FINALLY Inteltek, a joint venture of Intralot S.A. and Turkcell, placed the best bid today in the ongoing pursuit to renew its contract to operate Iddaa, Turkey's state-administered sports betting game.
It made an offer to take 1.4 percent of revenue under the revenue-sharing scheme, the lowest of three offers, according to Reuters. The country’s authorities will make a decision in three days as to whether Inteltek can seal the 10-year deal to operate Iddaa.
SETTLEMENT Parlay Entertainment Inc., the Internet and TV bingo software provider, has announced an agreement with 1st Technology, a technology developer, which settles a patent infringement suit brought against Parlay Entertainment by 1st Technology.
The settlement pertains to all of Parlay's direct and indirect software licensing activities up to the date of settlement. There was no admission of liability by either party.
"Given the cost of patent litigation, we determined that it would be a prudent corporate action to negotiate a settlement with 1st Technology,” said Scott White, Parlay's chief executive, in a prepared statement.
SOLD! GigaMedia Ltd. announced today it has sold its legacy cable and corporate Internet service provider business to China Network Systems for $20 million in cash, reports the Associated Press.
The Taiwanese online gaming software developer anticipates a speedy closing date and an $8 million gain, the news service said.
For more insights on the deal, check out IGamingNews’ in-depth look.
RECALCULATION Paddy Power, the Irish bookmaker, announced yesterday it will decrease its operating profit outlook for the year from 82 million euros to 72 million euros, according to the company’s 2008 interim results.
“Much has happened since our last trading update three and a half months ago,” Patrick Kennedy, chief executive of Paddy Power, said in a prepared statement. “The performance of the Irish and U.K. economies has deteriorated, and the growth rates in our businesses have slowed accordingly.”
Despite the economic downturn, Paddy Power posted a growth in earnings by 17 percent per share during the first half of 2008 and online operations had a 43 percent increase in profits.
“In addition, we said last year that the old adage of 'what goes around comes around' applies to sporting results and they certainly have come back around for punters since June with a string of unfavorable results for bookmakers -- and Irish bookmakers particularly,” added Mr. Kennedy as to why the company chose to decrease its profit outlook.
According to the Financial Times, Mr. Kennedy said "a hell of a lot of damage" could be attributed to wins from Padraig Harrington, the Irish golfer, and Aidan O'Brien, whose horses won big races at Royal Ascot.
REPORTING 888 Holdings said its first-half profits soared 40 percent in its interim report for 2008. The Gibraltar-based online casino attributed the profit spike to new games that attracted more customers.
Net income went from $13.5 million last year to $18.9 million, and gaming revenue rose 36 percent to $131.5 million.
"The first half of 2008 was very successful for 888 Holdings as our innovative strategy, enhanced offering and strong brand enabled us to achieve record half year results and a seventh consecutive period of quarter on quarter growth,” Gigi Levy, chief executive of 888, said in a prepared statement.
“Revenue from our core operations has been boosted by the successful launch of 888ladies and 888sport, and our addition of over 1,000 best of breed games will help increase revenue further,” Mr. Levy added.
BING-O-BAMA What could be more exciting than watching all the let’s-get-fired-up rhetoric at the United States Democratic National Convention? Playing Obama-Bingo, of course.
Launched today, Obama-Bingo is a Web-based bingo game created by two Denver entrepreneurs. Each bingo card contains 25 squares and each square lists a word from a speech by Barack Obama, the Democratic presidential candidate.
"It's our hope that Obama supporters will participate in the game and do some good in the world at the same time," said Jaxon Repp, developer of the game, in a prepared statement.
Bingo cards cost $10 a piece and proceeds will go to one charity listed on www.charitywatch.org.
BETTER THAN ONE WagerWorks, the online subsidiary of International Game Technology, has released 3 Wheel Roulette, a new table game.
Featuring three roulette wheels, the online software provider claims the game gives players more chances to win. It also includes a turbo feature play option to speed up the game’s pace.
Nambling Notes is .