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Gaming VC 2008 Profits Up
European online gambling group Gaming VC, has posted preliminary results for the year ended 31 December 2008 and Q1 2009 trading update showing a pretax profit of Euro 16 million.
The group operates 6 online casino, poker and gambling sites, including Casino Club, Casino Club Poker, Poker Kings, Betaland and WinZingo.
Financial highlights include:
* Net Gaming Revenue up 17.5 percent to Euro 50.1 million
* Gross profits up 22.5 percent to Euro 40.9 million
* Non-German business now generating 31 percent of contribution (2007: 21 percent)
* Operating profit increased to Euro 16.4 million (2007: Euro 16.2 million)
* Profit before tax rose to Euro 16.9 million (2007: Euro 16.6 million)
* Cash at bank (net of customer balances) as at 31 December 2008 of Euro 17.5 million and Euro 24 million as at 17 April 2009
* Board strengthened through appointment of Richard Cooper as Group Finance Director and Karl Diacono as Non-Executive Director, both of whom have significant industry and regulatory experience (see previous InfoPowa reports)
* Long term contract signed with Boss Media in March 2009
* Operational hubs in Malta and Tel Aviv are now fully established
* Final stage of negotiations to acquire a leading South American online sports and gaming business.
Reporting on Q1 2009, the company indicated that NGR is up 12 percent to Euro 14.9 million and 26 percent higher than Q4 2008. Contribuition from non-German NGR was Euro 8.4 million as the group continued its diversification strategy, representing 56 percent of total NGR. In Q1 2009, sports bets were up 46 percent compared to the Q1 2008, with gross win margin in this sector up 7 percent to 23 percent compared to the same period in 2008.
Commenting on the results, Kenneth Alexander, Chief Executive of Gaming VC said: "I am delighted that our strategy to diversify the group's product offering away from Germany continues to be successful. Our non-German brands are growing strongly and their percentage contribution to group revenue is increasing. We continue to seek acquisition opportunities in selected additional markets. In the first three months of 2009, trading has been slightly ahead of our expectations across all divisions of the group and I am cautiously optimistic that 2009 will be a successful year."
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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