Bwin.party has received a letter from the revenue-hungry Spanish tax authorities – it’s costing the firm 33m euros. This will be painful for bwin.party but, as it says in today’s announcement, the idea is “to secure the group’s position in Spain in the context of its application for eGaming licences”.
The debt-crippled country is expected to issue lucrative online gaming licences at the beginning of June but has now ordered operators – like bwin.party – which already have customers in Spain to pay back-taxes.
Having completed a self-assessment, the company says it will be handing over €33m.
May 21, 2012
May 18, 2012
Paddy Power is ready for move to online poker in US, says chief
Paddy Power chief executive Patrick Kennedy insisted yesterday that the internet bookie is not in danger of being left behind in the United States as a number of states there move closer to legalising online poker.
Mr Kennedy said the bookie remains in discussions with a number of potential partners there. It's still awaiting approval from the Nevada Gaming Commission for a licence to supply and operate mobile betting equipment in the state, home to Las Vegas. The state is due to issue the first online poker licences next month.
But as other states including New Jersey and California mull legalising online poker, internet betting firms such as London-listed Bwin have been teaming up with casino giants including MGM Resorts in anticipation of new laws.
Mr Kennedy conceded that companies such as Bwin and Gibraltar-headquartered 888.com have the technology platforms to provide online poker operations that Paddy Power doesn't possess.
"What we're showing potential partners is deep e-commerce expertise that other global companies don't have," said Mr Kennedy. "We know how to run, better than anyone, I would argue, an e-commerce business. So there are different parts to the value chain."
Importantly, Paddy Power could also benefit from an untarnished legal reputation. Some online poker operators have been previously been charged by the US Justice Department with illegally offering internet gambling to US-based citizens.
Mr Kennedy declined to name any of the potential partners. He was speaking after Paddy Power's annual general meeting in Dublin.
The company said yesterday that its total net revenue was 28pc higher in the year to date, with revenue from online services 31pc higher and turnover at its retail units up 26pc.
Online sales rose 37pc at Paddy Power's Australian operation and 28pc on its Paddypower.com website. In the UK, total like-for-like net revenue climbed 13pc, while in Ireland, the amounts staked fell 4pc but like-for-like net revenue rose 15pc.
The company is diverting more resources to growing its business. Mr Kennedy said it has been hiring 30 people a month for the past four months at its Dublin headquarters. The company's online service in Italy also went live this week following a soft launch.
Mr Kennedy brushed aside concerns about the health of the eurozone. He said with Italy, Paddy Power is taking a long-term view of the market there.
Shares in Paddy Power were trading as much as 2pc higher yesterday following its upbeat AGM statement.
Mr Kennedy said the bookie remains in discussions with a number of potential partners there. It's still awaiting approval from the Nevada Gaming Commission for a licence to supply and operate mobile betting equipment in the state, home to Las Vegas. The state is due to issue the first online poker licences next month.
But as other states including New Jersey and California mull legalising online poker, internet betting firms such as London-listed Bwin have been teaming up with casino giants including MGM Resorts in anticipation of new laws.
Mr Kennedy conceded that companies such as Bwin and Gibraltar-headquartered 888.com have the technology platforms to provide online poker operations that Paddy Power doesn't possess.
"What we're showing potential partners is deep e-commerce expertise that other global companies don't have," said Mr Kennedy. "We know how to run, better than anyone, I would argue, an e-commerce business. So there are different parts to the value chain."
Importantly, Paddy Power could also benefit from an untarnished legal reputation. Some online poker operators have been previously been charged by the US Justice Department with illegally offering internet gambling to US-based citizens.
Mr Kennedy declined to name any of the potential partners. He was speaking after Paddy Power's annual general meeting in Dublin.
The company said yesterday that its total net revenue was 28pc higher in the year to date, with revenue from online services 31pc higher and turnover at its retail units up 26pc.
Online sales rose 37pc at Paddy Power's Australian operation and 28pc on its Paddypower.com website. In the UK, total like-for-like net revenue climbed 13pc, while in Ireland, the amounts staked fell 4pc but like-for-like net revenue rose 15pc.
The company is diverting more resources to growing its business. Mr Kennedy said it has been hiring 30 people a month for the past four months at its Dublin headquarters. The company's online service in Italy also went live this week following a soft launch.
