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PhilWeb Casino Operator Earnings Up 28 Percent
10/31/10 - Robust gaming boosted profits of online casino operator Philippines based land and online gaming firm, Philweb Corp., has posted a 28 percent increase in nine month profit mainly attributed to robust gaming.
Net income increased by 28 percent to P477 million in January to September (Q3/2009: P373 million). Revenues totaled P755 million, up 30 percent compared to the first nine months of 2009 (Q3/2009: P580 million) Philweb said it remitted P921 million to state-owned Philippine Amusement and Gaming Corp. (PAGCOR) in the nine months to September.
The amount is PAGCOR’s 60% share in Philweb's e-Games Internet Café and Internet Sports Betting Station businesses. Earlier this year, Philweb launched Home Play, a peso-based online casino under the firm's partnership with PAGCOR offering traditional casino games like blackjack, baccarat, roulette and slots to Filipino players 21 years and older.
Other offerings from Philweb include the "Instant Premyo Sa Resibo" text raffle in co-operation with the Bureau of Internal Revenue, "Basketball Jackpot" that is offered through a network of 185 Internet betting stations, and the "Bid Wars" mobile game. "We are particularly pleased with our third quarter results, as it shows that our core businesses remain robust," PhilWeb president Dennis O. Valdes said, "and further growth is expected up to the end of the year".
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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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