interested parties, it has commenced a formal process to sell its Ongame B2B operation, a leading online poker network including a technology platform.
bwin.party said that the company expects the sale to be completed by the end of the year.
Having undertaken a comprehensive review of its capital and distribution policy, bwin.party confirmed that it will commence payment of a dividend at the half year results to be announced on August 31st.
Adopting a progressive dividend policy, whilst maintaining an appropriate level of dividend cover as measured against the company’s free cashflow, bwin.party intends to pay out €15m as an interim dividend payable in October and €15m as a final dividend payable in May 2012.
Thereafter, the company intends to target a payout ratio of no less than 30 per cent of normalised annual free cashflow with the interim dividend representing approximately half of the total annual dividend.
bwin.party said that it will also implement a share buyback programme, subject to market conditions and shareholder approval later today, of up to €75m. The programme will remain in place for one year, with all shares purchased to be cancelled.
In a statement to shareholders at the company’s Annual General Meeting in Gibraltar later today, the board of bwin.party will say that current trading is broadly in line with management expectations, despite lower than expected sports margins due to a favourable run of events for customers in May.
While there has been an improvement in new player sign-ups in poker following action taken by U.S authorities against a number of the companies online poker rivals, this has not had a material impact on poker revenues. The company said that this is because new players represent just a small proportion of the overall player base.
Casino continues to perform well, while bingo has been slightly softer than expected in the period, the company said.
Since the completion of the merger, bwin.party said that it continues to make progress on implementing the plans made prior to completion, with the company on-track to deliver the full €55m of annualised synergies by 2013.
As part of its stated strategy to recycle surplus assets, the company confirmed that having taken some initial soundings from interested parties, it has commenced a formal process to sell its Ongame B2B operation, a leading online poker network including a technology platform.
bwin.party said that the company expects the sale to be completed by the end of the year.
Having undertaken a comprehensive review of its capital and distribution policy, bwin.party confirmed that it will commence payment of a dividend at the half year results to be announced on August 31st.
Adopting a progressive dividend policy, whilst maintaining an appropriate level of dividend cover as measured against the company’s free cashflow, bwin.party intends to pay out €15m as an interim dividend payable in October and €15m as a final dividend payable in May 2012.
Thereafter, the company intends to target a payout ratio of no less than 30 per cent of normalised annual free cashflow with the interim dividend representing approximately half of the total annual dividend.
bwin.party said that it will also implement a share buyback programme, subject to market conditions and shareholder approval later today, of up to €75m. The programme will remain in place for one year, with all shares purchased to be cancelled.
Polish punters blocked by Ladbrokes
Bookmaker will not apply for Polish licence
Bookmaker Ladbrokes have advised players and affiliates that the company will no longer continue taking bets and registrations from Polish IP Addresses or players who have their country of residence listed as Poland.
New Polish gambling legislation, due to come into force in July 2011, allows for operators to offer sports betting only under a Polish licence, which Ladbrokes doesn't intend applying for as it already operates under a European Union licence.
The bookmaker communicated with existing players requesting them to withdraw all funds from their Ladbrokes account and will settle outstanding affiliate payments towards the end of July 2011.
Bookmaker Ladbrokes have advised players and affiliates that the company will no longer continue taking bets and registrations from Polish IP Addresses or players who have their country of residence listed as Poland.
New Polish gambling legislation, due to come into force in July 2011, allows for operators to offer sports betting only under a Polish licence, which Ladbrokes doesn't intend applying for as it already operates under a European Union licence.
The bookmaker communicated with existing players requesting them to withdraw all funds from their Ladbrokes account and will settle outstanding affiliate payments towards the end of July 2011.
June 23, 2011
Ladbrokes makes approach for Sportingbet
Shares in Sportingbet plc soared by more than 15 per cent in London this morning after the company confirmed that it has received a “highly preliminary approach” from UK bookmaker Ladbrokes which may lead to an offer being made to acquire the company.
Yesterday, media reports were rife with rumours that Ladbrokes were lining up a bid of 70 pence per share for Sportingbet, valuing the company at more than £460m.
For Ladbrokes, the move comes just two months after protracted discussions with online gaming operator 888 Holdings plc regarding a possible merger or acquisition were terminated.
A move for Sportingbet would improve Ladbrokes’ online offering, allowing the company to close the gap on UK rival William Hill which has seen a resurgence online following a tie-up with online gaming giant Playtech.
William Hill secured an injunction against Playtech in March to “ensure that its legal rights under the WHO joint venture agreements were maintained”, after press speculation linked Playtech to talks with Ladbrokes.
