BETTING BAN?
Martin Cullen, Ireland’s minister for arts, sport and tourism, said he will ban online sports betting if the country’s bookmakers don’t contribute more to the
Horse and Greyhound Racing Fund,
reports The Independent.
"The big players will need to come to the plate,” The Independent quoted Mr. Cullen as saying. “A view will need to be formed about Internet and offshore betting. I will use whatever legal levers are available to me to get at that funding in terms of trying to get some tax out of it."
According to The Independent, between 1.5 billion euros and 1.7 billion euros of Irish money a year is wagered outside Ireland in telephone and Internet betting.
OUTLOOK IMPROVING
CryptoLogic Ltd. announced a multi-year agreement with Gala Coral on Monday, which has put the software company in a better light for one analyst.
Calling Gala Coral a “meaningful” partner, Todd Eilers, an analyst with Roth Capital Partners, wrote that CryptoLogic’s outlook was improving in a Monday research note.
“We continue to look for the bulk of the company's new license agreements to benefit the back half of this fiscal year and should reduce the impact from the loss of William Hill and Littlewoods casino contracts,” wrote Mr. Eilers.
According to CryptoLogic, Gala Coral, the United Kingdom-based operator of Coral.co.uk, Eurobet.com, Galacasino.co.uk and Galabingo.com, will be provided with at least 10 of CryptoLogic’s most popular online slot games. CryptoLogic said that the first games will go live on Gala Coral’s four Web sites in the second quarter of 2009 with 10-game suite expected in the coming months.
REPORTING
After exiting the betting exchange business in February, Betbull Holding S.E. has posted a 28.5 percent bump in turnover for 2008.
In a 2008 financial results report released Monday, the group said last year’s betting stakes were at 100.4 million euros compared to 78.1 million euros in 2007. The London-based company dropped its betting exchange in the beginning of 2009 to focus on core retail betting markets in Germany and Spain.
Despite its growth, Betbull reported a loss of 4.3 million euros, which include a write-off of an investment associated with the ceasing of betting operations in Andalucía and goodwill impairment.
Net gaming revenue for Betbull was at 16.1 million euros -- up 21 percent when compared to 2007. However, the groups’ earnings before interest, taxes, depreciation and amortization was down 2.3 million.
EXPANDING
On Monday, the Poker Channel said it has secured two new distribution deals in Portugal.
MEO, a Portuguese TV network operator, and ZON Multimedia, the largest digital cable network in the region, have both signed on to carry the Poker Channel.
The launch comes a month after the Poker Channel expanded into Eastern Europe -- launching in Poland with the Vectra Group. The Poker Channel said it is now available on major cable and satellite platforms in 18 European markets.