Newspapers in Israel are reporting that European online casino operator Unibet is flying to Israel to possibly invest in new startups in the country. Senior exectuives from Unibet are expected to fly in this week to hold an event on Thursday where they will meet local entrepreneurs and consider investing in new technologies focussing on games of chance in the online world.
The event will see some 20 young companies pitching for twenty minutes each in the hope of securing funding from the online gaming firm currently valued at $18.7 billion.
Unibet is in the market for new companies and acquisitions as they bought Stan James in July and more recently in August purchased iGame Holding for $65 million.
September 08, 2015
Optimal to change name to Paysafe Group
Optimal Payments the giant online payments firm has announced it is to change its operating name to Paysafe Group PLC at an Extraordinary General Meeting later in September.
The move comes as the payment firm looks to be admitted into the London Stock Exchange main market for listed securities. Optimal Payments have been busy over the last year acquiring leading smaller payments companies with the most recent and notable being that of Skrill for 1.1 billion euros.
The move comes as the payment firm looks to be admitted into the London Stock Exchange main market for listed securities. Optimal Payments have been busy over the last year acquiring leading smaller payments companies with the most recent and notable being that of Skrill for 1.1 billion euros.
Betfair and Paddy Power agree terms for £5bn merger to create online gambling giant, but job losses on the cards
Gambling group Betfair and rival Paddy Power have agreed the terms of a £5billion merger to create a new Dublin-based online gaming giant to be called Paddy Power Betfair.
On completion of the merger, Paddy Power shareholders will own 52 per cent of the new entity, while Betfair shareholders will hold 48 per cent.
The merger will result in the creation of one of the world's biggest online gambling groups, with 7,000 staff and approximately £1.2billion in sales.
But with plans for around £50million in annual cost savings, job losses could be on the cards if the merger goes ahead, the firms warned.
The companies said that while no decisions on job losses have been taken, there is potential for cutbacks in some operational and support functions, which 'may involve some headcount reduction.'
Gerald Corbett, Betfair's chairman, said: 'The combination makes huge strategic sense by bringing together two industry leading and successful businesses and providing enlarged scale, capability and distinctive, complementary brands.
'Under the guidance of a strong and proven combined management team, this merger truly represents an attractive opportunity for both Paddy Power and Betfair to enhance their position in online betting and gaming and to deliver synergies, customer benefits and shareholder value.'
The deal - dubbed 'Betty Power' in the industry - will bring together Paddy Power's 336 shops in the UK and 252 stores in Ireland with Betfair's online betting exchange.
According to industry data, the new group would enjoy a 16 per cent share of the UK online gambling sector, surpassing that of the soon to be merged Ladbrokes Coral Group on 14 per cent, as well as current market leader William Hill and privately-owned Bet365.
Both companies will continue to run separate brands in the UK, Ireland and Italy after the merger.
Around 80 per cent of the newly merged group's annual revenues are expected to stem from online business.
Betfair boss Breon Corcoran will become the new group's chief executive and the firm will be listed on the London Stock Exchange and the Irish Stock Exchange.
The firms confirmed Paddy Power shareholders will receive a special dividend of £58million.
Shareholders are expected to vote on the deal in December, with the merger due to complete in the first quarter of 2016.
Against a backdrop of higher taxes in the UK and tighter regulation,the betting industry has seen a string of deals this year as firms bid to secure their slice of the competitive online gambling market.
Aside from the Ladbrokes and Gala Coral all-share deal agreed in July, GVC Holdings last week looked to have won a bidding war for online poker firm Bwin.party Digital Entertainment, squeezing out a rival bid from 888 Holdings.
Commentators have suggested that, as a result, a marriage of William Hill and 888 could now also be on the cards.
On completion of the merger, Paddy Power shareholders will own 52 per cent of the new entity, while Betfair shareholders will hold 48 per cent.
The merger will result in the creation of one of the world's biggest online gambling groups, with 7,000 staff and approximately £1.2billion in sales.
But with plans for around £50million in annual cost savings, job losses could be on the cards if the merger goes ahead, the firms warned.
The companies said that while no decisions on job losses have been taken, there is potential for cutbacks in some operational and support functions, which 'may involve some headcount reduction.'
Gerald Corbett, Betfair's chairman, said: 'The combination makes huge strategic sense by bringing together two industry leading and successful businesses and providing enlarged scale, capability and distinctive, complementary brands.
