eBet Results Show Improvement
eBet Ltd.'s (EBT) half-year results, released Wednesday, show the company shrinking its losses to reflect a 39 percent improvement on the same period last year.
Consolidated revenue for the six months to Dec. 31 was AU $4,910,000, a 60 percent rise from the previous year. The company's online division develops and operates turnkey wagering systems for online gambling operators, including the New Zealand TAB and Tattersall's.
Managing Director Keith Cullen said eBet is seeing continued revenue growth and is keeping costs steady. Nevertheless, he said the company is "just scratching the surface" of its potential.
"We are anticipating that our growth will accelerate as we unlock the true potential of cashless gaming in NSW and elsewhere over the coming year," he said. "We also expect that our online business will make an increasingly significant contribution as it continues to grow, in particular in the U.S. market."
ukbetting Report Due This Week
Wagering site operator ukbetting plc is planning to release results on Tuesday for the period between its initial public offering on Aug. 7 and Dec. 31, 2001. Since floating on the AIM, the company has acquired SportingLife, Sportal.co.uk and Sportal.com.
De Agostini Increases Stake in Lottomatica
De Agostini, the Italian publisher, recently upped its holding of Lottomatica to 63.39 percent from 53.31 percent.
In addition, Fineurogames, which De Agostini controls, is opening its capital. Reserved for Investitori Associati III and De Agostini will be a 99 million euro capital increase. Fineurogames owns Tyche Spa, through which De Agostini controls Lottomatica.
Crypto's Stock Tumbles After Lawsuit Announcement
CryptoLogic's (CRYP) stock fell $1.59, or 9.88 percent, the day after Las Vegas From Home.com announced it has filed a lawsuit against it.
According to a press release issued by the Vancouver-based software firm, the suit alleges that CryptoLogic committed breach of contract, conspiracy, unlawful interference with economic relations and interests and unjust enrichment at the expense of Las Vegas From Home.com.
The two companies had entered into a joint agreement to produce and market online poker software, which was to be available late last year. CryptoLogic was to develop the game with the help of Las Vegas From Home.com and then license it to the latter company. Las Vegas From Home.com was to market the game to CryptoLogic's licensees.
The lawsuit, which was filed in the Supreme Court of British Columbia, was announced on Wednesday. On Wednesday Crypto's stock closed at $14.51, down from its $16.10 close on Tuesday. The stock's yearlong range is between $30.23 and $10.61.
Youbet.com Gets Cash from Former Leader
Youbet.com (UBET) got a financial infusion this week when David Marshall, the company's co-founder and former CEO, signed on to contribute $750,000 to the company and take over as chairman and chief executive.
As part of the investment plan, Ron Luniewski and Phillip Hermann will resign as co-CEOs. Hermann will remain on board as president, COO and CFO. Marshall's plan will involve the company issuing notes for 12 months at an interest rate of 12 percent per year.
Investors will receive five-year warrants to purchase 750,000 shares of Youbet.com common stock for 50 cents per share. On Wednesday, the day of the announcement, Youbet.com closed up three cents at 69 cents per share.