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Betting Promotions Successful Q1
Joining the trend of online gambling corporates that seem to be successfully surviving the weak world economic conditions, Betting Promotions has announced a set of Q.1 2009 results that includes an impressive increase in net turnover after expenses of some 80 percent.
The company, which furnishes odds for a number of leading betting exchange companies, recently underwent a restructuring process which has clearly contributed towards its first quarter success. Among the pruned assets in the restructure was Betting Promotion's shareholding in the skill gaming enterprise GamingVillage, which it reduced by a third, selling the shares to Key-Quest Ltd for SEK12.9 million in December 2008. There are plans to sell the rest of BP's interest in GameVillage in the months ahead when the right deal can be agreed.
The headline numbers to some extent obscure the actual decline in overall turnover during the quarter, which dropped 37 percent to SEK 2.2 billion, a situation brought about by the shedding of certain products. However the reduced liability delivered an after expenses rise of 80 percent over the same quarter in 2008, to SEK 19.6 percent.
Gross margin increased to 0.87 percent (Q.1 2008: 0.3 percent), and the company paid SEK 3 million in trading fees to betting exchanges. Football provided the lion's share of the company's action at 68 percent, with in-running betting making up a fifth of that.
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Gambling News :
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
Singapore Online Gambling Ban Begins -
Singapore media reports indicated Tuesday that restricted online gambling services offered by the Singapore Pools have started online operations, whilst Singapore Turf Club will commence online betting activity on November 15.
Pennsylvania Online Gambling Updates -
Pro-online gambling companies, including the Golden Nugget in New Jersey and Pokerstars, were quick to refute Schippers views based on their operational experience.
WSOPE In Czech Republic -
World Series of Poker Europe 2017 has moved to King’s Casino Rozvadov (KCR) in the Czech Republic following a multi-year deal that will see KCR host numerous WSOP-branded events over the next several years.
BtoBet Partners with AfroBet -
Following the launch in Kenya, Afrobet said it has high hopes for further expansion into East Africa, Tanzania, Uganda and Congo.
Pissed off Tabcorp shareholders -
A significant number of Tabcorp shareholders, led by The Australian Shareholders Association, reportedly objected to proposed hikes in executive pay packages and were unhappy with the company plans for a merger with rival gambling group Tatts.
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