'Under the guidance of a strong and proven combined management team, this merger truly represents an attractive opportunity for both Paddy Power and Betfair to enhance their position in online betting and gaming and to deliver synergies, customer benefits and shareholder value.'
The deal - dubbed 'Betty Power' in the industry - will bring together Paddy Power's 336 shops in the UK and 252 stores in Ireland with Betfair's online betting exchange.
According to industry data, the new group would enjoy a 16 per cent share of the UK online gambling sector, surpassing that of the soon to be merged Ladbrokes Coral Group on 14 per cent, as well as current market leader William Hill and privately-owned Bet365.
Both companies will continue to run separate brands in the UK, Ireland and Italy after the merger.
Around 80 per cent of the newly merged group's annual revenues are expected to stem from online business.
Betfair boss Breon Corcoran will become the new group's chief executive and the firm will be listed on the London Stock Exchange and the Irish Stock Exchange.
The firms confirmed Paddy Power shareholders will receive a special dividend of £58million.
Shareholders are expected to vote on the deal in December, with the merger due to complete in the first quarter of 2016.
Against a backdrop of higher taxes in the UK and tighter regulation,the betting industry has seen a string of deals this year as firms bid to secure their slice of the competitive online gambling market.
Aside from the Ladbrokes and Gala Coral all-share deal agreed in July, GVC Holdings last week looked to have won a bidding war for online poker firm Bwin.party Digital Entertainment, squeezing out a rival bid from 888 Holdings.
Commentators have suggested that, as a result, a marriage of William Hill and 888 could now also be on the cards.
September 07, 2015
Jakarta police search for football gambling financier
The hunt is on for a man who authorities said is financing an online football gambling operation in Jakarta.
Police suspect the businessman from Sumatras Bangka-Belitung province—codenamed RD—was the source of funds of an international football gambling activity through website www.sh***t.com, Antara News reported.
The operation was carried out by a man named Budi, who police arrested in North Jakarta last Aug. 31. Investigators said Budi has been RD’s agent since two years ago.
According to the media outlet, RD gave Budi a capital of IDR 2 billion ($140,352) for the operation, and Budi—acting as middleman—would take the bets he collected from participants to the organizer.
Indonesian authorities have been cracking down hard on the illegal online gambling operations in the country.
In the past month alone, police in Jakarta arrested a total of 24 people who they believed were involved in illegal gambling business in the city, Tempo reported. Officers seized IDR 51 billion ($3.6 million) from the series of raids.
Comr. Sr. Krishna Murti, director of general crimes of the Jakarta Police, told the news outlet that the illegal gambling ring was controlled by a man—with the initials LM—in the Riau province.
Authorities have also broken up an online gambling ring in the island of Bali last month. Thirty-five men and 13 women from Taiwan and China were arrested on suspicion of operating an illegal online gambling business in Jimbaran, a tourist resort in the island.
Immigration officials said some of the arrested people lacked proper documentation, while others had arrived on tourist visas but had already overstayed their welcome.
Police suspect the businessman from Sumatras Bangka-Belitung province—codenamed RD—was the source of funds of an international football gambling activity through website www.sh***t.com, Antara News reported.
The operation was carried out by a man named Budi, who police arrested in North Jakarta last Aug. 31. Investigators said Budi has been RD’s agent since two years ago.
According to the media outlet, RD gave Budi a capital of IDR 2 billion ($140,352) for the operation, and Budi—acting as middleman—would take the bets he collected from participants to the organizer.
Indonesian authorities have been cracking down hard on the illegal online gambling operations in the country.
In the past month alone, police in Jakarta arrested a total of 24 people who they believed were involved in illegal gambling business in the city, Tempo reported. Officers seized IDR 51 billion ($3.6 million) from the series of raids.
Comr. Sr. Krishna Murti, director of general crimes of the Jakarta Police, told the news outlet that the illegal gambling ring was controlled by a man—with the initials LM—in the Riau province.
Authorities have also broken up an online gambling ring in the island of Bali last month. Thirty-five men and 13 women from Taiwan and China were arrested on suspicion of operating an illegal online gambling business in Jimbaran, a tourist resort in the island.
Immigration officials said some of the arrested people lacked proper documentation, while others had arrived on tourist visas but had already overstayed their welcome.