Playtech and William Hill reached an amicable resolution to their dispute last month, following which Playtech entered talks to provide solutions and services to another UK rival, Gala Coral.
Sportingbet said this morning that the company’s board has received a “highly preliminary approach” from Ladbrokes which may or may not lead to an offer being made to purchase the entire issued and to be issued share capital of the company.
“There can be no certainty that any offer will be forthcoming or as to the terms of any such offer,” the company added. “A further announcement will be made in due course.”
Ladbrokes also issued a statement this morning, confirming that the company has held preliminary conversations with Sportingbet.
"The Board has set out previously a clear organic strategy for Ladbrokes," said Richard Glynn, CEO of Ladbrokes. "We also stated that we would explore appropriate opportunities that may help us accelerate that process and bring benefits to our shareholders. These talks should be seen in that context and are highly preliminary."
Sportingbet is currently in the midst of acquiring Australian rival Centrebet International Limited for approximately AUD$180m, with the company raising gross proceeds of £130m through the issue of shares and convertible bonds to finance the acquisition.
Yesterday Sportingbet confirmed that it has received all of the required proceeds in connection with its fund raising, satisfying the conditions for the acquisition of Centrebet.
Last year Swedish online gaming operator Unibet withdrew from merger talks with Sportingbet, while bwin also made a preliminary approach to acquire Sportingbet in 2007 at a time when the UK operator's market capitalisation exceeded £261m.
Yesterday, media reports were rife with rumours that Ladbrokes were lining up a bid of 70 pence per share for Sportingbet, valuing the company at more than £460m.
For Ladbrokes, the move comes just two months after protracted discussions with online gaming operator 888 Holdings plc regarding a possible merger or acquisition were terminated.
A move for Sportingbet would improve Ladbrokes’ online offering, allowing the company to close the gap on UK rival William Hill which has seen a resurgence online following a tie-up with online gaming giant Playtech.
William Hill secured an injunction against Playtech in March to “ensure that its legal rights under the WHO joint venture agreements were maintained”, after press speculation linked Playtech to talks with Ladbrokes.
Playtech and William Hill reached an amicable resolution to their dispute last month, following which Playtech entered talks to provide solutions and services to another UK rival, Gala Coral.
Sportingbet said this morning that the company’s board has received a “highly preliminary approach” from Ladbrokes which may or may not lead to an offer being made to purchase the entire issued and to be issued share capital of the company.
“There can be no certainty that any offer will be forthcoming or as to the terms of any such offer,” the company added. “A further announcement will be made in due course.”
Ladbrokes also issued a statement this morning, confirming that the company has held preliminary conversations with Sportingbet.
"The Board has set out previously a clear organic strategy for Ladbrokes," said Richard Glynn, CEO of Ladbrokes. "We also stated that we would explore appropriate opportunities that may help us accelerate that process and bring benefits to our shareholders. These talks should be seen in that context and are highly preliminary."
Sportingbet is currently in the midst of acquiring Australian rival Centrebet International Limited for approximately AUD$180m, with the company raising gross proceeds of £130m through the issue of shares and convertible bonds to finance the acquisition.
Yesterday Sportingbet confirmed that it has received all of the required proceeds in connection with its fund raising, satisfying the conditions for the acquisition of Centrebet.
Last year Swedish online gaming operator Unibet withdrew from merger talks with Sportingbet, while bwin also made a preliminary approach to acquire Sportingbet in 2007 at a time when the UK operator's market capitalisation exceeded £261m.
Police Announce Arrests in Greek Match-Fixing Probe
Nine people have been arrested in connection with a probe into match-fixing in Greek football, police announced on Wednesday.
Police conducted an extensive search at suspects’ homes following an investigation by Greek judicial authorities in the last few months over a list of 41 matches submitted by UEFA to the local football authorities.
The presidents of Super League sides Olympiakos Volou, Achilleas Beos and Kavala, Stavros Psomiadis are reportedly among the nine men arrested. Beos’s lawyer has confirmed the arrest of his client.
The nine Greeks – also said to include the president of second-division side Ilioupoli, Giorgos Tsakoyiannis, and the manager of second-division side Ethnikos Asteras, Nikos Pantelis – are remanded in custody accused of betting fraud, money laundering and participation in a criminal group.
According to reports, at least 20 people were detained in total, including a number of football agents and the son of a well-known Athens soccer and basketball official.
“As part of the Athens prosecutor’s investigation a large-scale police operation has been conducted, which has resulted in nine arrests so far in connection with match-fixing. Investigations are continuing,” said a police statement.
