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IS CANBET IN TROUBLE
Canbet, the online sportsbetting, poker and casino subsidiary of Australia's International All Sports Limited (IAS) has posted a negative pre-tax result of A$6.41 million, contributing to the lacklustre performance of its parent group, which recorded a pre-tax loss for the year of A$3.14 million.
“This result is deemed unacceptable by the IAS board and the group’s overseas business units are being reviewed,” the company said in a statement. "The results recorded by the international business units have negated the excellent result achieved by the Australian [facing] business.”
Australian horse, harness and greyhound racing comprise nearly 80 percent of the turnover for IASBet.com and it reported earnings before tax for the year of A$10.29 million. This is up on the previous year’s pre-tax result of A$6.55 million while wagering increased just over 21 percent to A$438.27 million. In addition, revenues from IASBet.com for the financial year increased over 25 percent to A$28.19 million with a margin of 6.43 percent.
“A win rate of 6.43 percent is an excellent result when compared to competitors and is attributable to a successful marketing drive for online recreational customers in conjunction with the promotion of higher yielding betting products,” the statement emphasised.
IAS said that the UK-licensed CanBet.com operation failed to generate an ‘acceptable margin’ of revenues due to software malfunctions, inexperience in product management and a new client database dominated by professional players and arbitrages, resulting in no winning margin for the first half. In the second half, this margin only increased to one percent while the third quarter prospective win rate of three percent could not be maintained over the final quarter.
“This tardiness in moving out of a start-up phase mode is disturbing,” concluded the statement.
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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