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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."
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 -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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