Mr Kennedy brushed aside concerns about the health of the eurozone. He said with Italy, Paddy Power is taking a long-term view of the market there.
Shares in Paddy Power were trading as much as 2pc higher yesterday following its upbeat AGM statement.
May 17, 2012
Bulgaria changes tack
Bulgaria’s government are to halve the country’s proposed gambling industry tax rate after realizing that no foreign companies would pay the 15 percent of stakes originally proposed. Instead operators will now pay 6 to 8 percent of stakes after a source from the Parliamentary Budget and Finance Committee told Bulgaria on Air: “No foreign operator would come to Bulgaria, because the taxation would be very high. In practice the tax in Bulgaria is twice bigger that in France or Malta”. A Blacklist will still be in place for firms that don’t have a licence with ISPs facing £8,500 fines if they fail to prevent players using banned sites.
May 16, 2012
Spain’s Acrismatic selects Kambi for online sports betting
Unibet’s business-to-business division, Kambi Sports Solutions, has been selected by Spanish casino group Acrismatic to deliver an online sports betting solution for the newly regulated Spanish market.
The two-year agreement will see Kambi provide a technical platform to Grupo Acrismatic together with odds compilation, risk management and customer profiling services for web, mobile and retail channels.
According to Kambi, the service is expected to launch before the start of the new Spanish football season in late August.
“It is excellent news for us that, in competition with other suppliers, we have been selected as a supplier to one of Spain's leading casino groups,” said Kambi CEO Kristian Nylén. “By using Kambi’s sportsbook solution, Acrismatic will be perfectly positioned to compete profitably and successfully in the re-regulated Spanish sports betting market.”
Grupo Acrismatic owns and operates a number of casinos on the Mediterranean coast as well as 2,600 points of sale in the autonomous community of Valencia.
Shares in Unibet Group plc (Co. Data) (OMX:UNIB) gained 2.93 per cent in Stockholm Tuesday to close at SEK193.50 per share, close to their 52-week high of SEK200.00 per share set on May 9th.
The two-year agreement will see Kambi provide a technical platform to Grupo Acrismatic together with odds compilation, risk management and customer profiling services for web, mobile and retail channels.
According to Kambi, the service is expected to launch before the start of the new Spanish football season in late August.
“It is excellent news for us that, in competition with other suppliers, we have been selected as a supplier to one of Spain's leading casino groups,” said Kambi CEO Kristian Nylén. “By using Kambi’s sportsbook solution, Acrismatic will be perfectly positioned to compete profitably and successfully in the re-regulated Spanish sports betting market.”
Grupo Acrismatic owns and operates a number of casinos on the Mediterranean coast as well as 2,600 points of sale in the autonomous community of Valencia.
Shares in Unibet Group plc (Co. Data) (OMX:UNIB) gained 2.93 per cent in Stockholm Tuesday to close at SEK193.50 per share, close to their 52-week high of SEK200.00 per share set on May 9th.
Bwin.party sales inch up, bullish on Germany license
Bwin.party digital, the world's largest listed online gaming company, said first-quarter revenue edged up and that it expects to be offered a licence to offer online gambling in Germany soon.
The company, which was formed by the merger of Austria's Bwin and PartyGaming last year, on Wednesday said revenue rose 1 percent to 215.9 million euros ($275.8 million) in the three months to the end of March as growth in casino and gaming offset weakness at its poker and bingo businesses. It added that April trade was in line with last year.
The Gibraltar-based firm said it expects to be offered a licence to offer online gambling in Germany from the state of Schleswig Holstein.
The northern state, whose centre-right coalition government voted in favour of relaxing its gambling laws in September, said last week that it had awarded three licences valid to 2018 - one to Britain's Betfair for sports betting, one to Germany's Jaxx AG and one to the state lottery.
"Whilst the political situation remains unclear, we expect more licences to be issued by Schleswig-Holstein shortly and that we will also receive a licence," Bwin.party said.
In Spain, where the licensing process has been delayed following the change of government, operators have now been told to expect licences to be issued from the beginning of June 2012, it said.
