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Saturday June 18 2011 : But CFO still confident on companies return to profitability
Canadian online gambling provider Chartwell Technology Inc announced unimpressive results for the three months ended April 30, 2011 this week.
The company doubled its losses compared to the same period in 2010 and total revenue fell by 24.5 percent.
Key Performance Indicators for the three month period ending 30 April 2011 include:
-  Total revenue $2.4 million (Q2/2010: $3.1 million), a decrease of 24.5 percent - of which the company says can be attributed to the non-renewal of the licence agreement with Betfair late 2010.
-  EBITDA  decreased to a loss of $1.6 million (Q2/2010: loss of $777 000)
-  Net loss increased to $1.8 million (Q2/2010: $886 000), attributed to a decrease in revenue
-  The severance of 20 percent of the company staff in a cost cutting endeavour and the departure of the company's chief executive officer, Dan Phillips
Business highlights for the second quarter of 2011:
- The launch of its Rapid Game Deployment architecture (RGD);
- Live Dealer offering in partnership with HoGaming;
- Deployment of Serengeti Diamonds™ using the RGD.
Alan Richter, CFO of Chartwell commented:
“Chartwell is gradually replacing revenue lost late in the previous year and is doing so through an invigorated and concentrated Casino software suite. Combined with significant cost reductions, new licensees pending launch and our existing sales pipeline, we are well on our way to returning to profitability.
"As we move closer to our planned merger with Amaya (see previous InfoPowa reports), which is due to close in July, we are excited about the potential synergies of the business combination for our shareholders. There will be a good revenue mix between land based and online business for the combined entity moving forward.

"Our games and platform will be instrumental in rolling out the many exclusive government licensed businesses that Amaya has secured to date. This B2G business nicely compliments our ongoing B2B business and diversifies our future revenue streams and growth prospects."

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Gambling News :

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

Novomatic has announced a legal action against Euro Games Technology - Online and land gambling equipment and games provider Novomatic has announced a legal action against Euro Games Technology Ltd., which it claims has unfairly created imitations of its slot games.

Starcraft ProLeague SHutting Down after 14 Years - Announcing the end of the road for the League, once pre-eminent in Asian eSports gaming, the Korean Esports Association blamed ethical scandals and competition for its decline in popularity.

Team Hot Launches - #teamhot The Philippines licensed and GGNetwork-powered online poker operator Natural8 has announced the appointment to its "Team Hot" professional player line-up of Asian poker aces Kitty Kuo, Xuan Liu and Dong Kim.

Netent Q3-2016 Earnings Report - #netent The UK continues to be an important growth driver but the weaker pound had an estimated negative effect of about three percentage points on revenue growth compared to the same quarter last year.

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