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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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Gambling News :

South Africa Going After Illegal Gambling - In South Africa a combined national police and federal enforcement initiative has shuttered 19 illegal gambling venues across the provinces of Northern Cape and North West.

The Winning Express arbitrage sports betting scheme - A UK-based GBP 27 million arbitrage sports betting scheme, The Winning Express, has collapsed, leaving a thousand investors with concerns that their money is lost, according to a BBC report over the weekend.

Global Poker League Championship Results - #gpl The inaugural season of the Global Poker League Championship played out this week with the Montreal Nationals besting the Berlin Bears across 11 games to claim the $100,000 main prize.

Yahoo DFS Gets Uk License - #yahoo Industry observers point out that Yahoo has thus far carried out little in the way of major marketing on DFS in its US endeavors, unlike rivals DraftKings and FanDuel, and they expect it to follow a similar path in the Britain.

SPANISH GAMBLING MARKET CONTINUES TO GROW - Spain's gambling industry continued to advance in 2015 with growth in most sectors, according to the latest research report from the Codere - University of Madrid Institute for Policy and Governance collaboration released this week.

Novomatic Acquires Albanian National Lottery - #Novomatic The Austrian gaming technology group Novomatic has issued a statement confirming that it has completed the final required steps for the successful acquisition of the Albanian National Lottery.

2016 Massachusetts Gaming Commission Report - Industry journalist Steve Ruddock picked up on some interesting statistics from the latest annual report of the Massachusetts Gaming Commission released this week, flagging the current results from its on-going monitoring research of the state gambling market.

Jack Lam denies bribe allegations - Allegations by Philippines Justice Secretary Vitaliano Aguirre that casino tycoon Jack Lam used 'facilitator' Wally Sombero in an attempt to bribe him into protecting Lam interests have been hotly denied by Lam.

Fonbet Gets Russian Betting License - #Fonbet Russian-licensed operators are required to use officially sanctioned payment hubs called TSUPIS to facilitate government oversight, and this may be a concern for Fonbet at present.

New Attempts to Restore the Wire act - In the first of these initiatives, which Online Poker Report notes is supported by only eight state AGs (half those who signed a similar letter last year), the signatories seek support for RAWA at a Congressional hearing scheduled for December 9.

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