September 04, 2015
GVC to implement €120m savings on bwin party, marketing to be refocused
GVC will implement cost synergies of €120m in the next 24 months as part of its restructuring of bwin party but chief executive Kenny Alexander has stated that the group’s focus will be to grow the business significantly and ensure return on investment.
Alexander’s comments follow news of GVC’s offer for bwin party being accepted by the company’s board this morning as it withdrew its previous recommendation for 888’s offer. The deal values bwin party at around €1.4bn (£1bn) and will be financed by a combination of cash and shares.
GVC will deliver the €120m synergies on the enlarged group by 2017, Alexander said, with around 60% of the cuts implemented throughout 2016; these will focus on marketing, staff and sourcing and IT.
Some of the synergies will be in poker and casino but most of them will occur on the sportsbook vertical. “There is lots of duplication (on the sportsbook side of the companies) and there will be greater synergies than 888 (could achieve) because we run our own sportsbook,” Alexander said.
“We’ve done it before with Sportingbet, we don’t believe there is significant cross-over (of customers having accounts with both operators) and believe our customers will have a better experience (on bwin) because it’s a better platform.”
GVC will move its betting business on to the bwin platform, “it’s better, more scaleable, has had significant investment over a long number of years and we think it’s one of the market leading platforms. We intend to develop and improve the product in coming years,” Alexander added.
In terms of marketing, many of bwin’s sponsorship agreements with some of the leading football clubs in Europe will be terminated.
“bwin’s sponsorship deals have built up the brand and its brand recognition in Europe is second to none but we think we can scale it back now and focus on growing the business.”
The GVC boss was quick to point out that the group had “no intention of exiting bwin from markets they are currently working in. The bwin focus is on regulated markets and we will focus investment in the (regulated) markets where we think we can get meaningful return on investment: where we think we can get good profits and ROI. It’s not difficult to see which regulated markets we’re talking about”.
GVC will maintain investments but will switch marketing activities from territories and channels where it believes returns are not significant. It will also intensify CRM efforts to optimise efficiencies.
Alexander added that he was looking forward to motivating and reinvigorating the bwin party staff, and that Norbert Teufelberger was staying on as a non-executive director would be a great boost to the group.
With regard to the group’s non-core assets, GVC will continue to run bwin party’s bingo business on the Dragonfish platform, and look to grow its online poker and casino sites and assets such as the World Poker Tour. “Obviously if there is an opportunity to dispose of assets in the interest of shareholder then we will look at them,” finance director Richard Cooper commented.
Alexander’s comments follow news of GVC’s offer for bwin party being accepted by the company’s board this morning as it withdrew its previous recommendation for 888’s offer. The deal values bwin party at around €1.4bn (£1bn) and will be financed by a combination of cash and shares.
GVC will deliver the €120m synergies on the enlarged group by 2017, Alexander said, with around 60% of the cuts implemented throughout 2016; these will focus on marketing, staff and sourcing and IT.
Some of the synergies will be in poker and casino but most of them will occur on the sportsbook vertical. “There is lots of duplication (on the sportsbook side of the companies) and there will be greater synergies than 888 (could achieve) because we run our own sportsbook,” Alexander said.
“We’ve done it before with Sportingbet, we don’t believe there is significant cross-over (of customers having accounts with both operators) and believe our customers will have a better experience (on bwin) because it’s a better platform.”
GVC will move its betting business on to the bwin platform, “it’s better, more scaleable, has had significant investment over a long number of years and we think it’s one of the market leading platforms. We intend to develop and improve the product in coming years,” Alexander added.
In terms of marketing, many of bwin’s sponsorship agreements with some of the leading football clubs in Europe will be terminated.
“bwin’s sponsorship deals have built up the brand and its brand recognition in Europe is second to none but we think we can scale it back now and focus on growing the business.”
The GVC boss was quick to point out that the group had “no intention of exiting bwin from markets they are currently working in. The bwin focus is on regulated markets and we will focus investment in the (regulated) markets where we think we can get meaningful return on investment: where we think we can get good profits and ROI. It’s not difficult to see which regulated markets we’re talking about”.
GVC will maintain investments but will switch marketing activities from territories and channels where it believes returns are not significant. It will also intensify CRM efforts to optimise efficiencies.
Alexander added that he was looking forward to motivating and reinvigorating the bwin party staff, and that Norbert Teufelberger was staying on as a non-executive director would be a great boost to the group.
