Investrend Research Initiates Coverage of eLot
Internet lottery company eLot is the subject of the latest research by Investrend Research's I-gaming analyst John Dutton. Upon its release, the Public Analysis & Review (PAR) report can be accessed at www.investrend.com. PAR reports are performed on behalf of the public, and are not a service to any company. Anyone, including a company, may enroll a company for annual coverage. PAR analysts are paid in advance to eliminate pecuniary interests and ensure independence. Annual enrollment fees for the PAR are $19,700.
TrackPower Approved for S&P Market Access Program
Standard and Poor's editorial board will include TrackPower (TPWR) in its premier Market Access Program. TrackPower will be featured on the S&P site (www.advisorinsight.com), as well as the S&P Market Scope and the S&P Stock Guide database. TrackPower is nearing completion of its acquisition of Compurace, Inc., which provides video archiving and Internet broadcast services for racetracks.
No Deal Likely for Enic/Victor Chandler
A falling share price for Enic Plc (ENI.L), along with a host of other problems, seems to be scuttling any deal between Enic and Victor Chandler International. Enic's share price fell to 135.50 today, a 20 percent drop in the last month alone and a 34 percent decline from its year-to-date high of 205.50. VCI management can take heart, as BettingMarket suggest that there's plenty of time to seek other partners for a London stock float two or three years down the road.
Stock Buy-Back May Be in BetandWin's Future
BetandWin.com Interactive Entertainment AG (BWIN) management announced recently that a stock buy-back plan is in the works, depending on whether the company's share price maintains its high value. The company is likely buy up to 10 percent of its outstanding shares, a step the company's board authorized during its IPO in March 2000. BetandWin's IPO was among the most successful ever for the Vienna Stock Exchange, the company said, when it was oversubscribed 22 times. During the third quarter of 2000, the company generated net winnings of EUR 1.1 million on betting turnover of EUR 9.7 million. Cash
flow and EBIT were negative due to scheduled investment in future growth. BetandWin.com has secured long-term financing and has equity capital totaling EUR 61.8 million (EUR 5.88 per share). EUR 50.3 million of this amount is in the form of liquid funds (EUR 4.79 per share).
PaddyPower Gets Listed on Dublin Exchange
Following months of work, Irish bookmaker Paddy Power (PWL) finally got listed on the Dublin Exchange under the name Power Leisure. According to The Irish Times, the first day of trading was light, while subscribers that acquired PaddyPower shares for £1.89 gained nearly 15 percent on their
investment by Friday's market closing.
GoCorp Suspends Trading Following Moratorium
In the wake of the federal government's successful moratorium vote, the Australian interactive gaming industry has been hit hard. Among the bodies swaying in the winds of its passage has been GoCorp Limited, which announced that the company has suspended trading of its stock. "Based on advice
received by the Company," a recent statement said, "the directors have formed a view that the Interactive Gambling (Moratorium) Bill 2000 is so broad in its interpretation that in effect certain key aspects of the
company's online gaming operations are directly impacted by this bill."
The statement continued, "To date, the Company has spent over $30 million on the development of the business. These funds were raised and expended on the basis of a business model that operated lawfully under duly enacted State-based legislation. The Company looked forward to operating the business profitably for at least the 15 year period of its licence. Given these circumstances and the impact of the legislation, the Company is in the process of seeking advice with regard to compensation." GoCorp officials are now negotiating with both local and offshore companies in an effort to keep its operations up, and will announce their decisions next month. GoCorp lasted traded on December 6, when share prices closed at 10.5 cents.
Canbet Feels Moratorium Pinch
Australian bookmaker Canbet (CBT), meanwhile, has managed to dodge the moratorium bullet thanks to a last minute amendment to the bill that protected sports wagering sites, although the company has been forced to shelve plans for a Sky City Internet casino. Canbet reported handle for November as reaching $28.1 million, nearly three-and-one-half times that of last November's $8.1 million handle.
eBet Deal Pushes Stock Price UpOGAM Files 10-SB with SEC
Global Entertainment Holdings/Equities Inc. is working its way off the pink sheets after obtaining approval of its Form 1-SB that the company filed with the Securities and Exchange Commission. With this change, the company is now traded as a bulletin board account under the OGAM.OB symbol.