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AGTech Holdings Limited reported a 178 percent earnings rise

Tuesday November 13, 2012 : REVENUE GROWTH FOR AGTECH TIE-UP WITH LADBROKES
 
Revenues up 178 percent as Lucky Racing game increases in popularity
 
Chinese sports lottery software and systems developer AGTech Holdings Limited reported a 178 percent rise in total third quarter revenues amounting to HK$64.29 million year-on-year.
 
AGTECH, in partnership with UK bookmaker Ladbrokes, Formula-One based Lucky Racing game has surpassed total sales of HK$1.3 billion and is present in over 1 500 locations throughout the Chinese province of Hunan in just over a year since its launch.
 
Other key performance highlights included a gross profit for the three-month period of HK$18.7 million, up 5 percent and a decrease in its overall loss of almost three percent.
 
“We are pleased to see that our efforts to build a uniquely balanced complementary suite of businesses has borne fruit in terms of continued growth in revenues and gross profits,” said John Sun, Chairman and Chief Executive Officer for AGTech.
 
“We are excited not only by the overwhelming acceptance of the virtual sports fixed-odds betting game Lucky Racing by lottery players in Hunan but also the huge interest we have seen from other provinces and the very real progress that we are making to launch an additional game type in another province. These developments strengthen our belief that this new genre of game has great potential to significantly grow the sports lottery market on a national basis.
 
“While the group has successfully created a balanced business with leading positions across the main sports lottery verticals in China, the group believes that the business will continue to enjoy rapid growth and achieve further significant milestones in the coming months."

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Is Gibraltar Out of Luck in US Tax Challenge - Gibraltar's challenge to the UK 15 percent point-of-consumption tax on online gambling operator revenues has already failed in the UK High Court, and it looks as if it may be rejected by the European Court of Justice too.

Quickspin are now available in Denmark - #quickspin The roll-out strengthens the long-standing partnership between the supplier and the operator, with Quickspin games already available on Vera&John’s websites around the world.

UCypher Launches - Indian entertainment and media entrepreneur Ronnie Screwvala has announced the formation of UCypher, an eSports tournament in which ten teams will compete.

Extreme Live Gaming In deal With Betsson - Extreme Live Gaming, a subsidiary of the Novomatic Interactive group, has announced a live dealer product deal with the Betsson online gambling group, with an initial launch planned for Betsson.com, followed by other brands in the Swedish group's portfolio.

Expansion Mode For BoyleSports - The Bambury premises are situated in Kildare, Meath and Dublin and will be refurbished and rebranded after acquisition, with the total of 31 staff remaining in employment..

Safecharge Q4-2016 - Online e-cash processing firm Safecharge, where Playtech's Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.

ASA Most Controversial Ads of 2016 - Paddy Power's penchant for advertisements that cause a stir saw the betting company mentioned twice in the Top Ten most controversial adverts of 2016 released by the Advertising Standards Authority in the UK Thursday.

Yggdrasi To Enter Italian Gambling Market - Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

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