Police conducted an extensive search at suspects’ homes following an investigation by Greek judicial authorities in the last few months over a list of 41 matches submitted by UEFA to the local football authorities.
The presidents of Super League sides Olympiakos Volou, Achilleas Beos and Kavala, Stavros Psomiadis are reportedly among the nine men arrested. Beos’s lawyer has confirmed the arrest of his client.
The nine Greeks – also said to include the president of second-division side Ilioupoli, Giorgos Tsakoyiannis, and the manager of second-division side Ethnikos Asteras, Nikos Pantelis – are remanded in custody accused of betting fraud, money laundering and participation in a criminal group.
According to reports, at least 20 people were detained in total, including a number of football agents and the son of a well-known Athens soccer and basketball official.
“As part of the Athens prosecutor’s investigation a large-scale police operation has been conducted, which has resulted in nine arrests so far in connection with match-fixing. Investigations are continuing,” said a police statement.
June 21, 2011
FIFA’s Security Head Says Significant Match-Fix Arrest Made in Singapore
The arrest of a Singaporean man by police in Malaysia on soccer match-fixing charges may be one of the most significant to date, according to the head of security at the sport’s governing body.
Rajendran Kurusamy, 51, was arrested three weeks after Malaysian police were given a photo and other details by FIFA officials. He’s been linked to match-fixing cases in Under-20 matches. The arrest comes as Wilson Raj Perumal, a Singaporean, and nine members of the same Finish team are accused of fixing games there.
“He’s potentially more significant than Perumal,” Chris Eaton said in a telephone interview from Singapore, adding Kurusamy has been working in “Europe and likely Central America, too, in my estimation.”
FIFA is investigating several games that officials suspect have been compromised by match-fixers, including Nigeria’s 4-1 victory over Argentina in an exhibition match on June 1. They’re also looking at a games between a team purporting to represent the West African state of Togo and Bahrain as well as matches games between Bulgaria and Estonia, and Bolivia and Latvia in Turkey, where all seven goals were scored from penalties.
FIFA set up an Early Warning System to detect suspicious betting patterns, which sparked the investigation into the Nigeria game. It’s also giving Interpol 20 million euros ($28.6 million) over 10 years to help tackle the problem. The groups are working on an anti-corruption center in Singapore.
“We’re seeing an explosion in the investigating and detection of match fixing,” Eaton said. “My estimation is this is because there’s more awareness of match-fixing and more recognition by police agencies to eradicate it.”
The size of the illegal gambling market is estimated to be worth $90 billion, according to the World Lottery Association, a lobbying group for state-backed lotteries.
Rajendran Kurusamy, 51, was arrested three weeks after Malaysian police were given a photo and other details by FIFA officials. He’s been linked to match-fixing cases in Under-20 matches. The arrest comes as Wilson Raj Perumal, a Singaporean, and nine members of the same Finish team are accused of fixing games there.
“He’s potentially more significant than Perumal,” Chris Eaton said in a telephone interview from Singapore, adding Kurusamy has been working in “Europe and likely Central America, too, in my estimation.”
FIFA is investigating several games that officials suspect have been compromised by match-fixers, including Nigeria’s 4-1 victory over Argentina in an exhibition match on June 1. They’re also looking at a games between a team purporting to represent the West African state of Togo and Bahrain as well as matches games between Bulgaria and Estonia, and Bolivia and Latvia in Turkey, where all seven goals were scored from penalties.
FIFA set up an Early Warning System to detect suspicious betting patterns, which sparked the investigation into the Nigeria game. It’s also giving Interpol 20 million euros ($28.6 million) over 10 years to help tackle the problem. The groups are working on an anti-corruption center in Singapore.
“We’re seeing an explosion in the investigating and detection of match fixing,” Eaton said. “My estimation is this is because there’s more awareness of match-fixing and more recognition by police agencies to eradicate it.”
The size of the illegal gambling market is estimated to be worth $90 billion, according to the World Lottery Association, a lobbying group for state-backed lotteries.
June 13, 2011
Betfair files complaint with EC over Greek draft law
Betfair has filed a complaint with the European Commission over the ban on betting exchanges contained within the Greek draft egaming law.
Martin Cruddace, Betfair’s chief legal and regulatory officer, said: “Having played a constructive role in the preparatory phase of the draft Greek gaming law, we were disappointed with the inclusion of elements within it which unfairly discriminate against Betfair and are clearly incompatible with EU law.
