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MyLotto24 Gets Tax Refund

Saturday March 5,2016 : SPANISH TAXMAN REFUNDS MYLOTTO24
 
Euro 9.6 million back into company coffers.
 
MyLotto24 received a boost to its funds this week when the Spanish taxman refunded the company Euro 9.6 million contributed as a lottery withholding tax on a large jackpot win at the company.
 
Announcing the refund, parent group Zeal Network said the payment will have a positive impact on the company's financial metrics relating to the year 2015.
 
Zeal took the opportunity of the good news announcement on tax to reveal less palatable advice regarding its expensive involvement in the geography-based  online lottery Geonomics Global Games Limited and its subsidiary Geo24 UK Limited, concluding that it no longer supports the carrying value of Zeal’s investment.
 
That will result in a non-cash impairment charge of Euro 19 million, which will be recorded in Zeal's consolidated income statement for 2015, and this will impact net profit, the company announced.
 
Zeal (then Tipp24) made an initial investment of Euro 10 million in Geonomics (formerly Roboreus) four years ago, acquiring a 25.7 percent stake, and has been working with founding brothers Henry and James Oakes to try and build a viable business out of the operation, which is based in London and employs 40 designers and software engineers.
 
our readers will also recall that Geonomics sold its end-user product to the Atlantic State Lottery Corporation, a lottery organisation representing several small Canadian provinces. The project became mired in a political, tribal and business scandal that eventually saw it dropped.

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Gambling News :

HeyPoker Closing - The operator is licensed by the UK Gambling Commission and the Malta Gaming Authority, with the registering company listed as Evoke Gaming Ltd.

Can Jack Lam Make Things Right in Philippines - Lam will no doubt seriously consider the offer, having lost access to his Philippines businesses and with charges of attempted bribery and "economic sabotage" and an arrest warrant hanging over his head .

PPA Wants pre-emptive strike against RAWA - It's not just civic associations that are warning against the introduction of a federal ban on online gambling in a denial of states' rights . The Poker Players Alliance action group has begun mustering its over a million US members in a campaign as well.

UK Wants Fixed Odds Betting Terminals Changes - The group, titled FOBT All-Party Parliamentary Group plans to release its full report early in the new year, but for now has claimed that changes to FOBT regulations could help in reducing "associated crime" and problem gambling.

Sportech Wins 8 Year Old VAT case - An eight-year long, GBP 97 million VAT repayment claim dispute between Sportech PLC and HM Revenue and Customs (HMRC) has come to an end with the Supreme Court refusing HMRC permission to appeal a previous Court of Appeal ruling.

2017 MPN Poker Tour - Main Event packages, worth 1,500, are available online and players can qualify via any of the MPN participating card rooms through a variety of satellites, with buy-ins starting as low as 0.25. Each 1,500 package includes:

Realistic Games in deal with Kindred Group - The UK-based online gambling games developer Realistic Games has signed a deal to supply its games to online operator Kindred Group, parent company of quality brands that include Unibet, Stan James and Maria Casino.

Opposition to Anti Online Gambling Bill in Congress Lame Duck Session - Action groups appeal to House Appropriations Subcommittee to ensure that RAWA style language is not attached to unrelated spending bill.

DFS banning bill Introduced in Illinois - The legislative season in Illinois may be drawing to a close, but that hasn't stopped a new bid to ban daily fantasy sports from being assigned to the House Executive Committee; whether there is sufficient time to pass the bill is a matter for speculation.

Cambodia To More Closely Control Online Gambling - Cambodia, where online #gambling is operated by licensed land casinos alone, and Cambodian punters are banned from participating, is to tighten monitoring, control and management of the activity by setting up a centralized server, a Ministry of the Economy official revealed this week in a media interview.

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