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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 :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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