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Profits Surge at Leisure and Gaming

The online and land betting group Leisure & Gaming plc has released Q1 2009 results to 31st March 2009 showcasing amounts wagered up 36 percent to Euro 42.1 million (2008: Euro 30.9 million), while net win was up 38 percent to Euro 8.7 million (2008:  Euro 6.3million) and the net win margin was steady at 20.6 percent (2008: 20.3 percent).
 
Gross profit was up 33 percent to Euro 2.8 million (2008: Euro 2.1 million), with overheads almost unchanged at Euro 1 million and net profits before interest and tax up at Euro 1.8 million (2008: Euro 1 million).
 
At the end of the quarter cash balances were Euro 3 million.
 
L&G said its Italian and Cypriot partner networks remained productive and the group enjoyed continued success with poker in Italy and continued growth in its Greek online business. The gaming group also confirmed its sponsorship deal with Serie A soccer team Palermo (see previous InfoPowa report).
 
Management also announced a proposed reduction of share premium account which will allow the group in due course to pay dividends to shareholders or buy back shares. Audited full year 2008 results will not be available until next week.
 
Chief Executive Officer Richard Creed said: "This has been an excellent quarter with favourable results in sports events giving a net win margin of 31.4 percent and growth in all performance indicators. The partner networks in Italy and Cyprus have remained constant as partners tend not to move as they usually benefit from deals covering the football season, however, there has been steady growth in the online activities in Greece.
 
"Poker has continued to produce stable revenues with modest growth in numbers of players. In the quarter, this activity generated Euro 1.7 million in gross rake and Euro 400 000 in net rake.
 
"The diversification in terms of geography and products is progressing satisfactorily. As at 31st March 2009, the group held cash balances of Euro 3 million, excluding cash held in escrow covering Italian Government gaming guarantees of Euro 2.4 million."
 
L&G is planning to launch a marketing program in Q.2 with adverts based on the Palermo football sponsorship deal with the goal of recruiting further partners and customers as well enhancing the Italian poker offering to encourage players to continue playing through the summer.
 
The group awaits clarity on regulations that would permit Greek land based outlets and is poised to take advantage of this opportunity, when it arises.

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Gambling News :

Is Gibraltar Out of Luck in US Tax Challenge - Gibraltar's challenge to the UK 15 percent point-of-consumption tax on online gambling operator revenues has already failed in the UK High Court, and it looks as if it may be rejected by the European Court of Justice too.

Quickspin are now available in Denmark - #quickspin The roll-out strengthens the long-standing partnership between the supplier and the operator, with Quickspin games already available on Vera&John’s websites around the world.

UCypher Launches - Indian entertainment and media entrepreneur Ronnie Screwvala has announced the formation of UCypher, an eSports tournament in which ten teams will compete.

Extreme Live Gaming In deal With Betsson - Extreme Live Gaming, a subsidiary of the Novomatic Interactive group, has announced a live dealer product deal with the Betsson online gambling group, with an initial launch planned for Betsson.com, followed by other brands in the Swedish group's portfolio.

Expansion Mode For BoyleSports - The Bambury premises are situated in Kildare, Meath and Dublin and will be refurbished and rebranded after acquisition, with the total of 31 staff remaining in employment..

Safecharge Q4-2016 - Online e-cash processing firm Safecharge, where Playtech's Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.

ASA Most Controversial Ads of 2016 - Paddy Power's penchant for advertisements that cause a stir saw the betting company mentioned twice in the Top Ten most controversial adverts of 2016 released by the Advertising Standards Authority in the UK Thursday.

Yggdrasi To Enter Italian Gambling Market - Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

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