IG Group Reports Strong Year
IG Group, the financial and sports spread-betting group, has released full-year results, which show significant growth in group revenue (up 36 percent to £122 million) and sports revenue (up 35 percent to £12.2 million). IG said its fixed-odds sports-betting business and its Extrabet operations had both benefited from an increased "ability to deal with clients who want to bet in large size."
Click here to view full-year results from IG Group.
Dare to be True
The Times carried a report on the allegedly dodgy way flotation prospectuses are composed in the United States. Sir Callum McCarthy, chairman of the U.K. Financial Services Authority, told the paper the British standards were much higher. "Our prospectuses are shorter and they've got less boilerplate," he said. (Boilerplate, the paper explains, is the legal term for pages of standard legalese included in float documents to protect the company and its advisers.) Callum singled out PartyGaming as one London-listed company that made clear to its investors the "huge legal vulnerability"--in other words, that it was providing an arguably illegal service to U.S. residents--of its business.
Playtech Reports Soaring Poker Revenue
Playtech has released second-quarter figures, which show significant growth in poker revenue spurred by its acquisition of Tribeca Tables last November. Poker revenue over the three months to the end of June jumped 50 percent against figures from Q1 2007 to $6.3 million--and, strikingly, against Q2 2006, poker revenue soared 288 percent. "The second quarter was the first full quarter of contributions from our Tribeca licensees," said Playtech chief executive Mor Weizer. "The successful migration and integration of them has left Playtech as the world's leading independent poker network." Meanwhile, total revenue for H1 2007 rose 80 percent to $44 million, while actual revenue for Q2 2007 fell 5 percent to $25.4 million.
Best in Class
The Financial Times reported that following Wednesday's news of Playtech's strong first half, Richard Carter, analyst at Numis, called Playtech a "best in class operator."
WorldSpreads to Float on AIM
City AM reported that Irish spread-betting group WorldSpreads will float on the Alternative Investment Market next week. The paper said the company, founded in 2000, hopes to raise upwards of 8 million euros, which would give it a market capitalization of 37 million euros.
Crypto Director Steps Down
I-gaming software developer CryptoLogic has announced that Nigel Simon stepped down as a director of the company.
Dynasty Appoints New CFO
Dynasty Gaming has announced the appointment of Robert Lupacchino as the company's new chief financial officer, effective August 1, 2007. The company's current CFO, Mark Billings, who has occupied the position since March 2006, resigned effective immediately.
Sky Bet Reports 27 Percent Revenue Jump during FY 2006
Sky Bet today released its full year results to May 2007 revealing a 27 percent increase in revenues over the previous year to £47 million. The company attributes the growth to its consolidation with 365 Media in Jan., 2007 and an increase in Internet sports betting and TV games.