“We have therefore asked the Commission to review the matter and engage with the Greek authorities, with the aim of addressing the concerns raised in our complaint."
In addition to challenging the blanket ban on betting exchanges, Betfair is seeking to address several other components within the draft law which it argues are in breach of EU law. These include the obligation to establish a Greek legal entity, locate servers and process gambling transactions exclusively within Greece, and also the requirement for online customers to obtain a special players ID card.
The EC is due to deliver its verdict on the compatibility of the Greek draft with EU law on 5 July. However shortly after notifying the proposal to the European Commission on 5 April, the Greek government withdrew the draft law from its own parliament for review amid Socialist Party concerns that the draft went too far towards “full deregulation of gaming and gambling.”
The Greek government originally presented its bill aimed at raising around €700m this year from the issue of 15-55 new licences to its parliament in March, by which time it had undergone several important changes since appearing in its initial form in January. These included dropping a proposed “black period”, requiring applicant operators to cease activity in the market until licensed, and opting for a 30% gross profit tax (GPT) instead of the 6% turnover levy originally proposed.
Martin Cruddace, Betfair’s chief legal and regulatory officer, said: “Having played a constructive role in the preparatory phase of the draft Greek gaming law, we were disappointed with the inclusion of elements within it which unfairly discriminate against Betfair and are clearly incompatible with EU law.
“We have therefore asked the Commission to review the matter and engage with the Greek authorities, with the aim of addressing the concerns raised in our complaint."
In addition to challenging the blanket ban on betting exchanges, Betfair is seeking to address several other components within the draft law which it argues are in breach of EU law. These include the obligation to establish a Greek legal entity, locate servers and process gambling transactions exclusively within Greece, and also the requirement for online customers to obtain a special players ID card.
The EC is due to deliver its verdict on the compatibility of the Greek draft with EU law on 5 July. However shortly after notifying the proposal to the European Commission on 5 April, the Greek government withdrew the draft law from its own parliament for review amid Socialist Party concerns that the draft went too far towards “full deregulation of gaming and gambling.”
The Greek government originally presented its bill aimed at raising around €700m this year from the issue of 15-55 new licences to its parliament in March, by which time it had undergone several important changes since appearing in its initial form in January. These included dropping a proposed “black period”, requiring applicant operators to cease activity in the market until licensed, and opting for a 30% gross profit tax (GPT) instead of the 6% turnover levy originally proposed.
June 09, 2011
IG writes off Extrabet business
Financial spreadbetting business IG Group expects to report revenue for 2010 of £320m and adjusted profit before tax of £163m, representing year-on-year increases of 7% and 3% respectively.
UK revenues were up 3% year-on-year, Australia by 4% and Europe by 21%. The group however said in a trading statement this morning that it had been unable to secure a sale of its Extrabet sports betting business in its entirety on terms that were acceptable to the company, and so had commenced a redundancy consultation process with the employees of Extrabet.
The group would consequently incur one off costs in the year to 31 May 2011 of around £7.75m, comprising the write off of goodwill associated with the sports business of £5.25m (non-cash) and likely cash closure costs, including potential redundancy and lease-related costs, of around £2.5m. These cash costs have been recognised within adjusted profit before tax, said IG.
The spreadbetting operator however has reached agreement to sell the majority of the client list of Extrabet’s sports spreadbetting and fixed odds business to Spreadex Limited for semi-annual payments over the next three years, said IG. The payments will be calculated according to revenue that the acquirer generates from clients on this client list. This transaction is expected to conclude by the end of June.
IG is also seeking a buyer for its pricing engine software, used for market making into betting exchanges.
UK revenues were up 3% year-on-year, Australia by 4% and Europe by 21%. The group however said in a trading statement this morning that it had been unable to secure a sale of its Extrabet sports betting business in its entirety on terms that were acceptable to the company, and so had commenced a redundancy consultation process with the employees of Extrabet.
The group would consequently incur one off costs in the year to 31 May 2011 of around £7.75m, comprising the write off of goodwill associated with the sports business of £5.25m (non-cash) and likely cash closure costs, including potential redundancy and lease-related costs, of around £2.5m. These cash costs have been recognised within adjusted profit before tax, said IG.
The spreadbetting operator however has reached agreement to sell the majority of the client list of Extrabet’s sports spreadbetting and fixed odds business to Spreadex Limited for semi-annual payments over the next three years, said IG. The payments will be calculated according to revenue that the acquirer generates from clients on this client list. This transaction is expected to conclude by the end of June.
IG is also seeking a buyer for its pricing engine software, used for market making into betting exchanges.
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