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PhilWeb Earnings Double

4/23/10 - Earnings of PhilWeb Corp. more than doubled in the first quarter of 2010 on the back of strong revenues from its gaming operations, the Philippines company reported this week.
 
In a statement, PhilWeb said its net income grew 52 percent to P150 million in the first quarter of 2010, up from P99 million in Q1 2009 as revenues surged 42 percent to P239 million from P168 million last year.
 
The company is a dominant player in the local internet gaming sector, and the technology enabler of the Philippine Amusement and Gaming Corp. (Pagcor).
 
PhilWeb president Dennis Valdez attributed the company's strong earnings to the continuous improvement in its Pagcor e-Games (PEGS) café operations, as well as the launching of new games. PhilWeb now operates a total of 177 PEGS cafés.
 
“We actually projected that new PEGS café openings would slow down a bit due to the oncoming elections, but this has not proved to be the case,” Valdes noted. “Our total bet volume and daily player statistics show double-digit increases versus last year, and we are confident that this trend will continue as awareness of the PEGS increases.”
 
Philweb's other interests also appear to have prospered with the online peso-based online casino, Homeplay, now operational through Pagcor. Other products include Premyo sa Resibo, a mobile raffle conducted on behalf of the Bureau of Internal Revenue; Basketball Jackpot, which is offered through its network of 185 Internet sports betting kiosks; and Bid Wars, a text-based reverse auction.
 
"We are confident that 2010 will be another banner year for PhilWeb and are happy that the results of the first quarter show that our business plans are progressing very solidly," Valdes remarked, adding that the company expects its net income to reach over a billion pesos this year, double its 2009 net income of P551 million.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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