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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."



Gambling News :

Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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