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Weak Performance for Italian Gambling

Wednesday March 27,2013 : ITALIAN GAMBLING GIANT BATTLES IN 2012
 
SNAI turns in a weak performance...but online business delivered better revenues
 
Reports earlier this week that the CEO of Italian gambling giant SNAI, Stefano Bartoli, was on his way out in an amicable departure may have been rooted in the group’s poor 2012 FY performance under his command.
 
The company's just-released 2012 results make for dismal reading, showing:
 
* Increased losses of Euro 42.6 million (2011: Euro 40.5 m illion loss)
 
* Group revenues down almost 8 percent at Euro 514.4 million
 
* Earnings off 34 percent at Euro 64.5 million
 
* Debt increased by Euro 15.2 million, bring total debt burden to Euro 369.6 million
 
Bortoli's team blamed the weak performance on a VLT screw-up that cost the company dearly in business and fines from the regulator; worse than expected sports betting and horse racing revenues; and higher pay-outs to punters.
 
The introduction of online slots into the Italian dedicated market, along with a positive player reaction to SNAI's launch of its Playoo mobile app enabled the online operations of the company to boost revenues by 16.7 percent to Euro 5.6 billion in one of the few bright spots of the results.

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authorityís data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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