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Sportingbet Sells Italian Interests
Just over three years since it was launched in 2006, Sportingbet's Italian venture, Sportingbet Italia has been sold to its management for an undisclosed but reportedly nominal consideration.
UK business media report that the UK gambling group entered the Italian market in the hope that further liberalisation of Italian online gaming regulation would take place, including a rise in the maximum payout from Euro 10 000. However, the Italian authorities introduced a new offline model by tendering over 13 500 shop-based licences. The consequence was more competition from offline outlets, adding to other concerns regarding the Italian government's requirement that operators use specific software for the Italian market.
The sale is likely to result in an exceptional cost of GBP 7.1 million, reports the Reuters news agency, but the management is still confident of hitting forecasts of GBP 29 million in operating profits for the year ending 31 July 2009.
Reports indicate that losses have accrued since the acquisition in May 2006 of Sportingbet Italia.
Amounts wagered at Sportingbet Italia in the first 11 months of its current financial year were GBP 13.7 million with GBP 2 million in net gaming revenue, resulting in an operational loss of approximately GBP 1.5 million.
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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.
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.
CAGAYAN CHIEF MOVES TO REASSURE LICENSEES -
Apparently $4 million is going into improvements of the Authority’s 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.
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