PERFORMING WELL
OPAP S.A., one of Europe's largest commercial betting operators, posted a 9 percent year-over-year revenue boost with 2008 revenues at 5.5 billion euros. Sports betting and kino provided the most income for the Greek monopoly -- bringing in 2.2 million euros and 2.8 million euros, respectively.
“Although in 2008 we operated in a challenging and difficult economic environment, we managed to deliver an impressing improvement of our business results,” said Christos Hadjiemmanuil, the company’s chairman and chief executive.
The company’s earnings before interest, taxes, depreciation and amortization was up 22.9 percent to 1 billion euros when compared to 2007, and net profit increased 19.6 percent to 728.5 million euros.
COMPETITION ON THE RISE
Revenue dwindled in Chartwell Technology Inc.'s first quarter as the Canadian I-gaming software provider saw a decrease in casino and poker licensing revenue and an increase in competition.
“The increased competition intensifies our resolve to focus on the depth and breadth of our product and services offerings,” Alan Richter, the company’s chief financial officer, said in the earnings statement.
First quarter revenue dropped by 21 percent to 4.6 million Canadian dollars compared to the previous year when the company earned 5.8 million Canadian dollars during the same period. Chartwell posted a net loss of 700,000 Canadian dollars or a loss per share of 4 cents. In 2007, the company brought in a net income of 900,000 or 5 cents per share. Earnings before interest, taxes, depreciation and amortization decreased from a positive 1.8 million Canadian dollars to a negative 400,000 Canadian dollars.
“We have increased our investment in product and service delivery, and we are confident that our unique capabilities in these areas as well as our new sales opportunities should return the company to profitable growth in the near future,” Mr. Richter said.
LAUNCHING
MGS Caribbean N.V., a joint venture between Managed Gaming Solutions and Three Apple N.V., a Caribbean business development company, has introduced a mobile lottery service in Curacao. The mobile and interactive gaming solutions provider said it is working with Sure Lottery, a local licensed lottery provider, on developing mobile and online gaming businesses in the Caribbean.
“We are now in a very good position for future business growth in the emerging markets and are convinced that we are on the right track to become the fastest growing lottery related gaming provider in this region,” said Tero Turunen, chairman of Managed Gaming Solutions, in a prepared statement.
SIGNING
Neovia Financial picked up three contracts from educational organizations, the company announced on Tuesday. United Kingdom-based Bedford College, Kent Adult Education Service and Pearson Education have signed up to sell products online through Neovia’s payment suite.