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CENTREBET TO SHUT DOWN RACING SUBSIDIARY
2/20/10 - Con Kafataris, the owner of Australian online gambling group Centrebet and a 34 year industry veteran, will be focusing more on his online interests in future following a decision this week to close racing subsidiary CK Racing.
The managing director of Centrebet said he would close CK Racing after the Easter racing carnival this (2010) year because of regulatory reforms around corporate rivals and the changing composition of traditional punters.
Kafataris presided over the posting of Centrebet’s current results, which recorded a first-half net profit of A$6.3 million, up 19 percent on the same time last year.
In the first half, Centrebet's online turnover rose 24 percent while revenue was up 19 percent.
Overall revenues fell 7.6 percent year-on-year to A$31.9 million due to lower revenue from poker and casino activities, and a poor performance from CK Racing.
Centrebet earned more than A$1 million in revenue from TAB fixed-odds management and expects to earn at least A$2 million for the full year.
The European wagering business was hit by the strong Australian dollar, which reduced revenue by A$1.8 million and earnings by A$1.1 million.
Centrebet said it had appointed advisers, Caliburn, to scout potential mergers and acquisitions and did not rule out positioning itself as a takeover target.
"In the past six to 12 months there has been a lot of talk globally about what consolidation and M&A opportunities there will be," Kafataris said.
"We continue to assess what options are available, be that buying opportunities or opportunities to bring businesses together.
"My job is to do what's best for our shareholders."
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Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
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MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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