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Second quarter daily online casino revenues up 34 percent

London-listed AsianLogic, the Pacific-Asia facing online and land gambling group has reported the appointment of a chief executive, along with positive Q.2 business results.
 
The executive vice chairman and founder of AsianLogic, Tom Hall now has the responsibilities of Chief Executive Officer for the fast growing group. Hall replaces Christopher Parker, who remains as a director of the group and takes

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up the new position of chief executive of the Asian Poker Tour.
 
Hall is recognised as an expert in the field of Asia Pacific interactive gaming, and in addition to his AsianLogic portfolio is the director and president of software developer Playtech's operations in the region. He is of Eurasian Hong Kong origin and has wide experience in global customer growth and the development of customised software solutions for the Asian marketplace.
 
In his executive duties with AsianLogic and Playtech, he has had extensive dealings with gaming operators in both the land based and online sector.
 
From 1995 until he joined AsianLogic and Playtech in 2002, he was Chief Executive Officer of TTR Strategic Holdings Limited (“TTR”), an Asia Pacific focused financial services group, and subsequently CEO of its data processing associate – NAV Limited. Prior to that, he worked in Swiss private banking and private client financial services in the UK and Hong Kong. He also sits as a non-executive director of a number of gaming and technology companies.
 
Hall's appointment comes at a positive stage in AsianLogic's development, with the company reporting Q.2 online casino average daily turnover up by 34 percent on Q.1 to $14.6 million, and prospects for the year bright.  Net gaming revenue per day increased 31 percent to $320 158 and poker fees were up 39 percent on-quarter, beating forecasts.
 
Operating margins have improved, but AsianLogic expects lower levels of profitability in some sectors of its online casino activities due to margin pressure, but says it does not expect these pressures to significantly impact overall business.
 
The report includes a reference to the sale of AsianLogic's domestic sportsbook to Philippine-based gaming company Leisure Resorts and World Corp. (LRWC) to operate a land-based sportsbook operation (see previous InfoPowa report).
 
AsianLogic and its sportsbook partner will get up to 342 million shares over the next 3 years, about 30 percent of LRWC, subject to performance targets being met. Asianlogic said it will also invest $4.5 million in LRWC.
 
In other major deals, AsianLogic notes that it expects to close a “part cash, part shares US$24 million transaction with a leading Asian e-gaming operator in the next 60 days” and reports an investment of $3.4 million in a minority stake in an unidentified European -based software provider which will expand its range of products.
 
The company's sponsorship of the Asian Poker Tour (see previous InfoPowa report) is proving successful with 316 players from 23 countries turning out for the first event held in Manila and more action planned for Macau, Korea and Singapore.
 
Hall said: “We believe the acquisitions and joint ventures announced today will strengthen, complement and expand our existing operations. Our core gaming activities are performing strongly and the accretive benefits from acquisitions and investments coming into play from Q3 onwards.”

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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