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Seaniemac Woes Picked up By Media

MAINSTREAM MEDIA PICK UP ON ONLINE CASINO OPERATORS WOES
 
Seaniemac has reportedly accumulated $9.4 million in losses.
 
Seaniemac, an over-the-counter US penny stock company which entered the online casino sector in 2013, attracted the negative attention of the mainstream Independent newspaper this week as it attempted to raise new capital.
 
The newspaper noted that since the company launched in 2013 under the management of Sean McEniff, son of a successful Irish hotelier, it has accumulated losses of $9.4 million, in the last quarter reporting expenses of $517,000 - a $410,000 hike on the preceding quarter.
 
The Irish and UK-facing company is trying to raise additional financing, but has warned that it may have to halt operations if it is not successful.
 
Although Sean McEniff remains a shareholder, he is understood to no longer be involved in the day to day management of the company after stepping away in 2014 to work on hotel projects.
 
The independent claims that investors in Seaniemac include the daughters of a prominent Russian businessman, Michael Chernaya.
 
Analysing the companys performance, The Independent notes that the latest quarterly shows that the group generated gross gaming revenue of $218,456 in the three months ended June. That compared to $45,910 in the quarter to the end of June 2015.
 
However, expenses soared and interest charges, including the amortisation of loan costs, also rose, leaving the group with a $ 911,000 loss for the quarter and bringing its accumulated losses since launch in 2013 to more than $9.4 million.
 
Seaniemac recently announced that it intends to abandon the Boyle Sport betting platform it has been using in favour of its own product, presuming that the company can survive long enough to do this.
 
The Independent reports that the companys website currently redirects to Apollobet.com, owned by businessman Paul Antrobus and also posting losses of GBP 260,000 last year.
 
Seaniemac managements last report advised that the plan was to finance operating costs over the next 12 months with "existing cash on hand, loans from stockholders and directors, and a possible private placement of our securities."
 
"The company continues to explore various financing alternatives, including debt and equity financings and strategic partnerships, as well as trying to generate additional revenue," it added, but warned:
 
"If the company is unable to obtain additional funding and improve its operations, the companys financial operations may be materially adversely affected and the company may not be able to continue operations."

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Gambling News :

GVC In Content Deal With Microgaming’s Quickfire - Microgaming-powered Prima Networks Limited will supply over 50 new titles to GVC’s recently acquired bwin Casino, PartyCasino and Party Poker gaming sites within the coming weeks.

Opap in memorandum of understanding With Inspired - Virtual sports provider Inspired has entered into a memorandum of understanding (MOU) with Greek betting and lottery operator OPAP for the supply of its full suite of virtual sports, for integration online and across OPAP's retail network.

DeltaCorp To Acquire ace2three - Our readers will recall Delta Corp. acquired a 26 percent stake in Gaussian Networks, parent company of India’s largest online poker operator Adda52 earlier this month

More Australian POC Taxes - In an interview with The Australian, Tabcorp chief executive offer David Attenborough warned “global rivals” of his belief that other Australian states are moving fast to follow South Australia’s lead in implementing a point of consumption tax.

William Hill Exits Russia - "Starting from September 23 William Hill Casino Club will terminate its activities in the Russian territory for legislatory reasons. All active customer accounts will be suspended," the advisory reportedly detailed.

Pennsylvania Online Gambling Hearing Postponed till October - HR 2150, which includes DFS and e-gaming elements, was passed as part of the critical state budget bill by the House in June this year, with lawmakers expecting the bill to contribute $100 million annually in licensing and fees to help balance the state budget.

Two Mega Fortune Dreams Jackpots Hit - Both Swedish players, the first lucky punter hit a GBP 100,000 jackpot playing on his mobile phone, while the second, identified as Martin, staked just 18p before netting a GBP 60,000 jackpot on the popular series thinking he was playing in demo-mode.

ASA Looking at Ladbrokes and Netbet ads - A TV ad for Cosmo Gaming’s NetBet online casino was determined by the UK Advertising Standards Authority (ASA) as glamorising online gambling following a single complaint.

Betconstruct In Deal With Realistic Games - BetConstruct has agreed a deal in which it will integrate a range of Realistic Games online table and slot content including blackjack, roulette and slot titles Super Graphics Upside Down, The Fruit Factory and Fireworks.

XLMedia Half 1 2016 Earnings Report - Online gambling marketing company XLMedia, which operates websites driving players to online casino operators, delivered robust interim results for the first half of 2016, attributing its success to investment in technology.

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