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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.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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