Playtech's Mystery Licensee Expected to Produce
I-gaming software supplier Playtech says a new contract with a major Asia-facing online gaming operator will create significant new business, but the identity of the licensee is a mystery for now.
The company commented upon the release of its third-quarter trading update earlier this month that it expected to launch its Asian P2P network in the coming months. It looks like the time is now.
Playtech will provide the mystery licensee with software platforms for its casino, poker and P2P games.
For confidentiality reasons, the licensee cannot be named, but Playtech said the contract is material to future profitability.
"This licensee has deep rooted experience and market reach, and we foresee additional benefits for Playtech," Playtech CEO Mor Weizer said, "particularly for our new Asia-facing games which we start rolling out over the next two quarters."
In Due Course
Online bookmakers Sportwetten.de on Monday said that it had received an acquisition bid from German online betting company Fluxx AG. The offer of 1.09 euro per share is valid until Dec. 21, and Sportswetten, according to a prepared statement, will make a recommendation on the offer "in due course."
Hard to Get
London-based casino and bingo operator Rank Group rejected an approach from Las Vegas-based casino giant Harrah's Entertainment that would have seen the U.S. company sell a huge chunk of London Clubs International (LCI) to Rank in return for a stake of around 28 percent. Harrah's bought LCI in 2006 for around $621 million, according to the Sunday Telegraph. It is unknown why Harrah's made the offer, but the company did announce recently that it was interested in launching an online casino in Europe. A spokesperson for the company confirmed however that they were only exploring the idea at this point. Rank closed up 1.75p to 82.25 on the LSE today.
GB Reports 13 Percent Increase in Interim Profit
Identity management solutions provider GB Group announced its interim results for the six months ended Sept. 30, 2007. Highlights include a 13 percent increase in group revenue to US$16.3 million for the period, while data authentication revenues increased to $5.7 million (2006: $5.1 million). The company said it expects to continue to generate profits for the remainder of the financial year (ending March 31, 2008).
PacNet Q3 Revenues down 7 Percent
Asia-facing gaming technology provider PacificNet released un-audited results for the third quarter ended Sept. 30, 2007, reporting a 7 percent decrease in revenues from last year to $9.8 million. The company attributes the drop off to lower non-core mobile telecom products distribution business in China. Meanwhile, revenues from the company's multi- player electronic gaming machine product line to casino operators reached approximately $1 million for the quarter, an increase of 99 percent over Q2 2007. Other highlights include a gross profit of $2.3 million (a 115 percent increase over Q3 2006).
Media Corp. Reports Full Year EBIDTA up 20 Percent
Media Corp. has released preliminary results for the year ended Sept. 30, 2007. Highlights include a 20 percent increase in EBIDTA to £3.0 million (2006: £2.5 million) and year-end cash balances of £6.3 million (2006: £5.3 million).
Tough Q3 for Parlay
Internet bingo software supplier Parlay Entertainment announced results for the three- and nine-month periods ended Sept. 30, 2007. Third-quarter highlights include total revenue at $2,001,531, down 24 percent from Q3 2006 and EBITDA decreased to $271,538, from $865,023 in Q3 2006. Results for the first three quarters of fiscal 2007 include total revenue at $5,990,758, down 13 percent from the same period of 2006 and an EBITDA decrease to $583,810, from $2,082,345 in the first three quarters of 2006.
Rumors Abound
Despite Rank Group's rejection of Harrah's Entertainment's all-share buyout offer, new rumors are circulating about a renewed all-cash offer from the U.S. gambling giant, according to financial news reports. Rank closed at 100.50p today, down 7.50p. . . . Further rumblings have PartyGaming rumored to be going private following its CEO, Mitch Garber, cancelling plans to sell off a huge chunk of stock.
Fivefold Jump
Spread betting specialist WorldSpreads reported a fivefold increase in profits to 1.3 million euros (US$ 1.9 million) for the six months ended Sept. 30, 2007. The figures are the first released since the company's IPO in August.
Influential Influenza
Tabcorp said the equine influenza is to blame for a 3.3 percent drop in turnover during the spring carnival. The betting agency released figures on Wednesday showing Victorian punters bet A$680 million during the 50-day racing event. Combined, Victorian and NSW punters wagered A$1.36 billion over the spring carnival, according to the company.