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Devilfish Change to Entraction see improvement starting

Devilfish Gaming plc, the London-listed online poker operation founded by British poker ace Dave "Devilfish" Ulliott, has reported poor maiden results but remains optimistic for the future following a switch to Entraction software.
 
Maiden results for the year to end to the June 2008 saw the company post a pre-tax loss of GBP 424 414 on a gross turnover of GBP 21 763. In a statement this week, the company said the loss reflected the significant expense of preparing for flotation on the London stock exchange and building the infrastructure for further growth.
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On a more positive note, the statement noted that H.2 2008 had been more encouraging with average daily net gaming revenue rising from Euro 455 to Euro 1 512 by September 2008.
 
Highlights of the corporate year included admission to the PLUS market, a switch in software provider and network from UltimateBet to Entraction for Devilfishpoker.com and continued brand and marketing affiliate network development.
 
Paul Barnes, CEO, commented: "This has been an exciting year for Devilfish Gaming. Since listing on the PLUS market we have relaunched Devilfishpoker.com on the established Entraction network allowing us to target the UK and other markets. The Devilfish brand has helped strengthen our position as a multi-channel online gaming company.
 
"We look forward to adding online bingo to our offering later in 2008 with the option of a sportsbook gaming product in the future."
 
The company was incorporated on 16 October 2007 and on 12 November 2007 purchased 100 percent of the share capital of Devil Fish Poker Limited, a private company which was incorporated on 5 August 2005 and began trading in December 2005.
 
On 5 March 2008 the company issued 12 000 000 ordinary shares at 10p per share raising GBP 1,2 million before expenses (see previous InfoPowa report). The Placing raised approximately GBP1,03 million net of expenses to be used to fund the existing business, and its expansion.
 
On 18 March 2008 the deal with Entraction was announced, providing Devilfish Gaming with two poker rooms as well as two online casinos offering a comprehensive range of popular gaming products.  With Entraction's Malta licensing, Devilfish can gain access to UK advertising, one of its primary markets. The migration from UltimateBet network to Entraction was completed by May 19 2008 and has thus far resulted in significant increases in revenues.
 
Devilfish.com now offers over 170 different Poker and Casino games including the most popular Poker game variations and tournaments, Caribbean Stud, several table games such as Roulette and Blackjack, as well as a wide variety of slots with progressive jackpot, giving the on-line gamer a wide range of product choice.
 
"We have also seen strong growth in new player registrations during this period," said a company spokesman. "We expect strong growth to continue for the foreseeable future, especially as some of our marketing and brand building activities are only now coming on stream."

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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.

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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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China Lottery Sales Up in 2016 - The Chinese official news agency Xinghua reports that according to figures from the Ministry of Finance released Monday, Chinese lottery sales in 2016 rose 7.3 percent year-on-year to 394.64 billion yuan (about US$57.53 billion).

New chairman and a new director for 500.com - Chinese online lottery operator 500.com has announced major executive changes to the company with the apparently amicable departure of director and chairman Man San Law, as well as director Weiguo Zhao from its board of directors, effective January 20, 2017.

Russian betting Sites to face rise in tax rates - Online bookies also pay a 1 percent commission on each transaction through the TSUPIS, and face levies at 5 percent of GGR to assist Russian sports federations.

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