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Philippines 29 percent rise in income from Internet gambling operations
Internet gambling is proving to be a profitable business activity for the publicly-listed Philippines online gambling operator PhilWeb Corporation, which last week announced consolidated net income up by an impressive 29 percent through 2008.
In a statement to the Philippine Stock Exchange, the firm revealed that its net income for last year was $6.11 million against $4.74 million in 2007, with core earnings up 90 percent to $4.88 million from $2.57 million.
"The key driver of core net income continues to be our Philippine Amusement and Gaming Corporation (PAGCOR) electronic games cafes," Dennis Valdes, President for PhilWeb reported, adding that the company's profits included gains from PhilWeb investments in ISM Communications Corporation, which owns 77.7 percent of Eastern Telecommunications Corportaion.
Valdes revealed that the company had opened 45 new gaming cafes in the Philippines last year, bringing the total to 121, and had aggressively expanded its games portfolio to include Basketball Jackpot, Premyo Sa Resibo and Txtingo Super Singko. This saw the firm’s total revenues increase 71 percent year-on-year to reach a record $9.75 million while it reported a cash balance of over $14.79 million.
"We will use these funds to aggressively invest in new games of chance and other opportunities that come our way in 2009," Valdes told shareholders. "The past year has turned out to be a record year for PhilWeb, wherein we recorded our highest ever levels of revenue and net income, so we are quite optimistic that this trend will accelerate in 2009.”
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Gambling News :
Wanajump Launches -
#Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.
Coral Launches player proposition betting product -
Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.
Oshi online casino now accepts fiat currencies -
The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.
New Standards for UK Online Gambling -
Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.
Pennsylvania Gambling Bill 1887 returned with additions -
The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
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