PartyGaming, the online operator, revealed a 21 percent rise in revenue in the first quarter of 2008 to $128.9 million from $106.2 million during the year-ago period. The company's shares, however, shed 5 percent Wednesday as analysts projected lackluster full-year growth in light of its disappointing start to the second quarter. In the first four weeks of April, total average daily revenue was down 1 percent with poker slightly weaker than expected. Visit Interactive Gaming News Friday for the full story.
Shares in Rank Group, the land-based and online gambling operator, rallied nearly 7 percent Thursday on news that the United Kingdom's minister for sport will imminently issue positive news on measures that would help the country's bingo industry. According to Thomson Financial, Gerry Sutcliffe, member of Parliament, said at Wednesday's annual general meeting for the U.K. Bingo Association that an announcement would be made "within the next few weeks."
While specific details have not been publicized, analysts with Merrill Lynch suggest the Gambling Act 2005 could be amended to allow bingo clubs to carry a larger number of gaming machines. Rank's Mecca Bingo operation has struggled beneath the weight of England's July 2007 smoking ban and was hard-hit by the act, which called for significant changes in the number and type of gaming machines on offer.
Senator Jon Kyl of Arizona, a leading U.S. Internet gambling opponent, told Las Vegas Review-Journal he is losing patience with the Treasury and Federal Reserve as they struggle to draft regulations for the Unlawful Internet Gambling Enforcement Act.
"The longer it goes the less certainty there is," said Mr. Kyl. "I mean, the people who are violating the law need to know that they're not going to able to get with it, and I think that the failure to get these regulations promulgated on time perhaps has given some hope, and it's given life even to an idea over in the House of Representatives to put a moratorium on the regulations."
Reuters reported Wednesday that Lottomatica, the Italian lottery operator, and Dogan Yayin Holding, the Turkish media group, have entered a 50-50 memorandum of understanding with a view to win the tender to operate Iddaa, Turkey's state-administered sports betting game. Spor Toto, the state-owned operator, is set to award the 10-year tender from 2009. Inteletek, a subsidiary of Greece's Intralot, was in early April given a one-year extension to run the game.
On the London Stock Exchange Thursday, 888 Holdings was up 3.50p, or 2.3 percent, to 153.50, Playtech was up 10p, or 2.30 percent, to 445 and London Capital Group was up 7p, or 2.1 percent, to 337.
Chris Krafcik is the editor of IGamingNews. He lives in St. Louis, Mo.