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RECORD INCOME FOR PHILIPPINES GAMBLING GROUP

Posted 1/11/11 : Philweb revenues up by 27 percent despite a tough year
 
Despite difficult global economic conditions, 2010 proved to be a good year for the Manila-based land and online gambling group Philweb, with revenues up 27 percent -  a new company record.
 
Unaudited net income for 2010 was a total of P708 million, a record for the company and 28 percent higher than the P551 million achieved for 2009. For the first time ever, revenues were over a billion pesos, totaling P1.04 billion, a 27 percent year-on-year increase.
 
PhilWeb president Dennis Valdes said, "We are particularly pleased with our 2010 financial results, even though we only opened 19 new PEGS cafes all
year.
 
"On the plus side, we have a new contract with PAGCOR that allows us to open a minimum of 100 new PEGS each year. As a result, we expect our PEGS business in 2011 and beyond to grow even more substantially than it has in previous years. Our new contract is valid until July 2016."
 
Valdes also disclosed that the company remitted a total of P1.3 billion to PAGCOR for 2010, representing PAGCOR's share of the PEGS business. He noted that the PAGCOR share for these businesses come with no capital expenditures or operating expenses on PAGCOR's part. Thus the total remittance flows directly to its bottom line.
 
Valdes believes that the prospects for PhilWeb in 2011 are extremely bright, especially on the international front. PhilWeb previously disclosed that it had received a licence from the Cambodia Ministry of Finance to operate a 6/49 lottery in that country. The licence allows PhilWeb to launch both paper-based and mobile-based forms of the lottery.
 
"The Cambodia license will be a game changer for PhilWeb. Our international expansion strategy has begun to take root, and we expect that the other licenses we are working on, in countries such as Laos, Guam, Vietnam, Saipan, Palau, Papua New Guinea,  East Timor, Nepal and others, will soon come to fruition," Valdes said.

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Gambling News :

Pokerstars Bahamas Main and High Roller Results - The inaugural PokerStars Championship Bahamas saw two big winners crowned this weekend when Christian Harder won the main event for $429,664 and Luc Greenwood took home $779,268 after taking down the $25,750 High Roller event.

Rodrigo Duterte has identified illegal gambling as his third priority - Illegal online gambling operators can anticipate tougher times in the Philippines following a directive from President Rodrigo Duterte that stamping out illegal gambling is his third most important goal after illegal drugs and government corruption.

High Hopes For Pennsylvania Online Gambling - Pennsylvania state politicians have wasted no time in getting back to work in the new legislative season, and there is renewed hope for a gambling expansion bill that includes online gambling and daily fantasy sports.

WILLIAM HILL ACCUSED OF QUESTIONABLE MARKETING TACTICS - British Labour member of parliament for Swansea East, Carolyn Harris, has described as "appalling" player-poaching techniques allegedly encouraged by the online and land bookmaker William Hill plc.

GoWild has announced the launch of its own new gaming platform - The European online gambling group GoWild has announced the launch of its own new gaming platform, providing entertainment in addition to its Microgaming games, which will now be delivered via the Quickfire platform.

UK Government Introduces Mandatory horseracing levy - The levy kicks in after the first GBP 500,000 in gross revenue has been earned by online and retail bookmaking firms and other betting organizations.

Chinese Arrested in Philippines Invalid - Representing the thirty-nine plaintiffs, defense lawyer Irene Bianca B. Distura claimed that the warrant that led to her clients’ apprehension is “invalid.”

NJ Warns No Federal Online Gambling Ban - New Jersey Senator and gubernatorial candidate Raymond Lesniak warned that any attempt to overturn a 2011 Department of Justice opinion that the federal Wire Act exclusively governs sports betting would be met with a hard-nosed reaction from his state.

Casino du Liban To Launch new online gambling platform - The venture will be in partnership with an unnamed international company, and a tender has already been launched with a deadline of January 19 to submit the proposals.

Winstar slot Pays Big Jackpot - One very fortunate online punter in Bermuda has scored a major win on the Winstar slot at the PokerStars online casino, collecting a $825,037 jackpot.

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