Bwin.party last week prepared the ground for a possible relaxation of U.S. internet betting laws by signing a deal with a Native American tribe which operates gambling in California.
The company said the amounts wagered in sports betting rose 11 percent in the quarter to 1.08 billion euros but that margins were down on last year which was particularly strong.
"With the imminent launch of our download casino product on the bwin platform, the Euro 2012 football tournament starting next month and the integration of our poker liquidity in the second half, we remain confident about the group's full year prospects," the company said in a statement.
Gaming software group Playtech On Wednesday said the strong performance experienced in the first quarter had continued in the six weeks since the end of March.
The company, which was formed by the merger of Austria's Bwin and PartyGaming last year, on Wednesday said revenue rose 1 percent to 215.9 million euros ($275.8 million) in the three months to the end of March as growth in casino and gaming offset weakness at its poker and bingo businesses. It added that April trade was in line with last year.
The Gibraltar-based firm said it expects to be offered a licence to offer online gambling in Germany from the state of Schleswig Holstein.
The northern state, whose centre-right coalition government voted in favour of relaxing its gambling laws in September, said last week that it had awarded three licences valid to 2018 - one to Britain's Betfair for sports betting, one to Germany's Jaxx AG and one to the state lottery.
"Whilst the political situation remains unclear, we expect more licences to be issued by Schleswig-Holstein shortly and that we will also receive a licence," Bwin.party said.
In Spain, where the licensing process has been delayed following the change of government, operators have now been told to expect licences to be issued from the beginning of June 2012, it said.
Bwin.party last week prepared the ground for a possible relaxation of U.S. internet betting laws by signing a deal with a Native American tribe which operates gambling in California.
The company said the amounts wagered in sports betting rose 11 percent in the quarter to 1.08 billion euros but that margins were down on last year which was particularly strong.
"With the imminent launch of our download casino product on the bwin platform, the Euro 2012 football tournament starting next month and the integration of our poker liquidity in the second half, we remain confident about the group's full year prospects," the company said in a statement.
Gaming software group Playtech On Wednesday said the strong performance experienced in the first quarter had continued in the six weeks since the end of March.
May 14, 2012
Gala sell Casinos to Rank for £205m
Gala & Rank concluded the deal – which includes the sale of 23 UK-based casinos and three non-operating licences to Rank – over the weekend.
Rank, which is 74.5pc-controlled by Malaysia’s Guoco Group, will become the country’s leading casino operator once the deal completes in September, which is needed to pass the approval of the Office of Fair Trading (OFT).
The takeover of the casinos is conditional on approval by Rank’s shareholders and the receipt of UK merger control clearance.
Gala Coral, which has been through a tough financial restructuring, said it had not taken a final decision on what to do with cash from the sale, although it expects to “reduce the group’s leverage”.
“This transaction will crystallise significant value for our shareholders and debt investors,” said Carl Leaver, chief executive of Gala Coral, which is controlled by a largely private equity shareholder base comprising of 21 different investors.
The deal excludes Gala Coral’s casinos in Dundee and Gibraltar and also the casino freehold properties owned by Gala’s property vehicle. Under Rank’s ownership, Gala’s former casinos will remain the tenants of the freehold properties.
Rank has made no secret of its interest in buying Gala Casinos, but announced on March 29 that earlier talks were off after it balked at the “proposed terms”. The talks resumed last week after the previous discussions broke down over lease agreements, this has now been overcome and Rank will look forward later this year once the OFT agree to be the biggest UK Operator ahead of Genting.
Rank, which is 74.5pc-controlled by Malaysia’s Guoco Group, will become the country’s leading casino operator once the deal completes in September, which is needed to pass the approval of the Office of Fair Trading (OFT).
The takeover of the casinos is conditional on approval by Rank’s shareholders and the receipt of UK merger control clearance.
Gala Coral, which has been through a tough financial restructuring, said it had not taken a final decision on what to do with cash from the sale, although it expects to “reduce the group’s leverage”.
“This transaction will crystallise significant value for our shareholders and debt investors,” said Carl Leaver, chief executive of Gala Coral, which is controlled by a largely private equity shareholder base comprising of 21 different investors.
