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Sportech PLC VAT Claim Postponed
Monday November 2,2015 : SPORTECH VAT CLAIM APPEAL POSTPONED (update)
Lack of Judicial availability
Sportech PLC’s long-running GBP 97 million VAT claim appeal regarding its “Spot the Ball” game has been delayed “due to a lack of judicial availability”.
The Court of Appeal will schedule a new hearing date.
INTERTAIN ENJOYS STRONG THIRD QUARTER
Substantial organic growth.
Online gaming firm Intertain Group delivered robust third quarter results across all four of its online businesses this week.
Key performance indicators for the three month period ending September 30, 2015 include:
- Group revenue of CAD 119.5 million (Q3/2014: CAD 13.7 million).
- EBITDA of CAD 43.7 million.
- Generated CAD 41.5 Million in operating cash flows used to pay down debt and fund earn-outs representing an adjusted EBITDA conversion rate of 94 percent.
- Used operating cash flow generated during Q3 and cash on hand to repay CAD 10.6 million in senior term debt; purchase for cancellation 972,712 shares for $11.4 million; and set aside CAD 18.2 million to fund the earn-out associated with the Jackpotjoy business.
- Revenues from Intertain’s Jackpotjoy business amounted to GBP 40.7 million, up 21 percent (Q3/2014: GBP 33.6 million).
- The Vera&John business generated revenues of Euro 12.2 million, again up 21 percent over the same period 2014 (Q3/2014: Euro 10.1 million).
- Mandalay generated revenues of GBP 5.4 million for the quarter compared with GBP 4.7 million in Q3 2014, representing 15 percent growth.
- InterCasino generated revenues of USD 6.2 million, 9 percent up on Q3/2014’s USD 5.7 million.
“Q3 was the first full quarter of operations for Intertain with all four of our business segments working together to demonstrate the cash flow power of our combined company,” commented John Kennedy FitzGerald, President and CEO of Intertain.
“We continue to see substantial organic growth as we leverage our corporate and operating level management teams’ expertise to optimize the performance of our business.”
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Opap in memorandum of understanding With Inspired -
Virtual sports provider Inspired has entered into a memorandum of understanding (MOU) with Greek betting and lottery operator OPAP for the supply of its full suite of virtual sports, for integration online and across OPAP's retail network.
DeltaCorp To Acquire ace2three -
Our readers will recall Delta Corp. acquired a 26 percent stake in Gaussian Networks, parent company of India’s largest online poker operator Adda52 earlier this month
More Australian POC Taxes -
In an interview with The Australian, Tabcorp chief executive offer David Attenborough warned “global rivals” of his belief that other Australian states are moving fast to follow South Australia’s lead in implementing a point of consumption tax.
William Hill Exits Russia -
"Starting from September 23 William Hill Casino Club will terminate its activities in the Russian territory for legislatory reasons. All active customer accounts will be suspended," the advisory reportedly detailed.
Pennsylvania Online Gambling Hearing Postponed till October -
HR 2150, which includes DFS and e-gaming elements, was passed as part of the critical state budget bill by the House in June this year, with lawmakers expecting the bill to contribute $100 million annually in licensing and fees to help balance the state budget.
Two Mega Fortune Dreams Jackpots Hit -
Both Swedish players, the first lucky punter hit a GBP 100,000 jackpot playing on his mobile phone, while the second, identified as Martin, staked just 18p before netting a GBP 60,000 jackpot on the popular series thinking he was playing in demo-mode.
ASA Looking at Ladbrokes and Netbet ads -
A TV ad for Cosmo Gaming’s NetBet online casino was determined by the UK Advertising Standards Authority (ASA) as glamorising online gambling following a single complaint.
Betconstruct In Deal With Realistic Games -
BetConstruct has agreed a deal in which it will integrate a range of Realistic Games online table and slot content including blackjack, roulette and slot titles Super Graphics Upside Down, The Fruit Factory and Fireworks.
XLMedia Half 1 2016 Earnings Report -
Online gambling marketing company XLMedia, which operates websites driving players to online casino operators, delivered robust interim results for the first half of 2016, attributing its success to investment in technology.
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