Betfair Buys Timeform
U.K.-based betting exchange Betfair has completed a purchase of U.K.-based Portway Press Ltd., the publisher of Timeform ratings. The deal is believed to be worth around £15 million, although the terms were not disclosed. Timeform will retain editorial independence, and Betfair will provide cash and technology, marketing and communication skills.
LVH Sells APN
Software provider Las Vegas from Home.com Entertainment Inc. (TSX:LVH) announced on Oct. 19 that it is in negotiations to sell its Action Poker Network (APN) business to Playsafe Holdings Ltd., a subsidiary of Norway-based public company Playsafe Holding AS. LVH closed on the transaction on Nov. 27 and sold APN for US$2.6 million, an increase of US $250,000 over the original offer. Following the sale, LVH has a cash balance of approximately CA$8.5 million and no debt. LVH is now looking to the Asian market and plans to focus on continuing to develop its Asian Multiplayer Software Platform (AMSP), which has already been soft launched. LVH President and CEO Jake Kalpakian said the company has been building AMSP for the past 12 months and is well positioned to license the software in the region.
Reporting
British online sports betting operator Sportingbet Plc (SBT.L) has posted first-quarter losses of £241.4 million. The company bailed out of the U.S. market in October after President Bush signed the Unlawful Internet Gambling Enforcement Act into law. The company attributes the massive loss to £252.3 million in shut-down costs associated with selling the U.S.-facing businesses and banning U.S. residents from playing at its poker site, Paradise Poker. It nevertheless reported an increase in gross profit up to £31.7 million from £21.4 million the previous year.
Sportingbet plc - Q1 2006
U.K.-based data services company GB Group (GBG.L) announced its interim results for the six months ending September 2006, boasting an overall group revenue increase of 18 percent over the same period in 2005 to £7 million. The company attributes the boost to increased sales in its data authentication division, which provides online age and identity verification solutions and saw revenues increased to £2.5 million (2005: £0.9 million). Group loss before tax was £637,000 (2005: £183,000). Cash balances as of Sept. 30 were £6.1 million (2005: £6.4 million). In other company news, GB Group has appointed Dick Linford as a non-executive director.
GB Group - Interim Results
In its preliminary results for the year ended Sept. 30, 2006, Media Corporation plc (formerly Gaming Corporation plc) (MDC.L), which operates gambling-focused search engine gambling.com, reports an 88 percent increase in gross profits to £4.8 million (2005: £2.5 million). Profit after tax increased 662 percent to £2.5 million (2005: £0.3 million). Other highlights include a reported end-of-year cash balance of over £5.3 million, compared to £2.8 million in 2005, and consolidated net assets of £17.1 million.
Media Corporation plc - Final Results