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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 :

Games Concept Day in Malta - The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.

AFC’s fight against match-fixing - The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.

PartyPoker Removes Dormant Account Fees - partypoker today announced that players will no longer be charged fees for inactivity on their online accounts.

NHL Odds: Rangers Look for Seventh Straight in Chicago - The Chicago Blackhawks (8-8-2) will try to get their season on track this Wednesday when they host the surging New York Rangers (9-7-2) in an Original Six showdown. NBCSN has the coverage beginning at 8 PM ET.

ACR $1,400,000 High Five Tournament Series - It has five added tournaments a day for five straight days, with the $420k Main Event on the final day. There are Texas hold’em and PLO game types, and tons of structures.a

Microgaming named in The 10 coolest offices of 2017 - Microgaming named in The 10 coolest offices of 2017 Microgaming’s new HQ has been named in ‘The 10 coolest offices of 2017*’ in the UK, featuring alongside some of the biggest consumer brands.

$75K Win on Mobile Slot @ CafeCasino - Café Casino’s mobile slot, Achilles, paid out in a big way over the weekend. A player from Pennsylvania, Rob J., triggered the game’s free spins mode by landing three scatters.

Microgaming’s The Phantom of the Opera online slot live today - Available to Microgaming and Quickfire operators, The Phantom of the Opera online slot goes live Wednesday 1 November 2017.

2017 Punta Cana Poker Classic Results - The 2017 Punta Cana Poker Classic is now in the books and players are returning home after a week-long poker celebration. And after a major final table deal, two players have the most reason to celebrate. Roberto Carvallo ultimately won the tournament after negotiating a final table deal with Jamin Stokes.

NHL Odds: Winnipeg Jets vs. Minnesota Wild - Blake Wheeler and the Winnipeg Jets will attempt to get two points closer to the Central Division lead on Tuesday, as they take on the Minnesota Wild on the road. The Jets have started strong, and sit in second place in their division. Led by RW Blake Wheeler, the Jets look like a team that could make some noise in the West this season.

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