The deal excludes Gala Coral’s casinos in Dundee and Gibraltar and also the casino freehold properties owned by Gala’s property vehicle. Under Rank’s ownership, Gala’s former casinos will remain the tenants of the freehold properties.
Rank has made no secret of its interest in buying Gala Casinos, but announced on March 29 that earlier talks were off after it balked at the “proposed terms”. The talks resumed last week after the previous discussions broke down over lease agreements, this has now been overcome and Rank will look forward later this year once the OFT agree to be the biggest UK Operator ahead of Genting.
La Française des Jeux launches a new instant game to support the French Olympic Team for the London 2012 Olympic Games
On May 10, La Française des Jeux (FDJ) launched a new special event instant game tied to the London 2012 Olympics : ’Avec l’Equipe de France Olympique à Londres en 2012’ (With the French Olympic Team in London in 2012).
The ticket costs €5 and features 4 games involving 4 emblematic Olympic disciplines in which the French have high medal potential: 100 and 200 meter sprint (athletics), handball, judo and swimming. Players can win up to €25,000 on each game and cumulate winnings of up to €100,000.
This new game is part of a partnership between FDJ and the French National Olympic and Sporting Committee (CNOSF) built more than 10 years ago. This cooperation has enabled FDJ to launch its 4th instant game based on Olympic Games after the Sydney Olympic Games in 2000, Athens in 2004 and Beijing in 2008.
FDJ will host a booth at the ‘Club France’ in London and will support the athletes of the FDJ Foundation’s ‘Challenge’ program including nearly forty athletes that could play at the Olympic Games. On that occasion, FDJ Foundation will allocate an additional grant of 5,000 to the Challengers medalists. At the Beijing Olympic Games in 2008, French challengers won 23 medals.
For 30 years, La Française des Jeux has been strongly committed to sport. The company contributes every year to financing the sport for all in France, with nearly 2% of stakes allocated to the National Sport Development Center (CNDS), i.e. €212 million in 2011; €4 billion in thirty years. Since 1993, FDJ has set up a corporate Foundation dedicated to sport patronage and has launched a Challenge’ program aimed to encourage each month young athletes showing high potential in the early stages of their careers by allocating them a grant of €15,000.
The ticket costs €5 and features 4 games involving 4 emblematic Olympic disciplines in which the French have high medal potential: 100 and 200 meter sprint (athletics), handball, judo and swimming. Players can win up to €25,000 on each game and cumulate winnings of up to €100,000.
This new game is part of a partnership between FDJ and the French National Olympic and Sporting Committee (CNOSF) built more than 10 years ago. This cooperation has enabled FDJ to launch its 4th instant game based on Olympic Games after the Sydney Olympic Games in 2000, Athens in 2004 and Beijing in 2008.
FDJ will host a booth at the ‘Club France’ in London and will support the athletes of the FDJ Foundation’s ‘Challenge’ program including nearly forty athletes that could play at the Olympic Games. On that occasion, FDJ Foundation will allocate an additional grant of 5,000 to the Challengers medalists. At the Beijing Olympic Games in 2008, French challengers won 23 medals.
For 30 years, La Française des Jeux has been strongly committed to sport. The company contributes every year to financing the sport for all in France, with nearly 2% of stakes allocated to the National Sport Development Center (CNDS), i.e. €212 million in 2011; €4 billion in thirty years. Since 1993, FDJ has set up a corporate Foundation dedicated to sport patronage and has launched a Challenge’ program aimed to encourage each month young athletes showing high potential in the early stages of their careers by allocating them a grant of €15,000.
Last minute tax surprise
Weeks before online gambling licenses are to be handed out, Spanish authorities have sprung a potentially game-changing surprise. They are demanding that applicants pay backdated tax for the last four years.
The poker information site Pokerfuse reports that some of the largest operators in Spain could face massive financial demands as a consequence, naming Bwin.Party (Euro 60 million), Sportingbet/Miapuesta (Euro 50 million) & PokerStars as much as Euro 200 million. Sources have told the poker information site that whilst Pokerstars is considering paying up, other operators could find the demands too heavy & withdraw their applications for licenses.
The new four year tax requirement now being imposed by the political changes of a new Spanish government will obviously impact the financial & business calculations & plans of licensees.
