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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.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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