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BINGO.COM BUYS ITS WAY OUT OF DOMAIN DEAL
$900 000 in shares paid for 'Bingo.com' domain
Toronto-listed online bingo provider Bingo.com has come to the conclusion that buying its distinctive domain is a better bet than renting it, paying shares to the value of $900 000 for ownership to the former owner Bingo Inc.
Bingo Inc., allowed Bingo.com to use the domain for some ten years in return for a payment equal to 4 percent of gross profits since January 18, 1999.
The companies agreed on the acquisition value of the domain after an assessment by an independent third party, which suggested that the value could be as high as $1.4 to $1.6 million.
Bingo.com chief executive Tarnie Williams said: “The successful acquisition of the remaining domain name payments owing to Bingo, Inc., at a substantial discount to the independent valuation, is another step in simplifying the operations of Bingo.com and a further strengthening our balance sheet.”
Slots.com recently sold (it is believed to the Bodog group) for $5.5 million.
Unibet holds a 25.9 percent in Bingo.com, which it bought earlier this year for $2.5 million
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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