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AsianLogic plc - the Asian-facing UK-listed company has delivered sterling first half 2008 results, particularly from its activities in the online and land casino arena.
The company reported total revenues up 208 percent to US$54.9 million, (H1 2007: US$17.8 million) on the back of continued strong growth of its casino component and several key acquisitions.
Profit before tax was up 155 percent to US$7.05 million (H1 2007: US$2.76 million.)
Revenues from both online and land-based casino gaming were especially impressive and made a major contribution, rising 184 percent to US$47.7 mllion (H1 2007: US$16.7 million), while average daily casino turnover rose 180 percent to US$12.9 million. Poker turnover was up a startling 760 percent to US$2.6 million, while the reseller commissions making up the bulk of the rest of the group’s income, notably as agent for software provider Playtech throughout Asia, stood at US$2.7 million (H1 2007:US$1 million).
The company continued to pursue a policy of investment in the Asian poker market, which it said it believed offered significant potential for growth - with the acquisition of the Asian Poker Tour (APT) in February 2008 and the opening of the AsianLogic's first land-based poker room, Galaxy StarWorld, in Macau on August 1.
The company also launched three new gaming websites in the first half of 2008, and entered into a strategic agreement with Philippine land-based sportsbook company Leisure Resorts and World Corporation (LRWC). It acquired a significant US$3.4 million minority stake in a European-based gaming solutions provider.
Tom Hall, chief executive of AsianLogic, said: “We are adapting to and driving market trends through the expansion of our Poker and P2P business and foresee that acquisitions such as the Asian Poker Tour and its successful roll out will continue to raise the profile of this renowned card game and benefit AsianLogic’s shareholders. This has assisted in rapidly growing higher margin “retail” side of the business, where we directly target the gaming end user, as a counterpart to the provision of services to third party marketing partners where the business originated.”
Looking ahead, the company said it anticipated the launch of its global gaming fund in the next 120 days. The company added that it expected a full roll-out of play-for-real money Asian games in the fourth quarter of 2008, following a successful “soft” launch earlier this year.
Work continues with a range of high-profile European online gaming software providers seeking access to the Asian market.

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Gambling News :

Wanajump Launches - #Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.

Coral Launches player proposition betting product - Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.

Oshi online casino now accepts fiat currencies - The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.

New Standards for UK Online Gambling - Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.

Pennsylvania Gambling Bill 1887 returned with additions - The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.

UKs Advertising Standards Authority vs Ladbrokes - A Ladbrokes Casino email promo has fallen foul of the UKs Advertising Standards Authority who deemed significant terms and conditions concerning bonusing to be unclear or misleading.

Mybet Earnings Struggle - The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".

Tom Horn Awarded Malta Gaming License - Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.

Calvin Ayre invests in new Antigua Business Center - Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.

Attack of the Zombies Slot - Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.

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