Paddy Boosts Profits 100 Percent
Paddy Power has posted an operating profit of over 40 million euros ($54.4 million) in the first half of 2007, an increase of 100 percent. Online activities saw profits rise over 50 percent to 15 million euros ($20.4 million). CEO Patrick Kennedy attributes the remarkable growth to a "perfect storm" of horse racing, football, rugby and golf which produced a series of "unlikely and certainly lightly-backed results." Total revenue for the period saw a rise of 37 percent to 144 million euros ($195.9 million) from 104 million euros ($141.5 million).
Betbrokers, Winning Edge Deal on Hold
Betbrokers said it remains in final negotiations with the vendor regarding the $6.8 million acquisition of Winning Edge, and that the completion of the transaction, scheduled for today, has been delayed. The U.K.-based betting brokerage said it would make a further announcement in due course.
Interims from Veikkaus
Finnish state-owned operator Veikkaus released half-yearly results last week, which show turnover up 3.2 percent to 682.7 million euros and revenue up 8.3 percent to 207.6 million euros. The company said its most "eager players" hail from central Finland, and its Lotto game was most popular among all players (42 euros per capita), followed closely by its keno offering (26 euros per capita). Veikkaus added that it would contribute an estimated 419 million euros to the Finnish Ministry of Education during FY 2008.
Snai up for Grabs
The Sunday Times reported that William Hill and Ladbrokes could be in the running for the controlling stake (50.68 percent) in Snai, the Italian betting firm. Hedge fund Fortress was also mulling a bid for the company, which Reuters valued at $1.36 billion. Snai controls 51 percent of Italy's betting market, including 69 percent of the horse race-betting market.
Q2s from Codere
Spanish gaming firm Codere has released second-quarter results, which show turnover up 23.8 percent to 221 million euros and EBITDA up 23.1 percent to 51.7 million euros against figures from the previous year. The company said it still intends to provide Spanish stock market regulator CMNV with documentation regarding its September flotation.
Gaming VC Appoints New Broker
Gaming VC has appointed Arbuthnot Securities as its nominated adviser and broker. The company also said it will release interim results on Sept. 25.
PacNet to Acquire Majority Stake in Guangdong Poly
PacificNet's (PacNet) China-based subsidiaries have agreed to acquire a 51 percent stake in e-lottery services provider Guangdong Poly Blue Express Communications (Guangdong Poly). PacNet said it expects the acquisition of the China Welfare Lottery Center-approved group to "be accretive to 2008 earnings." Financial details of the deal were not disclosed.
Probability Shuffles Board
Mobile gambling firm Probability has announced a number of changes to its board, including the appointment of gaming industry specialist William Henbrey as a non-executive director. The company said that Finance Director Ravi Ruparel has left the company, while joint founder and President John Scaife will step down but continue on as a non-executive director. It added that it had appointed Arbuthnot Securities as its adviser and broker with immediate effect.
BDO Stoy Hayward Could Face Questions from US DOJ
Accountancy Age carried a report on PartyGaming, whose adviser, BDO Stoy Hayward (BDO), could be facing questions from the U.S. Justice Department (DOJ). In 2005, BDO carried out the reporting accountant work on Party's IPO and was, according to Party, given "certain customary indemnities . . . [although] claims under such indemnities cannot be ruled out." Party added that BDO had not received any claims from DOJ and that its negotiations with the U.S. government, initiated in June, are ongoing. BDO, the piece said, has placed certain travel restrictions--presumably to the United States--on Party's audit team.
LVFH Reports Falling Revenue
Las Vegas From Home.com Entertainment Inc. has reported an 86 percent decrease in revenue to $126,428 for its second quarter ended June 30, 2007. Furthermore, the company reported a net loss of $1.6 million for the period, compared with losses of $360,306 in the previous quarter.
Revenue Up for IG Group During Q1 '07
Spread betting company IG Group said high levels of market volatility boosted its revenues for Q1 2007 ended Aug. 30 more than 60 percent over the same period last year. The company reported revenue in excess of £40 million compared with about £25 million in the same quarter last year.