With regard to the group’s non-core assets, GVC will continue to run bwin party’s bingo business on the Dragonfish platform, and look to grow its online poker and casino sites and assets such as the World Poker Tour. “Obviously if there is an opportunity to dispose of assets in the interest of shareholder then we will look at them,” finance director Richard Cooper commented.
Bwin.party board accepts GVC takeover bid, withdraws 888 recommendation
The board of bwin.party this (Friday) morning accepted a takeover bid from GVC Holdings and withdrew its earlier recommendation to accept an offer from rival online gaming company 888 Holdings.
The buy-out offer from GVC of 25 pence in cash and 0.231 new GVC shares equates to about 129.64 pence per share in bwin.party, tagging the total value of the deal at just over £1bn (€1.4bn/$1.6bn).
The offer is at a 12.5% premium to bwin.party's closing share price on the London Stock Exchange on Thursday and a 45% premium to its stock price since the company first started receiving takeover proposals in May.
“In recommending the offer from GVC, the board has taken into account many factors including, but not limited to, the headline value per share and the consideration being offered, the level, timing and deliverability of the financial synergies to be generated and the enlarged Group's growth strategy in an increasingly competitive marketplace,” bwin.party chairman Philip Yea said.
“As a result of these and other factors, including the proven track record of GVC's management team in creating substantial value for shareholders, after a carefully managed and diligent review process, the board has withdrawn its recommendation for the 888 offer and is now advising bwin.party shareholders to vote in favour of the offer from GVC.”
Kenneth Alexander, chief executive officer of GVC, added: “GVC is the natural partner for bwin.party considering our strong sports betting and online gaming pedigree.
“Sports betting is in our DNA and leveraging GVC's experience of successfully acquiring and restructuring online gaming businesses, notably Sportingbet in 2013, we look forward to merging the two operations to deliver long term value for combined shareholders.
“GVC has been working closely with bwin.party's management and has identified many talented individuals with whom it looks forward to working to ensure the future success of the enlarged business.”
Bwin.party had accepted a £900m cash-and-share offer from 888 in July, despite being presented with a higher offer from GVC.
Earlier this week, bwin.party announced that it had received a revised takeover proposal from 888, but then GVC chairman Lee Feldman insisted that his company was “not prepared to walk away” if his company’s bid was rejected in favour of a lower offer from 888.
The buy-out offer from GVC of 25 pence in cash and 0.231 new GVC shares equates to about 129.64 pence per share in bwin.party, tagging the total value of the deal at just over £1bn (€1.4bn/$1.6bn).
The offer is at a 12.5% premium to bwin.party's closing share price on the London Stock Exchange on Thursday and a 45% premium to its stock price since the company first started receiving takeover proposals in May.
“In recommending the offer from GVC, the board has taken into account many factors including, but not limited to, the headline value per share and the consideration being offered, the level, timing and deliverability of the financial synergies to be generated and the enlarged Group's growth strategy in an increasingly competitive marketplace,” bwin.party chairman Philip Yea said.
“As a result of these and other factors, including the proven track record of GVC's management team in creating substantial value for shareholders, after a carefully managed and diligent review process, the board has withdrawn its recommendation for the 888 offer and is now advising bwin.party shareholders to vote in favour of the offer from GVC.”
Kenneth Alexander, chief executive officer of GVC, added: “GVC is the natural partner for bwin.party considering our strong sports betting and online gaming pedigree.
“Sports betting is in our DNA and leveraging GVC's experience of successfully acquiring and restructuring online gaming businesses, notably Sportingbet in 2013, we look forward to merging the two operations to deliver long term value for combined shareholders.
“GVC has been working closely with bwin.party's management and has identified many talented individuals with whom it looks forward to working to ensure the future success of the enlarged business.”
Bwin.party had accepted a £900m cash-and-share offer from 888 in July, despite being presented with a higher offer from GVC.
Earlier this week, bwin.party announced that it had received a revised takeover proposal from 888, but then GVC chairman Lee Feldman insisted that his company was “not prepared to walk away” if his company’s bid was rejected in favour of a lower offer from 888.
September 03, 2015
Betfair used by gangland figure Horty Mokbel for money laundering
Leading online gambling agency Betfair is being used by underworld figure Horty Mokbel as an online bank and suspected vehicle for laundering millions of dollars of drug money, raising serious integrity concerns.
