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Gambling: Paddy Power Updates

11/16/09 - Ireland's Sunday Independent newspaper lauded betting group Paddy Power's deal with the former French gambling monopoly Pari Mutuel Urbain this week as a move that will further reduce the quoted bookmaker's dependence on its Irish and UK retail betting shops. 

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The newspaper notes that half of Paddy Power's turnover and almost two-thirds of its profits now come from online gambling, and that the new deal is the latest indication that Paddy Power's move online is gathering pace.
 
In May, the online and land betting group expanded in Australia, paying Euro 32.8 million for 51 percent of Aussie online bookmaker Sportsbet. The following month, Sportsbet paid about Euro 17.8 million for 80 percent of another Aussie online bookie, IAS, to bring Paddy Power's total Australian investment up to Euro 41.9 million.
 
Analysing the business reasons for Paddy Power's increasing inclination to online betting, the newspaper reports that the group's first half results this (2009) year showed that, while Paddy Power paid out just 88 cents of every Euro wagered in its [land] shops, it paid out almost 94 cents of every Euro gambled online. Internet operations generated almost two-thirds of first-half operating profits - far more profitable than the group's traditional land betting outlets.
 
"With bookmakers coming under increasing pressure from online betting exchanges, where the only cost to customers is an average three percent deduction from winnings, the price advantage enjoyed over retail outlets will almost certainly be decisive." the Sunday Independent notes for the future.

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Gambling News :

IS DAN BILZERIAN A POKER FISH? - Dan Bilzerian, the high profile Instagram legend, jet setting playboy and allegedly deadly online poker player who claims he accrued a $50 million fortune playing the game,

Vegas Crest online casino adds 30 new games - The Vegas Crest online casino has announced the addition of 30 new video slots to its games inventory from developers GameArt and Xplosive.

AMAYA C.F.O. RETIRES - Daniel Sebag, the Amaya online gambling group's first and only chief financial officer with ten years’ service under his belt, has retired, according to a company announcement Friday.

Is Sheldon Adelson in Favor of Trumo - With the inaugural presidential lunch coming to a close Friday afternoon, US Congressional reporter Paul Kane offered an interesting tweet, noting:

SD618 Massachusetts Online Gambling bill Updates - A few more details have emerged on Sen. Bruce Tarr's new online gambling legalization bill SD618 just filed in the Massachusetts Senate.

2017 $25,000 buy-in Aussie Millions Challenge event results - Taiwan poker pro James Chen has emerged victorious in the $25,000 buy-in Aussie Millions Challenge event after besting a field of 133 at the Crown in Melbourne.

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.

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