Betbug Plans to Float on AIM
Toronto-based peer-to-peer sports betting network Betbug is appointing brokers to assist with a float on the Alternative Investment Market of the London Stock Exchange. The company hopes to list with a valuation of over £25 million. It's Web site went live two months ago, and its founders say the site legally circumvents the U.S. Wire Act because gamblers place bets against each other rather than with a betting operator. The company recorded £54,000 in bets during January.
Gains for World Gaming
U.K.-based I-gaming software provider World Gaming Plc (WGMGY) has released a full-year trading statement to announce that it expects to record EBITDA between US$6 million and $6.5 million for the year 2004, a big improvement over 2003's 4.5 million. The company stated that during the fourth quarter of 2004 it completed a transaction with Sportingbet that enabled Sportingbet to acquire an interest in its software, resulting in a one-time gain of $12 to $12.3 million for the fourth quarter and year 2004. World Gaming expects to report an increase of 28 percent in fourth quarter revenues (excluding those from Sportingbet) as compared to the same period last year. It also expects to report a 66 percent reduction in operating costs for the quarter.
AngelCiti To Apply For Listing
Online gaming software provider AngelCiti Entertainment Inc. (AGCI.OB) announced that it plans to apply for listing on the Nasdaq or AMEX exchanges after it merges with Carib Gaming, a land-based gaming company on the Turks and Caicos Islands.
Reports Released
Online gaming company Unibet Group Plc (UNIB), one of the largest operators in the Nordic market, has posted £212 million in turnover for the full year 2004 and £67.2 million for the fourth quarter, compared to £143.5 million in turnover in 2003 and £42.4 million in the fourth quarter of 2003. Gross winnings for the year rose to £24.8 million on the year, up from £13 million last year. Gross winnings for the year were 11.7 percent, compared to last year's 9.1 percent. Full-year profit after tax rose to £8.9 million from £2.9 million in 2003. Last year was the Unibet's first full year as a public company.
Unibet Group Plc - Annual Report
Youbet.com, Inc. (UBET), an online wagering company and the largest provider of horse racing content in the United States, has reported a fourth-quarter 2004 net income of US$535,372, compared to a loss of $1.2 million during the same period in 2003. The company also provided a 9.7 percent increase in handle to $76.7 million, a 14 percent increase in total revenue to $16.2 million, a 4.2 percent increase in net revenue and a 77 percent increase in EBITDA to $649,000.
Youbet.com, Inc - Annual Report
Interactive Systems Worldwide, Inc (ISWI) credits a huge increase in the number of players using the SportXction play-by-play wagering product to agreements with Sportingbet, which have made the product available in the Spanish, Greek and Turkish markets. For the three months ended Dec. 31, 2004, ISWI received US$23,000 in revenue, compared to just $8,000 during the same period in 2003. The company logged 11,188 player sessions during the quarter, which translated into $758,000 in handle and $64,000 in hold. The company also gained 3,098 new players during the same period. To show how rapidly the SportXction product is gaining popularity, the company has revealed statistics for the month of January 2005 in its latest report, and the figures from January alone are just as high the previous three months combined. The company logged 11,065 player sessions during the month, which translated into $828,000 in handle and $64,000 in hold. The company also gained 2,128 new players during the month.
Interactive Systems Worldwide, Inc - Quarterly Report
I-gaming technology provider CryptoLogic Inc (CRY.TO) has reported a record revenue of US$63.7 million for the year 2004, an increase 44 percent compared to 2003. Yearly earnings rose from $9.4 million in 2003 to $13.7 in 2004. Fourth quarter 2004 revenue rose to $17.9 million and earnings rose to $3.8 million, compared to $13.5 million and $3 million respectively over the same period last year. Online poker fees increased by more than 165 percent in the fourth quarter as compared to last year's fourth quarter, and accounted for 20 percent of the of the fourth quarter's revenue. CryptoLogic will pay a quarterly dividend of $0.05 per common share next month.
CryptoLogic Inc - Annual Report