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NEW RESULTS FROM CHERRYFORTRAGEN

Tuesday August 30, 2011  : Online gambling group reports on January 1 - June 30, 2011 operations
 
Cherryföretagen, the Swedish online and land entertainment and gambling group, has reported a strong set of results for the period January 1 - June 30, 2011, highlighting the following achievements:
 
* Group turnover increased with 31.2 percent and amounted to SEK 207.1 million (SEK157.8 million).
* EBITDA amounted to SEK 8.8 million (9.3).
* EBIT amounted to SEK 3.0 million (3.6) - impacted by non-recurring expenses of -3.7 million concerning the replacement of its CEO.
* The number of new online players rose by 96.1 percent, to 146 863 customers (74 884).
* Europe´s biggest lottery with a daily draw, EuroLotto, was launched in January with a minimum SEK25 million progressive jackpot.
* Cherry has signed a beneficial agreement with Special Olympics regarding EuroLotto.
 
Second quarter interim results included:
 
* Group turnover increased with 5.9 percent and amounted to SEK 109.7 million (SEK103.6 million).
* EBITDA amounted to SEK 2.2 million (9.4).
* The number of active clients rose during Q2 by 173.9 percent, to 37 181 customers (13 574).
* The number of new online players rose during Q2 by 214 percent, to 21 806 customers (6 944).
* Deposits increased with 18.1 percent and amounted to SEK 155.0 million (131.3).
* The board of directors appointed Emil Sunvisson (ex-Betsafe - see previous InfoPowa report) as President and CEO, with Marius Andersen appointed COO online gaming activities by the Board of Cherry Malta Ltd and EuroSlots Ltd, subsidiaries of Cherry.
 
CEO Emil Sunvisson, who took up his responsibilities on August 1, commented: "Some countries have recognized that the gaming industry, if handled correctly, can contribute positively to economic development. Instead of preventing private actors and trying to maintain a monopoly, we should be open to and embrace the rapidly evolving gaming industry.
 
“Cherry calls [on the Swedish government] for modern legislation, where we are allowed to operate gaming with responsibility and are able to compete on equal terms.
 
"Cherry offers casino onshore, offshore and over the internet. Our three business areas have great similarities, but also important differences in terms of regulatory framework and technical barriers. The respect for the player and the treatment of our customers are fundamental to our success, regardless of where we offer our services."

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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