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Gambling: Centrebet Good Earnings

The Australian business media are reporting that online gambling group Centrebet is expecting its profits to be at the upper end of previous guidance reports, thanks to growth in the Australian Internet betting market, which has recently seen advertising restrictions removed after court actions.
 
The online betting group has also predicted strong profit growth in 2009/10 as it looks to increasing market share in Australia.
 
Centrebet spokesmen said the group's net profit after tax for the year ended June 30, 2009 would be at the upper end of its guidance of $10 million to $11 million on an adjusted basis, and $7.5 million to $8.5 million on an actual basis.
 
Based upon unaudited accounts, total revenue for the 2009 financial year rose 6 percent to $66.2 million, with Australian online revenue - representing 50 percent of total revenue - up 23 percent to $32.9 million.
 
European revenue (excluding poker) - representing 39 percent of total revenue - was flat at $26.1 million. European poker revenue - which represented six percent of total revenue - was down by 17 percent, at $3.8 million.
 
Centrebet managing director Con Kafataris said the company had responded well to recent deregulation in the betting industry.
 
"While deregulation of the industry has presented some short-term cost challenges, it has created an attractive outlook for Centrebet to continue to grow market share," he said in a statement.
 
"We expect the overall industry to show strong growth over the medium term, and Centrebet is well positioned to maximise our share of that growth through customer-focused product offerings, targeted marketing investment and disciplined risk and cost management."
 
Centrebet said its 2009/10 profit would be boosted by the full year effect of a cost rationalisation program that was now complete.
 
The company would also benefit from the launch in May of fixed odds management contracts with the West Australian, ACT and Tasmanian TABs.
 
Under the contracts, Centrebet will manage upwards of $200 million a year in fixed odds betting turnover on behalf of the TABs.
 
Centrebet said it would increase its spending on marketing in Australia and core European markets and reduce spending in non-core European markets.
 
Total spending on marketing in 2010 was expected to be less than in 2009.
 
In 2007/08, Centrebet increased its bottom-line net profit by 16.8 percent to $13.01 million.
 
The trading report pushed up share prices by 3.5 cents.

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Gambling News :

Pokerstars Bahamas Main and High Roller Results - The inaugural PokerStars Championship Bahamas saw two big winners crowned this weekend when Christian Harder won the main event for $429,664 and Luc Greenwood took home $779,268 after taking down the $25,750 High Roller event.

Rodrigo Duterte has identified illegal gambling as his third priority - Illegal online gambling operators can anticipate tougher times in the Philippines following a directive from President Rodrigo Duterte that stamping out illegal gambling is his third most important goal after illegal drugs and government corruption.

High Hopes For Pennsylvania Online Gambling - Pennsylvania state politicians have wasted no time in getting back to work in the new legislative season, and there is renewed hope for a gambling expansion bill that includes online gambling and daily fantasy sports.

WILLIAM HILL ACCUSED OF QUESTIONABLE MARKETING TACTICS - British Labour member of parliament for Swansea East, Carolyn Harris, has described as "appalling" player-poaching techniques allegedly encouraged by the online and land bookmaker William Hill plc.

GoWild has announced the launch of its own new gaming platform - The European online gambling group GoWild has announced the launch of its own new gaming platform, providing entertainment in addition to its Microgaming games, which will now be delivered via the Quickfire platform.

UK Government Introduces Mandatory horseracing levy - The levy kicks in after the first GBP 500,000 in gross revenue has been earned by online and retail bookmaking firms and other betting organizations.

Chinese Arrested in Philippines Invalid - Representing the thirty-nine plaintiffs, defense lawyer Irene Bianca B. Distura claimed that the warrant that led to her clients’ apprehension is “invalid.”

NJ Warns No Federal Online Gambling Ban - New Jersey Senator and gubernatorial candidate Raymond Lesniak warned that any attempt to overturn a 2011 Department of Justice opinion that the federal Wire Act exclusively governs sports betting would be met with a hard-nosed reaction from his state.

Casino du Liban To Launch new online gambling platform - The venture will be in partnership with an unnamed international company, and a tender has already been launched with a deadline of January 19 to submit the proposals.

Winstar slot Pays Big Jackpot - One very fortunate online punter in Bermuda has scored a major win on the Winstar slot at the PokerStars online casino, collecting a $825,037 jackpot.

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