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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.”
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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