Beating Expectations -- Greek lottery operator OPAP has reported that first-quarter profits rose 16.9 percent to 143.4 million euros, beating expectations on the strength of rising kino game sales. OPAP’s margin of earnings before interest, taxes, depreciation and amortization was slightly lower due to advising contacts made with Intralot, but overall, the company remained optimistic about their profits and potential for future growth.
Sponsored --Real Madrid are close to closing a three-year sponsorship agreement with bwin worth approximately 21 million euros per year. bwin would replace BenQ Mobile as Madrid’s chief sponsor; the deal would be its second major sponsorship agreement. bwin is also the chief sponsor of current UEFA champions AC Milan.
Promoted -- Inspired Gaming has promoted Jim O’Halleran to the position of chairman, giving him further control over expansion of the business and development of U.K. strategy. Adam Hodges, Paul Terroni, Barry Knowles and Neale Deely were also promoted within the company.
Announced -- Everest Poker has announced that it will be sponsoring a portion of the upcoming Italian Championship. The company will be giving its players an opportunity to qualify for the seats in both the preliminary and main events.
Losses Expected -- A string of unfortunate sports results, capped by AC Milan's victory in the Champion’s League final, has led betting firm Leisure & Gaming to warn of a loss to the tune of 1.4 million euros. Despite these losses the company remains confident, pointing to an earnings bump of 31 percent for its subsidiary Betshop and a shift in focus to Italy following the crackdown enacted by the U.S. government in October 2006.
Gaining Ground -- Massachusetts Democrat Barney Frank's Internet Gambling Regulation and Enforcement Act has picked up a few more sponsors since its April 26 introduction. The bill, which proposes a licensing and regulation regime in the United States for both domestic and offshore Internet gambling companies, now has 20 sponsors: 18 Democrat and two Republican. No date has been set for the committee hearing on the bill, but it has been speculated that it will be on June 8.
Charged -- Seven Las Vegas residents allegedly involved in a massive Web gambling ring organized around the companies CurrenC LTD, Gateway Technologies, Hill Financial Services and Betus, pled not guilty to 34 counts of racketeering, money laundering and bank fraud this week. None of the seven has yet been detained, but they have been forced to surrender their passports and certain material assets including several high-end automobiles. The next hearing in the case is scheduled for August 6.
Rejected -- The cycling team of Swiss bookmaker Unibet was not awarded one of the three wildcard spaces in the Tour de France on Wednesday, leaving the company out of the race as it continues to feud with the International Cycling Union (UCI). The Unibet team will be the only team not invited to the event, partially as a result of current French laws that forbid advertisement of betting companies. Despite the support of the European Commission via an appeal, UCI did not reconsider its decision.
Promoted -- John Story, the chairman of Suncorp-Metway and director of sugar group CSR, will be promoted from director of Tabcorp Holdings to chairman when Michael Robinson steps down in November. Story was promoted to director when his former company, Jupiters, merged with Tabcorp and led him to be elevated from his seat on the board. Despite the shift, Tabcorp has stated that it will not undertake a capital management program in the near future.
Increased -- The South African National Responsible Gaming Program (NRGP) has reported that gambling revenues have increased 16 percent from R$9.9 billion in 2005 to R$11.5 billion in 2006. Despite this, though, online gambling remains illegal in South Africa due to the threat of addiction that increased convenience brings. Although Derek Auret, CEO, Casino Association of South Africa, has stated that there is no place for online gambling in South Africa, the industry continues to attract members of the middle class, leading to calls for licenses, spending limits and addiction centers.
Integrated -- GamArena has entered an arrangement to provide its skill games to online casino Unibet. The games will be fully integrated into the Unibet platform, marking the first expansion of GamArena games into an extended online network.
Closed -- Four Microgaming casinos--Roxy Palace, Casino Splendido, Roxy Poker and Dream Poker--will stop accepting U.S. bets effective June 1. Although bets from the U.S. currently comprise an increasingly small portion of the market, the official end of U.S. service has led to language-expansions in all of Microgaming’s casinos as it continues to seek out new markets.
Refreshingly Dull -- The Times carries a brief on 888's trading update. The paper says that for the first time in two years as a public company, 888 was finally able to turn away from controversy and focus on its performance. Although 888 still faces threats of predatory buyout and is constantly on the lookout for new platforms or games to expand into, the company seems finally to be enjoying the stable success of its business without the aid of American players. The company said Tuesday that its trading is in line with expectations. In a prepared statement, Chairman Richard Kilsby said that the company's strategy--"delivering more games, over more platforms to more customers worldwide"--would sustain its momentum as it moves into the "seasonally quieter second quarter."
Cease and Desist -- The British Advertising Standards Authority (ASA) has ordered Victor Chandler, which operates VCpoker.com, to discontinue an ad campaign that associates gambling with sexual and financial success. The ads, which state, “You love sex. She loves sex. You love money. She loves money. You have money. She loves you. See how much you have in common?” have been demonized for their glorification of excessive gambling by watchdog groups. Despite claims by Victor Chandler that the ad has been discontinued, the ASA ordered the company to refrain from similar advertisements, claiming that they violated U.K. law by promoting excessive gambling and associating it with sexual prowess.
Stock Watch -- On the LSE, Playtech was up 9p to 392, 888 was up 3.25p to 116 and PartyGaming was up 0.75p to 41.50. Meanwhile, Australian gaming company Tabcorp announced this week that it would not undertake the capital management program it had expressed consideration toward in February. The plan had called for a buyback of up to 5 percent, or $450 million worth, of Tabcorp stock, but the company has stated that it has no intention of moving forward with it at this time.