BetandWin Re-brands as bwin
Online sports betting and entertainment brand BetandWin has officially changed its name to bwin. Parent company BETandWIN.com Interactive Entertainment AG (BWIN.VI) decided its brand name was no longer suitable for the full range of entertainment options the it has to offer, including sports betting, poker, casino games and soft games as well as live-audio and video streams. It also wanted to distinguish itself from other companies that have branded themselves with the word "bet," such as Betfair, BetonSports and Betinternet. "In the course of a two-year process, we succeeded in creating a communication basis by way of the transformation from betandwin into the brand platform bwin, which covers a broad product portfolio," said Manfred Bodner, bwin co-CEO. "'bwin' is not only more generic and substantially easier to recharge emotionally, but also allows us to communicate still faster than in the past. bwin then becomes the right choice for an umbrella brand name in respect of all our requirements." The formal brand launch will take place Aug 1.
World Cup Hinders Activity at Empire Online
In a trading updated provided ahead of its second-quarter results, online gaming operator Empire Online Limited (EOL.L) notes that although the second quarter is traditionally the slowest of the year for the online gambling industry, its figures were dampened even further during the period due to the excitement surrounding the World Cup. The company gained 30,000 new customers during the quarter, compared to 36,000 in Q1 2006. Revenue in the second quarter reached US$18.3 million, compared to $17.6 million in Q1 2006. EBITDA for the quarter is likely to be $7.5 million, down from $8.5 million in Q1 2006.
Betcorp De-listing Down Under
Australian online gambling company Betcorp Ltd. (BCL.L, BCL.AX) has confirmed that it intends to de-list from the Australian Stock Exchange (ASX). The company has appointed Australian stockbrokers Patersons Securities Limited to oversee and manage the de-listing, which it hopes to complete by the end of October. The company in March floated on the Alternative Investment Market of the London Stock Exchange because it felt that its shares were undervalued compared to some of its London-based rivals. The company stated recently that it wants to attract greater interest from investors and that shareholders' interests would be better served by focusing solely on the U.K. listing, as nearly 50 percent of its shares were held outside Australia.
Boss Media Divests Shareholding in Jadestone Group
Swedish gaming software company Boss Media AB (BOSS.ST) has divested its 20 percent shareholding in Swedish online games developer Jadestone Group AB for US$2.3 million, generating a capital gain of $989,000. Boss Media implemented a strategic change during the spring, which will result in Boss Media focusing primarily on the Internet, interactive video terminals (IVT) and, in the future, interactive digital-TV as distribution channels for digital gaming entertainment. "The cooperation with Jadestone was concentrated around mobile games," Boss Media President Johan Berg said. "When we received a good offer, we decided to sell, because mobile games are no longer part of our area of focus."
betbull Releases Preliminary Q1 2006 Results
betbull - The European Betting Exchange Plc (BETB.VI) has released preliminary first quarter results for the period ending June 30, 2006. The group's retail net stakes totaled £31 million and net gaming revenue for the same period totaled £4.8 million, owing a particular debt of gratitude to the World Cup. Sports betting turnover for June 2006 alone generated stakes of over £5.1, million yielding net gaming revenue of over £0.8 million. After a German Constitutional Court in March ruled in favor of state run sports betting monopolies, a small number of the betbull shops (less than 5 percent) closed, but the company said it is actively working to reopen the units and to claim damages, including loss of profits. In Spain, betbull has opened the first of three shops in the Province of Andalucia, the remaining two will be open by September, the group said. The company will release the full report Aug. 31, 2006.
Reporting
AIM-listed 32Red Plc's (TTR.L) first-half revenues jumped by nearly half and would have risen even more if not for the World Cup, the online gaming and betting group claims. "In common with the industry as a whole we have experienced a short-term impact to gaming revenues as a result of the recent World Cup," Chief Executive Ed Ware said in a prepared statement. Revenues rose 48 percent to £6.24 million in the six months ending June 30, generating £5 million in sales, with the total active customer base up fourfold year-on-year to 44,500. The number of new casino and poker players in the period increased by 125 percent to 13,253, while the total of new customers since June 7 for Bet Direct, the company's sports betting division, was 2,904.