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UC Gambling Group 2010 outlook
1/5/10 - The UK newspaper The Daily Telegraph reports that pre-tax profits at UC Group fell to GBP 218 221 in 2008, down from GBP 2.42 million a year earlier following a 30 percent fall in revenues. But prospects for 2010 are looking a little more promising.
UC Group specialises in providing gaming companies with online payment services such as anti-money laundering measures and the group's profits were skewed last year by its decision to pull out of business outside of that core market, as well as sizeable asset write-backs in 2007, the newspaper reports.
The company has been active in US political lobbying on behalf of the online gambling industry, and according to US government records spent $1.48 million in 2009 promoting a liberalisation of gambling legislation.
UC Group acts for 10 gaming companies, offering back-office and anti-money laundering operations and hopes to profit from any opening of the US market. The group has worked to promote Senator Barney Frank's efforts to overturn the ban on online gaming in the US.
"The USA remains core to our ambitions and every effort is being made to harness the potential commercial opportunity this will present," CEO Kobus Paulsen said recently.
Former Labour government minister David Blunkett joined the company in January 2009 and UC Group will hope his influence will help boost its financial performance, the newspaper observes.
UC's chief executive said in a recent note to shareholders in the company's annual report that core profits had risen 39 percent on the back of a 24 percent increase in the number of transactions processed. He forecast the same rate of growth in 2009 and said the company was in discussion about "various acquisitions".
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Gambling News :
Is Gibraltar Out of Luck in US Tax Challenge -
Gibraltar's challenge to the UK 15 percent point-of-consumption tax on online gambling operator revenues has already failed in the UK High Court, and it looks as if it may be rejected by the European Court of Justice too.
Quickspin are now available in Denmark -
#quickspin The roll-out strengthens the long-standing partnership between the supplier and the operator, with Quickspin games already available on Vera&John’s websites around the world.
UCypher Launches -
Indian entertainment and media entrepreneur Ronnie Screwvala has announced the formation of UCypher, an eSports tournament in which ten teams will compete.
Extreme Live Gaming In deal With Betsson -
Extreme Live Gaming, a subsidiary of the Novomatic Interactive group, has announced a live dealer product deal with the Betsson online gambling group, with an initial launch planned for Betsson.com, followed by other brands in the Swedish group's portfolio.
Expansion Mode For BoyleSports -
The Bambury premises are situated in Kildare, Meath and Dublin and will be refurbished and rebranded after acquisition, with the total of 31 staff remaining in employment..
Safecharge Q4-2016 -
Online e-cash processing firm Safecharge, where Playtech's Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.
ASA Most Controversial Ads of 2016 -
Paddy Power's penchant for advertisements that cause a stir saw the betting company mentioned twice in the Top Ten most controversial adverts of 2016 released by the Advertising Standards Authority in the UK Thursday.
Yggdrasi To Enter Italian Gambling Market -
Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.
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