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L&G REDUCES PRE-TAX LOSSES

Leisure and Gaming plc, the European betting group with extensive Italian interests released its full year results this week, accompanying the announcement with the appointment of a new financial director whose name will be familiar with industry veterans as a former director of the now defunct BetonSports.com - Richard Creed (52).
 
L&G reported that it has reduced its losses of last year from Euro 10.3 million last time to Euro 2 million for the year PokerStars2007. It reported net win of Euro 24.7 million against Euro 14.3 million last time, on turnover of Euro 109.1 million. Gross profit was Euro 3.5 million. A statement from the company pointed out that “...consolidated group comparison with performance in 2006 bears little insight” as 2006 accounts included revenues from lucrative US business, since abandoned as a result of the UIGEA.
 
Chief executive Henry Birch said: “Having made changes to the cost and operational structure of our business, we believe that the business is in a stronger position than a year ago.”
 
The profitability of Betshop's Italian operations was adversely impacted by sporting results, especially in football,  that went the wrong way for the company.  But on the positive side an exclusive new marketing partnership has been signed which will allow for the Betshop brand to be exploited in Greece.
 
Announcing the appointment to the board of Creed and Neil Craven, Birch said: “We are delighted to appoint Richard Creed and Neil Craven to the board. We believe Richard’s experience in the gaming industry and over 25 years experience of corporate finance and accountancy will be a huge benefit to the company. Equally, Neil's successful track record as an entrepreneur and more recently as an investor in AIM-listed companies will strengthen the Board.”
 
Creed replaces Michael Baird as Finance Director at L&G, and was formerly finance director of BetonSports plc and a partner with Casson Beckman, now part of Baker Tilly.  He is a qualified accountant who has extensive gaming industry and corporate finance experience.
 
Neil Craven, is a shareholder in L&G with years of experience at senior management levels in telecommunications and fund management.
 
Birch said the company is confident that the measures and restructuring undertaken in the latter half of 2007 together with ongoing operational initiatives will continue to deliver profitability throughout 2008

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

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Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

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New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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