Youbet.com Gives Go-Ahead to TVG
The shareholders of Youbet.com Inc. (UBET) approved four proxy proposals
at their annual meeting on Thursday.
Robert M. Fell, chief executive of Youbet.com; Caesar P. Kimmel, a
private investor; Chris J. McCarron, Youbet.com's spokesman; and William H.
Roedy, president of MTV Networks International were re-elected to the
company's board of directors.
Shareholders also authorized TVG to purchase up to 51 percent of
Youbet.com's stock and increased the company's amount of common stock to 100
million shares.
The fourth item to gain approval was the appointment of BDO Siedman LLP
as the company's independent auditor until Dec. 31, 2001.
My Casino Escapes Bank Debt
Barclays Bank has agreed to forgive the nearly AUD $1 million owed to it
by My Casino Ltd. (MYC.ASX).
The Australian online gambling company owed Barclays $934,000 in credit
card reversals as a result of credit card fraud committed against My Casino'
s Web site. After months of negotiations, My Casino executive chairman
Michael O'Donnell announced the bank would not seek to collect any of the
money the company owes it.
O'Donnell also said that because of uncertain market conditions My Casino
will withdraw the replacement prospectus it issued on Sept. 12.
U.S. Markets Impact U.K. Spread Betting
British spread betting firm IG Index said Tuesday that it spent a record
amount of money covering its clients' positions when the U.S. markets
reopened after the terrorist attacks on Sept. 11.
Spokesman Paul Austin said IG Index has seen a huge amount of activity
since the markets reopened and spent $20 million in one day hedging its
customers' bets. IG Index takes bets on the closing number of the Dow Jones industrial average for
single days as well as for monthly contracts.
On Monday, Austin said, one punter in London closed out a bet he made on
June 13 that the Dow would fall. He bet £75 a point at 11,017, making a
£140,000 profit.
No Lift for Stock of Isle of Man Licensees
News that MGM Mirage (MGG), Littlewoods Leisure (SPO.L) and Sun
International Hotels (SIH) were given the first three online gambling
licenses from the Isle of Man didn't affect any of those companies' stocks
favorably.
The licensees were announced Thursday, and all three saw little effect on
their stock prices. Sun's stock decreased from 19.21 on Wednesday to 18.01
on Thursday. It closed for the week at 17.51.
MGM Mirage's stock also took a dip after the announcement, from 19.83 on
Wednesday to 17.76 on Thursday. MGM Mirage stock closed for the week up
slightly at 17.99.
Littlewoods Leisure is owned by Sportech, which closed at just under 7
pence after the announcement. The yearlong range for Sportech's stock is 6.5
to 28.5.
Sun Conference Call on WTC Tragedy
Sun International Hotels (SIH), which recently received one of three
Internet gambling licenses issued from the Isle of Man, held a conference
call today to discuss its business following the terrorist attacks on the
World Trade Center.
A replay of the call will be available for the next two days. To access
the replay, call 877-519-4471 in the United States or 973-341-3080 outside
the United States and enter the pass code 2855105. The call will also be
accessible on the company's Web site.
Reports Released
CryptoLogic Inc. (CRYP) released the balance sheets this week for its
first-half earnings. The results reflect Canada's new disclosure rules.
Another software development company, IQ-Ludorum plc (IQL.L) reported a fall
in revenue growth in its interim report. GTECH (GTK) announced its second
quarter results for fiscal 2002; revenues increased 3.9 percent from the
second quarter of fiscal 2001 to $236.6 million.
CryptoLogic(CRYP) - Interim Report
IQ-Ludorum(IQL.L) - Interim Report
GTECH(GTK) - Interim Report