Center Boost's Profits After US Ban
Australia-based online operator Centrebet has released results for the year to the end of June, which show revenue up 26 percent--A$47 million to A$59 million--against figures from the previous year. Post-tax profits totaled A$11.8 million, slightly ahead of it’s A$11.6 million forecast.
Click here to view Centrebet's year end results.
Rank Owes Increase to Racing and Football
Rank Group has released half-yearly results for its Blue Square operation, which show revenues up 41 percent to £26 million and operating profit up 77 percent to £5.5 million. In its interim report, Rank said that Blue Square had been marketed more heavily and had benefited from sponsorship deals across the horse racing, greyhound racing and football industries. In July, Rumors began to circulate regarding a possible deal between 888 and Blue Square, as 888 is still looking to launch a Europe-facing sports-betting service. 888 chief executive Gigi Levy told eGaming Review that, with regard to the deal, "nothing is finalized," though refused further comment. In its full-year report, released April 30, 888 said that it would continue to "investigate opportunities to add a sports-book proposition to its offering to fulfill its one-stop-shop strategy."
PartyGaming Slowly Bouncing Back
PartyGaming has released its H1 profits, revealing a net loss of $50.6 million in the six months ended June 30, attributable in large part to the group's October exit from the U.S. market. PartyGaming's U.S. sales were wiped out in October 2006 when the Unlawful Internet Gambling Enforcement Act (UIGEA) was enacted, barring offshore gambling Web sites from the United States. Earnings before interest, tax, depreciation and amortization increased 29 percent to $36.9 million outside the U.S., the company said in a prepared statement. Revenue fell 68 percent to $212.5 million.
PartyGaming CEO Mitch Garber said today that his company would be ready for consolidation once the threat of retrospective prosecution in the United States was lifted. The company has been in talks with the U.S. Department of Justice (DOJ) since April hoping to work out a deal to prevent prosecution for accepting bets from U.S. citizens. Garber said the company is seeking deals in Russia and China and it was close to signing deals with big European media firms. "We will launch some very meaningful partnerships with large companies that will bring us other revenue streams," he said. Garber added he did not know how long the talks with the DOJ would go on, but he hoped there was an end in sight.
CryptoLogic Subsidiary Aquires new Site
CryptoLogic subsidiary Gaming Portals Ltd. (GPL) has acquired gaming portal casino.co.uk and related assets from Media Corporation (MC) for £3 million. Crypto said that the possibility exists for an additional payment of £625,000 to MC, subject to the successful achievement of post-closing performance targets.