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Sportech PLC released an upbeat trading update Friday

Friday, May 11, 2012 : SPORTECH TRADING UPDATE
 
e-Gaming a star performer
 
Pool and tote gaming company Sportech PLC released an upbeat trading update Friday.
 
Key indicators include:
 
-     Net bank debt in the four months to 30 April 2012 has decreased by GBP 4.2 million to GBP 55.0 million, following the GBP 13.0 million reduction in 2011.
 
-     Solid advances with predominantly North American-based gaming business Sportech Racing.
 
-     Retail betting venues and telephone betting business shows good progress reporting betting handle (turnover) up 4.5 percent on last year, which the company boasts is double the industry average.
 
-     Total betting turnover at the Kentucky Derby yielded $ 4 million - an all time high for the Connecticut operation and 11 percent up on the previous year.
 
-     The Tote Services arm of the company reports good progress made in Interactive Products and Services, with several contracts in the pipeline.
 
-     Football Pools division is performing in line with expectation and expansion continues with a retail distribution deal with Stan James.
 
-     eGaming business reports a gross win revenue up 30 percent year on year attributed in part to the migration of Littlewoods Casino and Poker business to the Playtech platform along with the launch of Vernons Casino and Poker towards the end of 2011.
 
-     The firm's bingo product will transfer to the Playtech platform later this year.
 
-     Date set for the Group's VAT claim to be heard at the First Tier Tax Tribunal in October 2012
 
Roger Withers, non-executive chairman of Sportech PLC, comments:  "Trading for the current financial year has started well and we are pleased to report that the Group is performing in line with the Board's expectations with operational progress being made in all areas of our business.
 
"The Group continues to prepare for the forthcoming anticipated regulatory change in the key international jurisdictions in which the Group trades and accordingly, we believe Sportech will be ideally positioned to benefit from the opportunities that these changes will deliver.  We look forward to the future with confidence."
 
In related news, Sportech announced the resignation with immediate effect of its executive director responsible for business development, Brooks Pierce, who is leaving to pursue other business interests.
 
The company's North American business announced the promotion of Dave Haslett to Managing Director of Sportech Racing (Worldwide), Ted Taylor to Managing Director of Sportech Venues and Andrew Gaughan to Managing Director of Sportech Interactive Products and Services.  Gaughan will additionally take on the role of Business Development Director, North America.
 
Sportech has tasked executive search business Odgers Berndtson to find suitable candidates that will further strengthen the Sportech executive board in light of "the many opportunities available in North America".

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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