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Australia Government Seilling Off ACTTAB

Friday November 22 ,2013 : AUSSIE GOVERNMENT TO SELL OFF GAMBLING ENTERPRISE
 
Australia Capital Territory government to sell off ACTTAB
 
The Australia Capital Territory government on Friday announced that it intends to sell off betting agency ACTTAB, possibly as early as next year.
 
Treasurer Andrew Barr said a study by PricewaterhouseCoopers outlined a compelling case for the sale, and the government hopes to conduct a competitive bid process to achieve a fair and reasonable sale price, although he was unable to give a likely value.
 
ACTTAB continues to turn a profit but has posted declining revenues in recent years, and has stressed the need for an injection of more capital if it is to survive .
 
The government will seek approval for the sale from the ACT Legislative Assembly next week.
 
Barr said that technology has fundamentally changed the gambling business, as had the competitive activities in Australia of aggressive corporate bookmakers such as Tom Waterhouse, William Hill and other large betting firms.
 
The most active punters were now males aged 25-35 who did most of their betting on smartphones rather than in retail shops, he said.
 
"The smallest TAB in the country is simply not in a financial position to compete with businesses on an international scale," Barr told reporters in Canberra.
 
ACTTAB reported a meagre $1 million profit last year, down as the organisation turnover has progressively sunk to around $100 million.
 
The profit partly offsets the government's $7 million support for the ACT racing industry, and it is likely that a condition of sale of the enterprise would require the buyer to include support for the local racing industry.
 
Barr warned there would probably be job losses among ACTTAB's staff of just over 100, two-thirds in administration and the rest in the retail outlets.

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Is Gibraltar Out of Luck in US Tax Challenge - Gibraltar's challenge to the UK 15 percent point-of-consumption tax on online gambling operator revenues has already failed in the UK High Court, and it looks as if it may be rejected by the European Court of Justice too.

Quickspin are now available in Denmark - #quickspin The roll-out strengthens the long-standing partnership between the supplier and the operator, with Quickspin games already available on Vera&John’s websites around the world.

UCypher Launches - Indian entertainment and media entrepreneur Ronnie Screwvala has announced the formation of UCypher, an eSports tournament in which ten teams will compete.

Extreme Live Gaming In deal With Betsson - Extreme Live Gaming, a subsidiary of the Novomatic Interactive group, has announced a live dealer product deal with the Betsson online gambling group, with an initial launch planned for Betsson.com, followed by other brands in the Swedish group's portfolio.

Expansion Mode For BoyleSports - The Bambury premises are situated in Kildare, Meath and Dublin and will be refurbished and rebranded after acquisition, with the total of 31 staff remaining in employment..

Safecharge Q4-2016 - Online e-cash processing firm Safecharge, where Playtech's Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.

ASA Most Controversial Ads of 2016 - Paddy Power's penchant for advertisements that cause a stir saw the betting company mentioned twice in the Top Ten most controversial adverts of 2016 released by the Advertising Standards Authority in the UK Thursday.

Yggdrasi To Enter Italian Gambling Market - Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

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