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PaddyPoker and Pari Mutuel Urbain In Deal

11/12/09 - Irish online and offline bookmaker Paddy Power has confirmed its deal with the French gambling monopoly Pari Mutuel Urbain (PMU) which will smooth its path into the liberalised French gambling market early 2010.
 
The bookie firm also said it remains on track to meet market expectations for full-year profits, boosting its shares by 5.6 percent midweek.
 
The agreement with PMU will see Paddy Power committed to a five-year outsourcing deal to provide betting technology and pricing to the French horse racing operator, the largest betting organisation in Europe with Euros 9.3 billion of turnover in 2008, according to the Reuters news agency.

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Analysts were enthusiastic about the deal, opining that it could open other doors for Paddy Power in a B2B sense with other French and European companies as Europe is expected to open up and regulate rather than confine gambling to state monopolies. One alalysts characterised the deal as a massive catalyst for Paddy Power stock.
 
Reuters reports that Paddy Power's financial director Jack Massey expects the deal with PMU will come into effect around May or June 2010, adding some Euros 3 to 5 million in revenue by 2012 and open up other opportunities.
 
"The strength of the deal is the quality of the partner which gives us an excellent calling card of other such opportunities that may emerge," Massey said in an interview with the news agency.
 
Paddy Power's md for non-retail and development, Breon Corcoran, added that Paddy Power expected to expand further through outsourcing deals and partnerships with local partners as a number of regulatory markets open up over the next three to five years.
 
The deal will create 50 jobs at Paddy Power's Dublin headquarters by June 2010, with 200 additional jobs expected in the following three years.
 
The company reported on its progress, noting that while sporting results were adverse for the 19 weeks to November 10, 2009, turnover for the period had grown strongly as its presence in the UK increased to 80 shops after it added 22 outlets earlier this year.
 
Paddy Power is on the Orbis sports platform, but it is understood that PMU has decided to outsource the risk management and pricing functions to a third party.   
 
Paddy Power chief executive Patrick Kennedy said that the agreement with PMU was an impressive start for the company's new B2B division, and that the firm would be capitalising on its expertise and technology to close agreements with other major betting companies.
 
The chief executive of PMU, Philippe Germond commented: "This partnership is going to enable PMU to offer sporting bets online under its own brand and retain direct management of its client database. Paddy Power will provide us with its expertise in sports betting. Through this partnership PMU is given the means to be ready for the opening of the online betting market in France next year."

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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.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

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.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

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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