Record Q2 -- I-gaming software provider Chartwell has released second quarter results, which show a 17 percent jump in revenue to $5.6 million against Q2 2006. Net earnings for the quarter totaled $100,000, comparable to figures from the previous year. Higher operating expenses and amortization charges as well as foreign exchange losses contributed to the stagnation in earnings, it said. EBITDA for the quarter, however, jumped 50 percent to $600,000 from $400,000 during Q2 2006. The company said it maintained a strong balance sheet, with $13.8 million in cash and short-term investments.
Management Shuffle -- Ladbrokes this morning announced changes to its management structure. The company said Richard Ames, managing director of its U.K. retail business, will report directly to chief executive Chris Bell and will also take up a seat on the company's executive committee. The change, it said, will enable Alan Ross, managing director of European retail, to focus on European plans, particularly its expansion into Italy and Spain.
Korean Crackdown -- The Korea Herald reports that Korea's Ministry of Information and Communication will toughen monitoring measures on online gambling. The ministry will work with related government agencies, the paper says, including the Ministry of Culture and Tourism, the National Police Agency and the Information and Communication Ethics Committee, in a collaborative effort to "crack down on online gambling, which is illegal in Korea." The Herald quotes Lee Tai-hee, director of the information safety team at the Information Ministry, as saying: "Illegal online gambling sites [register] members through a secret IP address at a specific time. And such sites are hard to find because they are increasingly good at evading IP trading." The paper adds that the ethics committee, which has authority to solicit local network providers to block illegal Web sites, will request police to investigate three local online gambling sites and block 21 currency-trading game sites that were recently uncovered.
Gambling Act has Favorites? -- The Financial Times reports that the U.K. Poker Clubs Association (UKPCA), a body representing 72,000 players across 13 clubs, will launch a High Court bid today to reverse government plans to regulate the game. According to the report, the UKPCA is alleging that the Gambling Act, scheduled to be enacted this September, favors establishments like casinos that offer poker as an ancillary activity.
Heavy Trading -- The FT also reports that more than 20 million shares in Ladbrokes changed hands on Tuesday and Wednesday; yesterday, volume swelled to 34 million--over three times the daily average. The paper says traders reckon a buy-out firm could be "stalking the bookmaker." It recalls that 18 months ago CVC Capital submitted £3.7 million bid ($7.4 million), later rebuffed by its then-parent Hilton Group.
Stock Watch -- In mid-afternoon trading on the LSE, 888 is up 1.50p to 121.25, Ladbrokes is up 6.25p to 459.25 and William Hill is up 5p to 632.50.