PAYBACK TIME A new two-year agreement with National City Bank will help Youbet.com Inc. repay the remaining $4.5 million term loan balance owed to Wells Fargo, the company said on Thursday.
Youbet, a California provider of technology and pari-mutuel horseracing content, said the new credit agreement, which matures on Nov. 30, 2010, will provide a $10 million term loan and a $5 million revolving credit facility.
Although a portion of the loan was used to repay Wells Fargo, the remaining portion will be used for general corporate purposes, Youbet said.
“Our improved operating performance over the past few quarters has enabled us to generate free cash flow, which has positioned us to enter into a new, more flexible agreement and to pay off our Wells Fargo term loan,” said Michael Brodsky, the company's president and chief executive, in a prepared statement.
XMAS BETS While some dream of having a white Christmas, bookmakers like Ladbrokes are scurrying to cut odds on it as temperatures dip in the United Kingdom.
On Wednesday, The Guardian reported that some bookmakers feared they would lose £1 million if the odds weren’t changed. The newspaper said Ladbrokes slashed the odds of having a snow-piled Christmas in London from 7-to-1 to 11-to-4 and 3-to-1.
“We're frozen with fear at the prospect of a white Christmas,” Nick Weinberg, Ladbrokes spokesman, told The Guardian. “Interest in the traditional festive wager has gone into overdrive this year.”
GOOD FORTUNE Gamers at Bet365 have another skills-with-prize game to play based on the new TV game “Reversal of Fortune” from JPM Interactive.
Featuring the show’s host Eamonn Holmes, the prolific Northern Irish TV and radio presenter, the I-gaming version also includes much of the unique play from the original game, which requires players to read in reverse.
Players choose a £1, £2 or £5 stake and then watch footage of Eamonn Holmes as he introduces the game and gives an explanation of what to expect. There are questions and skill puzzles that award points to move up the point ladder earning prizes along the way with up to £50 with the maximum bet.
“Reversal of Fortune is another quality branded product added to our portfolio and shows our commitment to providing the latest and best titles to our clients,” said Duncan Cheadle, managing director of JPMi. “Bet365 has recognized our ability to deliver quality, revenue generating games.”
LAUNCHING On Friday, Direct Merchant Services Ltd. said its new co-branded, MasterCard-based issuing program will be unveiled at ICEi 2009.
During the International Gaming Expo, which takes place Jan. 27-29 at London’s Earls Court Exhibition Centre, Hasu Jani, Direct Merchant’s business development manager, said in a prepared statement that the company will launch a co-branded program and e-transfer service.
Mr. Jani said that the 2009 program will allow any company to issue branded MasterCard credit cards to its consumer base with the option of pre-loading cards with credit.
“The initiative is part of our objective of further expanding our product range into transaction processing business, with full payments in/out and support solutions,” Mr. Jani added.
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