Fairfax Media has learned that Mokbel and his associates have been shifting funds between accounts linked to his associates and a Melbourne telecommunications company, Roctel. Mokbel controls a large chunk of the company, having invested at least $1 million.
The use of Betfair raises questions for the James Packer-owned gambling agency, as Mokbel, who is a convicted drug trafficker and the brother of jailed drug lord Tony Mokbel, has been banned by Victoria Police from all racetracks and Crown Casino since 2004.
But police are also in the spotlight for failing to ban one of Mokbel's key associates, Paul Sequenzia, from racetracks, despite the prominent owner of harness racers being linked to the cobalt doping scandal, and a race fixing syndicate.
Pictures have emerged of Sequenzia at Cranbourne on August 25, watching his horse Fake Smile win – the fifth win in five starts for the horse.
Sequenzia pocketed a share of $3848 in prize money on August 25, taking Fake Smile's earnings to almost $20,000. Fake Smile could become the most successful horse owned by Sequenzia since Sushi Sushi, which earned more than $1.1 million before it was put down last year.
Fairfax revealed in July that Sequenzia was linked to the cobalt scandal that is gripping the racing industry, as it is believed Dr Adam Matthews – the vet described as the "Stephen Dank" of the equine world for his links to horse doping – owed him money.
It was revealed in February that he had links to possibly doped horses in NSW.
On August 5, a cobalt inquiry heard that harness racing identity John "The Ghost" Camilleri sent a text message in January claiming that Sequenzia, who he called "Swayze", had placed a winning $25,000 bet on a horse after Camilleri told him it had been dosed with "a bag of magic", meaning cobalt. Camilleri later said he had lied in the text message.
Sequenzia, the brother-in-law of slain gangland figure Mark Moran, also owned the first horse to test positive to the substance EPO, and has been sanctioned by racing authorities for a string of offences, including misleading them about the ownership of Sushi Sushi.
He is a long-term friend of Horty Mokbel, who has been trying to rebuild his wealth since being released from prison in 2011. A court heard in early 2012 that Mokbel earned a paltry $368 a week working in a gym while he was on parole.
But, according to an underworld source, Mokbel has funnelled about $3 million through Betfair by using accounts opened by Roctel principals and their partners. It is suspected the funds are the proceeds of drug trafficking.
Roctel is based in a small office at a Northcote business park.
Mokbel was one of the first people banned from all gaming venues under special police powers introduced in 2004, but being added to the blacklist failed to curtail a keen interest in gambling and the races.
His latest criminal charge related to a 2011 prison fight which started because of a bet on an NRL match between the Melbourne Storm and North Queensland Cowboys. A pouch of tobacco had been wagered by prison inmates.
In 2007, assets from the $1.5 million sale of champion racehorse Pillar of Hercules were frozen when it was found the horse was bought with the proceeds of crime on behalf of a Mokbel syndicate.
The images of Sequenzia at Cranbourne show him freely associating with others trackside and in what appears to be an owners area, and gambling at on-course betting machines.
Another image from 2012 shows Mokbel and Sequenzia reuniting after the former was released from prison on drug offences.
Betfair, an internet betting agency, did not respond to a request for comment. Betfair Australasia is wholly owned by James Packer's Crown Resorts, which bought the firm from the London-listed Betfair last year.
Betfair claims to be the world's largest online betting exchange. Customers open online accounts using minimal personal information, and deposit funds to gamble. That money can be withdrawn to a linked bank account on the customer's request.
Victoria Police would not comment on why individuals had not been issued exclusion notices, but said the criteria for banning included being suspected of using racecourses for criminality, or whether it was considered to be in the public interest.
Those who are banned have their photos provided to racing authorities and track security staff.
A spokeswoman said the force was aware online betting accounts were being used to launder money. The gaming company said it worked "collaboratively" with law enforcement agencies
Fairfax Media has learned that Mokbel and his associates have been shifting funds between accounts linked to his associates and a Melbourne telecommunications company, Roctel. Mokbel controls a large chunk of the company, having invested at least $1 million.
The use of Betfair raises questions for the James Packer-owned gambling agency, as Mokbel, who is a convicted drug trafficker and the brother of jailed drug lord Tony Mokbel, has been banned by Victoria Police from all racetracks and Crown Casino since 2004.
