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Italy And Cyprus Gambling Market

The UK Gambling group Leisure and Gaming’s growing number of partners in the burgeoning Italian and Cypriot markets, especially the launch of real money online poker in Italy during the fourth quarter of 2008 has delivered better results than expected, the group revealed in a trading update this week.
 
L&G's land Italian partner network grew by 13 percent, or 65 outlets, to 584, and in Cyprus the number of partners more than doubled, from 21 up to 47. Online gambling operations in Greece were also positive, the result of the

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launch of new casino products relevant to that demographic.
 
L&G's release of its key performance indicators showed that the three month period to the end of December 2008 delivered an increase in the amounts wagered of 6 percent to Euro 24.1 million, compared with Euro 22.7 million in 2007.
 
Gross profit was up 11 percent to Euro 2 million (2007: Euro 1.8 million) and net win was up 5 percent to Euro 6.5 million (2007: Euro 6.2 million). Net win margin declined marhginally by 0.3 percent to 27 percent, and the group reported Euro1.5 million on its balance sheet as of 31 December 2008, excluding cash held in escrow covering guarantees of Euro 2.2 million.
 
Leisure and Gaming said its bank loans and sterling overdraft had been converted into a three-year Euro loan of €1.3m with equal annual repayment geared to business cash flow.
 
Chief executive Richard Creed said trading since the New Year had been ahead of expectations, with no reduction in customer spending or business activity.
 
“In particular, the introduction of real-money poker tournaments in Italy has been well received," Creed revealed. "In the six weeks to 31 December 2008, 4 886 unique customers played in these tournaments, of which 80 percent were existing customers, with 20 percent of new poker customers also wagering on sports events. The rescheduling of bank and loan note borrowings results in annual capital and interest repayments being projected to be less than 25 percent of cash flow over the next year.”

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

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.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

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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