The poker information site Pokerfuse reports that some of the largest operators in Spain could face massive financial demands as a consequence, naming Bwin.Party (Euro 60 million), Sportingbet/Miapuesta (Euro 50 million) & PokerStars as much as Euro 200 million. Sources have told the poker information site that whilst Pokerstars is considering paying up, other operators could find the demands too heavy & withdraw their applications for licenses.
The new four year tax requirement now being imposed by the political changes of a new Spanish government will obviously impact the financial & business calculations & plans of licensees.
May 11, 2012
Belgium Adds To Online Poker Blacklist
The Belgium Gaming Commission has expanded its blacklist of companies which internet service providers in the country must block.
New additions to the list include bwin.com, betsson.com, bet-at-home.com, betclic.com, williamhill.com, stanjames.com, and betfair.com, all of which offer online poker.
These companies join the likes of 888.com, titanpoker.be, winamax.fr and everestpoker.be.
Belgian authorities claim the blacklist offer opportunities to legitimate operators who apply for licences while protecting players from ‘illegal’ sites which operate without a licence in the country.
New additions to the list include bwin.com, betsson.com, bet-at-home.com, betclic.com, williamhill.com, stanjames.com, and betfair.com, all of which offer online poker.
These companies join the likes of 888.com, titanpoker.be, winamax.fr and everestpoker.be.
Belgian authorities claim the blacklist offer opportunities to legitimate operators who apply for licences while protecting players from ‘illegal’ sites which operate without a licence in the country.
Charity Boosts Bingo Players
Usually it is the hard work and effort of bingo players that helps a charity to raise important funds for worthwhile causes but in South Ealing, bingo players have been on the receiving end of some good work. This is because the bingo players who gather for games at Lindsey House have been left in the lurch by a machine that was very old. It was old that it managed to fail safety tests and had been classed as dangerous. Many of the bingo players were keen to keep on playing and just hope for the best but this is not the sort of attitude that is helpful in the long run.
However, after an appeal was made in a local newspaper, the bingo players are smiling again after a reader donated a brand new machine to ensure the bingo games go on. The machine that was being used by the players was 40 years old and causing a lot of problems. After the initial story in the local paper, the only correspondence the club received was from the local council instructing them not to use the faulty machine. This is the sort of response that councillors excel at but better news was on the way for the bingo players.
Miss Dannell of East Acton was responsible for running the games and she was determined not to let people down and it was her letter to the local Gazette that eventually sparked a reaction from the local community.
Miss Dannell, after receiving the new bingo machine, said : “We got a call from a lady who sent a brand new one to us, I think it cost her £260. I was shocked. We thought maybe someone might have a second-hand one or sent us a bit of money but I never imagined anyone would pay for a new one.”
“It’s so generous. The residents are so pleased we could start the games again. Everybody loves the new machine it’s nice and quiet – the old one was really noisy – and it’s all electronic. It’s brilliant. It just goes to show there’s some really nice people in the world. We can’t thank her enough. I never thought we’d get another machine and that was their social life out the window.”
It just goes to show that sometimes there is good in the community and bingo clubs are a great example of this.
However, after an appeal was made in a local newspaper, the bingo players are smiling again after a reader donated a brand new machine to ensure the bingo games go on. The machine that was being used by the players was 40 years old and causing a lot of problems. After the initial story in the local paper, the only correspondence the club received was from the local council instructing them not to use the faulty machine. This is the sort of response that councillors excel at but better news was on the way for the bingo players.
Miss Dannell of East Acton was responsible for running the games and she was determined not to let people down and it was her letter to the local Gazette that eventually sparked a reaction from the local community.
Miss Dannell, after receiving the new bingo machine, said : “We got a call from a lady who sent a brand new one to us, I think it cost her £260. I was shocked. We thought maybe someone might have a second-hand one or sent us a bit of money but I never imagined anyone would pay for a new one.”
“It’s so generous. The residents are so pleased we could start the games again. Everybody loves the new machine it’s nice and quiet – the old one was really noisy – and it’s all electronic. It’s brilliant. It just goes to show there’s some really nice people in the world. We can’t thank her enough. I never thought we’d get another machine and that was their social life out the window.”
It just goes to show that sometimes there is good in the community and bingo clubs are a great example of this.
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