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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.
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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