But police are also in the spotlight for failing to ban one of Mokbel's key associates, Paul Sequenzia, from racetracks, despite the prominent owner of harness racers being linked to the cobalt doping scandal, and a race fixing syndicate.
Pictures have emerged of Sequenzia at Cranbourne on August 25, watching his horse Fake Smile win – the fifth win in five starts for the horse.
Sequenzia pocketed a share of $3848 in prize money on August 25, taking Fake Smile's earnings to almost $20,000. Fake Smile could become the most successful horse owned by Sequenzia since Sushi Sushi, which earned more than $1.1 million before it was put down last year.
Fairfax revealed in July that Sequenzia was linked to the cobalt scandal that is gripping the racing industry, as it is believed Dr Adam Matthews – the vet described as the "Stephen Dank" of the equine world for his links to horse doping – owed him money.
It was revealed in February that he had links to possibly doped horses in NSW.
On August 5, a cobalt inquiry heard that harness racing identity John "The Ghost" Camilleri sent a text message in January claiming that Sequenzia, who he called "Swayze", had placed a winning $25,000 bet on a horse after Camilleri told him it had been dosed with "a bag of magic", meaning cobalt. Camilleri later said he had lied in the text message.
Sequenzia, the brother-in-law of slain gangland figure Mark Moran, also owned the first horse to test positive to the substance EPO, and has been sanctioned by racing authorities for a string of offences, including misleading them about the ownership of Sushi Sushi.
He is a long-term friend of Horty Mokbel, who has been trying to rebuild his wealth since being released from prison in 2011. A court heard in early 2012 that Mokbel earned a paltry $368 a week working in a gym while he was on parole.
But, according to an underworld source, Mokbel has funnelled about $3 million through Betfair by using accounts opened by Roctel principals and their partners. It is suspected the funds are the proceeds of drug trafficking.
Roctel is based in a small office at a Northcote business park.
Mokbel was one of the first people banned from all gaming venues under special police powers introduced in 2004, but being added to the blacklist failed to curtail a keen interest in gambling and the races.
His latest criminal charge related to a 2011 prison fight which started because of a bet on an NRL match between the Melbourne Storm and North Queensland Cowboys. A pouch of tobacco had been wagered by prison inmates.
In 2007, assets from the $1.5 million sale of champion racehorse Pillar of Hercules were frozen when it was found the horse was bought with the proceeds of crime on behalf of a Mokbel syndicate.
The images of Sequenzia at Cranbourne show him freely associating with others trackside and in what appears to be an owners area, and gambling at on-course betting machines.
Another image from 2012 shows Mokbel and Sequenzia reuniting after the former was released from prison on drug offences.
Betfair, an internet betting agency, did not respond to a request for comment. Betfair Australasia is wholly owned by James Packer's Crown Resorts, which bought the firm from the London-listed Betfair last year.
Betfair claims to be the world's largest online betting exchange. Customers open online accounts using minimal personal information, and deposit funds to gamble. That money can be withdrawn to a linked bank account on the customer's request.
Victoria Police would not comment on why individuals had not been issued exclusion notices, but said the criteria for banning included being suspected of using racecourses for criminality, or whether it was considered to be in the public interest.
Those who are banned have their photos provided to racing authorities and track security staff.
A spokeswoman said the force was aware online betting accounts were being used to launder money. The gaming company said it worked "collaboratively" with law enforcement agencies
Paddy Power share price surge creates 207 millionaires
Last week’s 20% surge in Paddy Power shares has created a total of 207 ‘paper millionaires’. Prior to the UK August Bank Holiday weekend Paddy Power shares traded at €96.
The Irish Independent newspaper reported the shareholder figures following a review of Paddy Power Plc register, detailing that 207 accounts held 10,000 + shares which following last week trading gains would translate into a value of €1 million.
The surge saw big gains for the Power family (founding stakeholders) who are the largest individual shareholders with a 7.89% stake in the operator valued at a present €370 million.
Founding Paddy Power stakeholders John Corcoran and Stewart Kenny, saw their share price assets rise to €137 million and €38 million.
Former CEO Patrick Kennedy who left the operator in January, held shares worth over €55m at the end of last year. The Irish Independent further reports current Paddy Power CEO Andy McCue holds share bonus of 75,000 valued at a present +€3 million.
Having floated on the London FTSE exchange in 2000, Paddy Power continues its strong trading momentum which has seen its share price rise tenfold since the 2008 financial crisis.
