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AGTech Posts significant losses for 2014
Wednesday March 25,2015 : LOSSES DOUBLE AT HONG KONG LOTTERY FIRM
Share-based payments blamed for hit on profits.
AGTech, the Hong Kong-based lottery group, has posted significant losses for 2014 of HK$187.3 million, attributing the bulk of this to share-based payment obligations.
The company's directors have recommended that a dividend be withheld.
The losses were almost double those in the corresponding period in 2013 and come in a year where revenue edged only slightly up to HK$211.1, roughly equivalent to US$27.2 million. HK$136.3 million of the losses came from share-based payments.
AGTech revenues during 2014 were mainly generated by its gaming technology subsidiaries, along with management and consulting fees.
The company is involved in the massive Chinese lottery sector, which it claims generated sales of 382 billion yuan (US$61.4 billion) last year and still has potential for growth.
The AGTech report notes that in recent months Chinese authorities have temporarily suspended accepting online lottery purchases, a move that the company asserts will help the legitimate side of the industry.
“The authorities in China are committed to channeling the existing vast underground gaming revenues away from the illegal market and into the legal and regulated lottery network," AGTech advises.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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