Sportingbet Achieves Annual Profit
Sportingbet.com plc (SPO), unlike many other companies in the I-gaming field, is reporting an annual profit this year.
In its preliminary results for the year ending in March 2002, the company is reporting a pre-tax profit of £5 million. Last year at this time the company was listing a loss of £4.2 million. The company's acquisition of Sportsbook, a U.S.-based gambling business, helped the company increase its annual turnover heftily to £991 million.
The group's chairman, Peter Dicks, said the past year has been a tremendous one for his company, which added more than 157,000 new customers to its roster. Through the purchase of Sportsbook, Sportingbet added another 311,002 customers.
"We believe that we are now one of the most profitable Internet businesses in the world and are well placed to capitalize both on the strong organic growth that the group has achieved and on the increasing trend towards consolidation in the industry," Dicks said.
"Our sound footing has continued into the new financial year with the World Cup generating substantial growth in customer numbers and both new and existing markets. We look to the future with confidence."
On Wednesday the company also announced that it has acquired Sporting Odds Ltd., the fixed odds business of Sporting Index, for £4.5 million.
PAGCOR Revenue Way Up
PAGCOR, the state-owned Philippine Amusement and Gaming Corp., posted its highest income ever in May. The company has been in operation for 16 years.
In May, the group had income of 1.81 billion Philippine pesos, up from income of 1.64 billion Philippine pesos on April. Almost 62 percent of May's income will be received by the government and a variety of beneficiaries including social projects of the president, Gloria Macapagal-Arroyo.
PAGCOR Chairman Efraim Genuino said he is confident the group can reach its target monthly income of 2 billion Philippine pesos before the end of the year.
Scientific Games Offering Ends July 2
Scientific Games Corp. (SGMS) on July 2 will close its 12.5 million-share public offering of common stock.
The shares had been available for $7.25 per share. The company estimates net proceeds to be about $85.64 million.
Underwriters have a 30-day option to purchase up to an additional 1.875 million shares of common stock to cover any over allotments. Proceeds from the offering will help the company pay debt.
Colley Corp. Acquires Lottery Channel
The Colley Corp. (OTCBB: COLY) is acquiring more than 7 million shares or 52.6 percent of the outstanding stock of The Lottery Channel, which is owned by GameBanc Corp. Colley Corp., traded an equal number of its own shares for the shares of The Lottery Channel.
Colley Corp. plans to change its name to Games Inc.
GameBanc is a holding company that operates government-sponsored lotteries as well as games and digital greetings. It owns sites including lottery.com and gameland.com.
MDI and International Capital Partners End Talks
MDI Entertainment (OCTBB: LTRY) and International Capital Partners LLC said last week that they have mutually ended their discussions. In May, International Capital Partners proposed to MDI that it acquire a majority interest in it.
MDI released a statement saying that on the advice of Steve Saferin, its principal stockholder and CEO, the company will not agree to the ICP proposal.
Aspinalls Reports $41 Million Loss
Aspinalls Online is reporting a loss of £41.31 million and sales of £1.25 for the year ending Dec. 31, 2001. The company said the loss was due to its acquisition of Game Ventures International Ltd.
The company said it no longer has ongoing costs associated with its online gambling operations and that its board is making sure that the company's operating costs are as low as possible.
GTECH Shareholders Meeting Aug. 5
GTECH Holdings Corp. (GTK) will hold a shareholders meeting at 4 p.m. on Monday, Aug. 5, at the company's headquarters in Greenwich, R.I.