If merged with online competitor Betfair, shareholders are set to own 52% of the new enterprise which is estimated will produce revenues of + £2 billion. At present the two operators have not agreed on whether the union will take the form of a merger or a takeover by one of the companies.
The Irish Independent newspaper reported the shareholder figures following a review of Paddy Power Plc register, detailing that 207 accounts held 10,000 + shares which following last week trading gains would translate into a value of €1 million.
The surge saw big gains for the Power family (founding stakeholders) who are the largest individual shareholders with a 7.89% stake in the operator valued at a present €370 million.
Founding Paddy Power stakeholders John Corcoran and Stewart Kenny, saw their share price assets rise to €137 million and €38 million.
Former CEO Patrick Kennedy who left the operator in January, held shares worth over €55m at the end of last year. The Irish Independent further reports current Paddy Power CEO Andy McCue holds share bonus of 75,000 valued at a present +€3 million.
Having floated on the London FTSE exchange in 2000, Paddy Power continues its strong trading momentum which has seen its share price rise tenfold since the 2008 financial crisis.
If merged with online competitor Betfair, shareholders are set to own 52% of the new enterprise which is estimated will produce revenues of + £2 billion. At present the two operators have not agreed on whether the union will take the form of a merger or a takeover by one of the companies.
September 02, 2015
North Carolina will Introduce BBQ Scratch and Sniff Lottery Tickets
In the never-ending effort to make buying a lottery ticket new and fun, the N.C. Education Lottery has come up with this: Tickets that smell like barbecue when you scratch them.
Lottery officials will unveil their new BBQ Bucks scratch-off tickets Tuesday at Clyde Cooper’s Barbecue in downtown Raleigh and at Queen City Q in Charlotte. The $2 scratch-and-sniff tickets will bring a chance to win up to $25,000 and to enter a secondary drawing for one of 10 prizes of 100 pounds of pork and a Big Green Egg to grill it on.
It’s the first scented scratch-off game for the North Carolina lottery, as the state joins a growing number selling tickets with what are meant to be appealing aromas. Colorado began selling tickets with coffee, chocolate and bouquet scents as far back as 2008. Texas, Florida and Missouri have offered chocolate tickets, too, while Nebraska unveiled Sriracha-scented scratch tickets at its state fair over the weekend.
But pig products appear to be the hot thing in lottery tickets this year, with New Hampshire, Colorado and Indiana all introducing bacon-scented tickets. In Indiana, players of the Bringin’ Home the Bacon game can enter a separate drawing for a chance to win $250 worth of bacon each year for 20 years.
North Carolina lottery officials say their tickets will smell like “smoky BBQ,” side-stepping the issue of whether it is eastern or western style.
“I can tell you that there was intention to make sure the ticket’s scent didn’t try to live up to the real thing, which the lottery is content to leave to BBQ experts, like the folks at Cooper’s,” said lottery spokesman Chris Bushnell. “That’s why we went with a smoky scent.”
The odds of winning at BBQ Bucks, including break-even prizes, are 1 in 4.55, and odds of claiming one of the $25,000 top prizes are 1 in 888,000. The first tickets will be available at Cooper’s Barbecue on Wilmington Street from 11 a.m. to 1 p.m. Tuesday.
The state sold nearly $2 billion in lottery tickets in the fiscal year that ended June 30, providing more than $500 million for a variety of education programs. Many legislators want to goose those sales by increasing advertising for the lottery and making a version of instant tickets available on the Internet or smartphones.
Lottery officials will unveil their new BBQ Bucks scratch-off tickets Tuesday at Clyde Cooper’s Barbecue in downtown Raleigh and at Queen City Q in Charlotte. The $2 scratch-and-sniff tickets will bring a chance to win up to $25,000 and to enter a secondary drawing for one of 10 prizes of 100 pounds of pork and a Big Green Egg to grill it on.
But pig products appear to be the hot thing in lottery tickets this year, with New Hampshire, Colorado and Indiana all introducing bacon-scented tickets. In Indiana, players of the Bringin’ Home the Bacon game can enter a separate drawing for a chance to win $250 worth of bacon each year for 20 years.
North Carolina lottery officials say their tickets will smell like “smoky BBQ,” side-stepping the issue of whether it is eastern or western style.
