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IGT Revenues Up

Double Down acquisition starts to pay its way.
International Game Technology's third quarter results posted Tuesday show that the company's increasing presence in the online and interactive environment is starting to pay dividends, boosting revenues.
The primarily land casino supply company highlighted the following Q3 2012 numbers, comparing these with the same period in 2011:
* Revenues increased 9 percent to $533 million in the third quarter, primarily due to the interactive businesses and North America machine sales.
* Gaming operations revenues increased 13 percent to $301 million in the third quarter, primarily due to increases in the interactive businesses. Excluding the interactive businesses, revenues were flat.
* Revenue from product sales rose 5 percent to $231.6 million
* Net income fell 49 percent to $46.9 million.
* A 40 percent increase in total operating expenses to $207.1 million was mostly attributable to interactive operations.
* Gross margin decreased to 59 percent from 62 percent in the third quarter, primarily due to the inclusion of the interactive businesses and lower MegaJackpots yields.
* Excluding the positive impact from the interactive businesses, average revenue per unit per day in the third quarter was $50.20, down 4 percent sequentially and 7 percent over the prior year quarter, mainly due to lower MegaJackpots yields and a higher mix of lower-yielding units in the installed base.
* Double Down bookings per daily user were $0.25 in the third quarter compared to $0.24 in the second quarter subsequent to acquisition.
* Double Down monthly users were 5.2 million as of June 30, 2012, a decrease of 7 percent when compared to March 31, 2012.
Patti Hart, CEO of IGT, commented: “Our third quarter revenue growth and strong cash flows are reflective of our diverse business model. Against the backdrop of an inconsistent global economic recovery, we are generally pleased with this quarter’s results and remain on track to meet our fiscal year 2012 financial goals.
“The recent announcement of our $1 billion share repurchase is further evidence of our confidence in the outlook for IGT.”

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Gambling News :

Wanajump Launches - #Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.

Coral Launches player proposition betting product - Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.

Oshi online casino now accepts fiat currencies - The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.

New Standards for UK Online Gambling - Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.

Pennsylvania Gambling Bill 1887 returned with additions - The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.

UKs Advertising Standards Authority vs Ladbrokes - A Ladbrokes Casino email promo has fallen foul of the UKs Advertising Standards Authority who deemed significant terms and conditions concerning bonusing to be unclear or misleading.

Mybet Earnings Struggle - The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".

Tom Horn Awarded Malta Gaming License - Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.

Calvin Ayre invests in new Antigua Business Center - Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.

Attack of the Zombies Slot - Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.

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