US Lobbyists Spend $3.3 Million on I-Gaming Policy
According to Congressional records, Internet gambling legislation attracted approximately $3.3 million in lobbying at the federal level during the second half of 2007. Click here to view the full story.
Goldman Sachs in £700 Million Rank Pension Scheme Buyout
Long-troubled gaming operator Rank Group finalized the exclusive transfer of its £700 million pension scheme to financial firm Goldman Sachs, marking the largest U.K. transaction of a publicly traded company’s pension scheme. Click here to view the full story.
Playtech KPIs Exceed Expectations
Gambling software developer Playtech's financial report for its second full year of trading as a public company shows that all key performance indicators exceeded targets. Revenue grew to $103.6 million, net profits improved to $70 million and some very impressive feats were accomplished in 2007. Click here to view the full story.
Party: Garber Steps Down, US Negotiations Ongoing
PartyGaming completed 2007, its tenth year of operations, with solid earnings but lower revenue growth than anticipated. The operational figures are contained in an annual report filed Wednesday -- along with an announcement of Chief Executive Mitch Garber's plans to resign and a revelation that the company continues to communicate with law enforcement officials in America. Click here to view the full story.
Devilfish Gaming Floats on the PLUS Market
An online poker company that has been flying under the radar for the last two years has floated on London's PLUS Market, raising £1.2 million for an initial market capitalization of £3.2 million. Click here to view the full story.
Paddy Beats Forecasts with 53 Percent Jump in Pre-Tax Profit
Irish bookmaker Paddy Power has reported a 53 percent rise in pre-tax profit to £75.8 million in 2007, ahead of expectations. Paddy Power Chief Executive Patrick Kennedy called the chances of repeating such a large rise in profit growth "very slim," but said the company has ambitious expansion plans.
Sportingbet Scores a Big Second Quarter
With the release of its Q2 2008 results, Sportingbet proved it is back in the black, following a trying year for the London-listed company. Highlights for the period ending Jan. 31 include a 29.5 percent increase in wagers to £364.7 million (2007: £281.6 million), while group operating profits rose 275 percent to £7.5 million (2007: £2.0 million) in the quarter.
IAS Seeking Buyer for Struggling Canbet Venture
International All Sports Ltd. said it would seek a suitable buyer for its failing Canbet.com venture, which caused an 11 percent decline in half-year operating revenues to A$23 million.
UK Government Rejects Consortium's Tote Bid
The U.K. government confirmed that it has rejected a bid by the racing industry to buy state-owned bookmaker Tote and said it will now prepare for an open-market sale. The Department for Culture, Media and Sport said the bid did not meet the £400 million asking price.
I-Gaming Brass Grace Forbes' Billionaires List
Forbes has published its annual list of the world's billionaires. No. 743 on the list is Anurag Dikshit, the 36-year-old developmental engineer who wrote the original betting software for StarLuckCasino.com and PartyPoker.com. Valued at $1.6 billion this year, Dikshit has stepped down from PartyGaming's board and sold a chunk of shares, but he still retains a large stake. Also on the list are Dermot Desmond (No. 462; $2.5 billion), the Irish private investor who owns Betdaq, and Joseph Lewis (No. 368; $3 billion), an entrepreneur in the Bahamas who is rumored to hold a stake in Ladbrokes on behalf of Desmond.