“I can tell you that there was intention to make sure the ticket’s scent didn’t try to live up to the real thing, which the lottery is content to leave to BBQ experts, like the folks at Cooper’s,” said lottery spokesman Chris Bushnell. “That’s why we went with a smoky scent.”
The odds of winning at BBQ Bucks, including break-even prizes, are 1 in 4.55, and odds of claiming one of the $25,000 top prizes are 1 in 888,000. The first tickets will be available at Cooper’s Barbecue on Wilmington Street from 11 a.m. to 1 p.m. Tuesday.
The state sold nearly $2 billion in lottery tickets in the fiscal year that ended June 30, providing more than $500 million for a variety of education programs. Many legislators want to goose those sales by increasing advertising for the lottery and making a version of instant tickets available on the Internet or smartphones.
September 01, 2015
888 raises the stakes in Bwin bidding war
Online gambling company 888 has upped the stakes in its £1bn takeover battle with GVC by raising its bid for Bwin.Party.
Bwin, which offers poker, bingo and sports betting online, revealed on Tuesday that 888 had made a revised takeover proposal and that it was now evaluating the bid. It must weigh the offer against a competing proposal submitted by Sportingbet owner GVC, which is gate-crashing a deal already agreed between Bwin and 888.
The terms of 888’s revised cash-and-shares approach have not been not disclosed, although it is understood that the company has lifted the paper element of its offer to increase the value of its bid to around 115p a share. Bwin said the proposal came with “a number of pre-conditions” that are thought include an increase in the break fee to about 1pc of the overall deal value.
GVC, which is much smaller than Bwin and so would need to structure the deal as a reverse takeover, is understood to have made its latest cash-and-shares bid on Friday evening. The gambling group said its offer valued Bwin at 131p a share and a spokesman for GVC said the bid "is without conditions which 888 has now introduced".
The latest twist in the takeover saga marks a success for Bwin’s board, which has effectively engineered a bidding war between 888 and Aim-listed GVC.
Although Bwin recommended an £898.3m offer - the equivalent of 104.09p a share - from 888 in mid-July, rival suitor GVC refused to concede defeat and made a takeover proposal worth about £1bn last month.
Bwin’s board and shareholders had concerns with GVC’s bid, including questions over whether the combined business will secure a main market listing on the London Stock Exchange and a New Jersey gambling licence. However, Bwin kept the takeover battle alive by working with GVC to overcome those worries.
Once satisfied with GVC's proposal, Bwin last Thursday incited another round of bids from both suitors by inviting the Sportingbet owner to make a formal offer on its “best terms”.
Bwin, which has been up for sale since last November, said it would now consult with its “key shareholders” over coming days to decide which of the two competing proposals is in investors’ “best interests”.
Bwin, which offers poker, bingo and sports betting online, revealed on Tuesday that 888 had made a revised takeover proposal and that it was now evaluating the bid. It must weigh the offer against a competing proposal submitted by Sportingbet owner GVC, which is gate-crashing a deal already agreed between Bwin and 888.
The terms of 888’s revised cash-and-shares approach have not been not disclosed, although it is understood that the company has lifted the paper element of its offer to increase the value of its bid to around 115p a share. Bwin said the proposal came with “a number of pre-conditions” that are thought include an increase in the break fee to about 1pc of the overall deal value.
GVC, which is much smaller than Bwin and so would need to structure the deal as a reverse takeover, is understood to have made its latest cash-and-shares bid on Friday evening. The gambling group said its offer valued Bwin at 131p a share and a spokesman for GVC said the bid "is without conditions which 888 has now introduced".
The latest twist in the takeover saga marks a success for Bwin’s board, which has effectively engineered a bidding war between 888 and Aim-listed GVC.
Although Bwin recommended an £898.3m offer - the equivalent of 104.09p a share - from 888 in mid-July, rival suitor GVC refused to concede defeat and made a takeover proposal worth about £1bn last month.
Bwin’s board and shareholders had concerns with GVC’s bid, including questions over whether the combined business will secure a main market listing on the London Stock Exchange and a New Jersey gambling licence. However, Bwin kept the takeover battle alive by working with GVC to overcome those worries.
Once satisfied with GVC's proposal, Bwin last Thursday incited another round of bids from both suitors by inviting the Sportingbet owner to make a formal offer on its “best terms”.
Bwin, which has been up for sale since last November, said it would now consult with its “key shareholders” over coming days to decide which of the two competing proposals is in investors’ “best interests”.
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