Neteller Initiates US Customer Payback
Neteller, the London-listed payments processor, has announced that U.S. customers looking to withdraw funds may, as of today, access their online accounts.
In a note to the London Stock Exchange Monday, the company said that under the distribution plan agreed to with the U.S. Attorney's Office for the Southern District of New York (USAO), announced June 4, 2007, U.S. customers may now initiate the process of retrieving funds from their Neteller e-wallets.
U.S. customers will have until Jan. 26, 2008 to access their online accounts, the company said.
"We are very pleased to start the funds distribution process today," said Neteller chief executive Ron Martin. "I can assure our U.S. customers it has been our highest priority and we'd like to thank them for their patience during this period."
On July 18, Neteller entered into a deferred prosecution agreement with the USAO, and agreed to forfeit $136 million.
The company also agreed to repay an estimated $94 million to its U.S. customers.
Last Wednesday, trading in the company's shares resumed on London's Alternative Investment Market.
Neteller co-founders John Lawrence and Stephen Lefebvre await sentencing on Oct. 29, 2007 after pleading guilty on July 2 and 10, respectively, to a single count of conspiracy in connection with processing illegal online gambling transactions from U.S. residents.
FUN Releases Second-Quarter Results
FUN Technologies has released second-quarter results, which show a 68 percent jump in revenue to $16.9 million, compared to Q2 2006. The company reported a post-tax loss of $7.6 million, down from a $8.8 million post-tax loss during Q2 2006 and up form a $5.2 million loss during Q1 2007. "FUN Technologies had a record quarter, mainly due to consolidation in the games segment that continued to produce extremely favorable results and the addition of Major League Baseball-related fantasy sports operating results," said FUN chief executive Lorne Abony.
Click here to view a copy of Q2 results from FUN.
32Red Says All's Well So Far
In a note to the London Stock Exchange Monday, 32Red said that first-half trading was in line with managerial expectations and that it is confident regarding its full-year prospects. The company said that the relocation of its Betdirect business to Gibraltar (from Liverpool) has been slower than expected but added that growth for the online sports book has been encouraging.
Glass Half Full
The Independent editorialized Monday that there are reasons for looking toward Neteller's future with optimism. " . . . it still has $75 million in cash, and while the drop in revenue from the U.S. closure looks horrid, the company ought to at least break even this year," the paper said. "Shrewd investors have already cottoned on and the shares, now out of suspension, rallied to 79p from 73.75 at the end of last week."
Probability Releases Q1 Results
Mobile gambling firm Probability has released first-quarter KPIs, which show a 15.5 percent rise in gross profit, with player participation up 14 percent. The company said its performance was strengthened by continued growth in its mobile bingo product. It also expects a positive effect from the U.K. smoking ban, and that its cash balance at the end of June totaled £1.23 million, in line with its expectations.
NASDAQ De-Lists ISWI
The NASDAQ announced Monday that shares in Interactive Systems Worldwide will be de-listed, pending the filing of a Form 25 with the U.S. Securities and Exchange Commission. According to NASDAQ, the de-listing is effected 10 days after the Form 25 is filed.
Arena Releases Interim Results
Arena Leisure this morning released interim results, which show a 15 percent jump in turnover to £25.3 million, compared to £21.9 million during H1 2006. Pre-tax profits were up slightly to £2.3 million, from £2.2 million in the previous half-year period. "The first half of 2007 proved a very challenging operating environment, particularly in terms of the prolonged adverse weather conditions experienced throughout May and June, which resulted in profits significantly below our expectations," said Arena chairman Raymond Mould.
Click here to view a copy of interim results from Arena.
Playtech Releases Q2 KPIs
Following last week's first-half results from Playtech, the company has released KPIs for its second quarter. Commenting on the results, Playtech chief executive Mor Weizer said: "During the first half of 2007, Playtech gained a leading position with its poker offering and is now the world's largest independent poker network. Such a position, alongside the company's market will continue to attract new licensees in the second half of 2007."
Click here to view a copy of second-quarter KPIs from Playtech.
WorldSpreads Floats
Irish spread-betting group WorldSpreads made its debut on AIM, generating £5.77 million at 47p per share. WorldSpreads chief executive Conor Foley said this morning that the company's AIM flotation will help it grow into a "substantial" spread-betting business. "For the year to March 2007, an operating profit of £357,000 was scored on £4.4 million in sales," reported GrowthCompany.co.uk. "Given the share price success of peer London Capital Group, WorldSpreads should receive a warm reception from here on in."
PSI Spelinvest Reshuffles Management
PSI Spelinvest AB (Spelinvest), the Swedish I-gaming investment group, announced it will reshuffle its management, following the company's disappointing float on Sweden's First North Index in June. Caroline Carlsson has been appointed CEO of PSI Holdings, the Malta-based company that has assumed operational control of the business from parent company Spelinvest. Current Spelinvest CEO Per Ericsson will step down in August, the company said. Spelinvest is actively recruiting a new chief executive, it said, and has appointed current CFO Anders Rabbe to serve as interim CEO.
GigaMedia Appoints New CEO
Taiwan-based software provider GigaMedia has appointed its former CFO, Thomas Hui, president and CEO. Hui will continue to serve as CFO on an interim basis until the company finds a permanent replacement, it said.
Cashcade Acquires Herotech and ITV
Cashcade, owner of FoxyBingo.com, has purchased HeroTech, which owns bingo portal OnlineBingo.co.uk. Cashcade also said it had purchased Independent Technology Ventures (ITV), which owns ThinkBingo.com, Bingo Slotland and Think Bingo Plus. The company said it acquired both businesses for £13.5 million. "These acquisitions are an important step forward in our growth," said Cashcade Managing Director Peter Southon. " . . . we can now offer our customers a wider product selection and position ourselves at the forefront of the emerging bingo industry.
Scientific Games Releases Second-Quarter Results
Scientific Games has released second-quarter results, which show a 13 percent jump in revenue to $269.6 million, up from $239.6 million during Q2 2006. The company reported EBITDA of $84.3 million, up 21 percent from 69.6 million during the previous-year period. "Italy continued to achieve record sales and our 20 percent ownership of the consortium contributed approximately $10.4 million in equity income during the second quarter," said Scientific Games CEO Lorne Weil. "It has truly exceeded our initial expectations, and serves as a model for future international growth opportunities such as China, Mexico and Germany.
Click here to view a copy of second-quarter results from Scientific Games.
CryptoLogic Acquires Interest in 568
CryptoLogic has acquired a financial interest in China-focused casual games distributor 568 Network. The agreement, valued at $1.2 million, gives Crypto the option of taking a controlling position in 568 in the future. "The stakes are rising in Asia, which has a population of almost four billion, a deep-rooted gaming culture and a fast-growing rate of Internet adoption," said Crypto CEO Javaid Aziz.