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Bad 4th Quarter for L and G

From http://www.recentpoker.com -  Q4 2009 results posted this week by the Leisure and Gaming plc group show plunging revenues in casino and sports betting ameliorated by good poker  results, especially in the Italian market.
 
Figures to end December last year show revenues from casino products dived by almost 70 percent to Euro 4.5 million, from Euro 14.7 million in 2008, generating a net win reduced by a third to Euro 200 000, from Euro 300 000 last time. The dismal performance was attributed to the closure of Acropolis casino, a move to poker and a change of casino provider in Greece. 
 
Sports betting revenues similarly plunged, declining 14 percent to Euro 19.4 million (2008: Euro 22.4 million) and delivering a net win of Euro 4.3 million, down Euro 600 000 from the 2008 equivalent. Lotto and skill games were also down 30 percent to Euro 700 000, generating a net win 50 percent down at Euro 200 000.
 
Poker reversed the downward trend, delivering an increase in tournament fees some five times greater than last time to Euro 14.7 million, (2008: Euro 2.7 million) on which rake of Euro 2 million was earened - four times greater than the same period last year. 
 
"Poker activity in Italy has increased and now contributes 30 percent of net win, with weekly tournament fees of Euro1.1 million," said chief executive Richard Creed. "The adverse weather in late December resulted in a disruption in the matches played which led to a smaller fixture list causing reduced volumes and margins." 
 
Other income from advertising dipped to Euro 500 000, a drop of Euro 100 000 from last year.
 
Gross profit earned was Euro 1.8 million - Euro 100 000 lower than in 2008.
 
Although the group recovered Euro 600 000 in license guarantees, this was largely spent on other operational imperatives. "In the light of this expenditure and possible further guarantees being required for casino games coupled with continued software development, the Group is unlikely to declare a dividend for 2009,” a company statement warned.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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