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OPAP Q1 Net Profit Down 21 Percent, William Chambers Gambling Compliance

OPAP Q1 Net Profit Down 21 Percent, William Chambers Gambling Compliance | Poker & eGaming News | Scoop.it

Europe’s largest betting company OPAP reported a 21 percent drop in net profit in the first quarter of 2012 on Thursday, as Greece’s economic woes weighed on punters’ spending.

 

Greek gambling behemoth OPAP reported net profits down 20.9 percent on the prior-year period in results for the first quarter of 2012 published yesterday after the close of trading.

 

OPAP said turnover dropped 5 percent to €1.065bn and earnings before interest, tax, depreciation and amortisation (EBITDA) was down 14 percent to €184.4m, as the stringent austerity measures imposed under the EU bailout cooled Greek spending.

 

Other sources:

http://www.egrmagazine.com/news/opap_net_profit_down_20

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Paddy Power wants in to US Online, iGaming Post

Paddy Power wants in to US Online, iGaming Post | Poker & eGaming News | Scoop.it

Patrick Kennedy PADDY Power chief executive, insisted yesterday that the online operator is not in danger of being left behind in the US as a number of states move ever closer to legalizing online poker. PP wants in to the US, but lacks own Poker software

 

Mr Kennedy conceded that companies such as Bwin.Party and 888.com have the technology platforms to provide online poker operations that Paddy Power doesn’t possess.

 

“What we’re showing potential partners is deep e-commerce expertise that other global companies don’t have,” said Mr Kennedy. “We know how to run, better than anyone, I would argue, an e-commerce business. So there are different parts to the value chain.”

 

One good point Paddy Power could benefit from is an untarnished legal reputation. Some online poker operators have been previously been charged by the US Justice Department with illegally offering internet gambling to US, not Paddy Power.

 

Other sources:

http://www.independent.ie/business/world/paddy-power-is-ready-for-move-to-online-poker-in-us-says-chief-3111590.html

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Genting profit fall, iGaming Post

Genting profit fall, iGaming Post | Poker & eGaming News | Scoop.it

GENTING Singapore announced recently that its first-quarter net profit dropped 33 per cent on-year to S$205.5 million due to lower gaming revenue. Profits were also dragged by greater depreciation after the opening of new hotels and attractions at its Universal Studios theme park, the Singapore unit of Malaysia’s Genting said.

 

Its Singapore casino, Resorts World at Sentosa, made S$376.4 million in adjusted earnings before interest, tax, depreciation and amortisation last quarter, down from S$528.4 million a year earlier. Genting’s EBITDA was lower than the US$472.5 million reported by rival Marina Bay Sands. Resorts World’s net revenue fell 14 per cent to S$787 million, due to the casino’s lower win percentages and business volumes in the premium-player business.

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White House leaves Online Poker to US States, iGaming Post

White House leaves Online Poker to US States, iGaming Post | Poker & eGaming News | Scoop.it

The Obama administration has finally responded Friday to the American people’s online petition to license and regulate Internet poker.

 

"The Administration understands that many Americans engage in paid online poker games for entertainment purposes. Online gambling on sporting events or contests violates federal law. The legality of other forms of online gambling is dependent upon the law of the states where the bettor or gambling business is located. It is left to each state to determine whether it wishes to permit such activity between its residents and an online poker business authorized by that state to accept such wagers, but online gambling that is not authorized by state law may also violate federal statutes."

 

Other sources:

http://www.gamblingcompliance.com/node/49201

http://pokerupdate.com/news/white-house-slow-plays-online-poker-petition/

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Schleswig-Holstein Becomes German Gambling Mecca, Derek S GamingZion

Schleswig-Holstein Becomes German Gambling Mecca, Derek S GamingZion | Poker & eGaming News | Scoop.it

Recently, the German state of Schleswig-Holstein has liberalized its regulations.

 

The remaining 15 German states signed a deal under which the gambling regulations will be more restrictive. This not only led to criticism in the gaming industry, but also the European Union is investigating whether the restrictions comply with free market rules by favoring state monopolies.

 

The gaming companies which will operate in Schleswig-Holstein will be subject to 20% tax on gross profits. Betfair alone is expecting to pay around $5 million dollars annually to the German state. Allowing online sports betting in Germany is expected to eat into illegal betting market, which is estimated to be around $6-7 billion dollars.

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Lipparelli: Online poker in Nevada still months from reality, Tom Wahington EGR Magazine

Lipparelli: Online poker in Nevada still months from reality, Tom Wahington EGR Magazine | Poker & eGaming News | Scoop.it

Online poker players in Nevada will have to wait another “six to eight months” before sites will be up and running in the state, according to Gaming Control Board Chairman Mark Lipparelli.

 

Speaking at the Gaming Policy Committee meeting in Las Vegas yesterday, Lipparelli said the first licenses should be obtained in 30-60 days, yet stringent checks and approvals of website technology will prolong the process until at least autumn.

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Ireland to Adopt New Online Gambling Tax System

Ireland to Adopt New Online Gambling Tax System | Poker & eGaming News | Scoop.it

Ireland has indicated that it will pass a new legislation during the next couple of months that will impose a new taxation regime of online gambling brands operating in the country.

 

The 1% tax on turnover is only valid for ventures offering direct betting services. Betting exchanges such as Betfair will have to pay a special 15% tax on profits. Both the tax on profits and turnover tax was well-received by operators.

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Bulgaria expected to halve gambling tax rate, Robin Harrison EGR Magazine

Bulgaria expected to halve gambling tax rate, Robin Harrison EGR Magazine | Poker & eGaming News | Scoop.it

Reports from Bulgaria suggest that the country’s ruling Citizens for European Development of Bulgaria (CEDB) party is to cut the proposed rate of tax on egaming operators by half.

 

A member of the country’s Parliamentary Budget and Finance Committee told radio station Bulgaria on Air that a 15% gross profit tax (GPT) had been seen as too restrictive, and would dissuade private operators from entering the market: “… [N]o foreign operator would come to Bulgaria, because the taxation would be very high. In practice the tax in Bulgaria is twice bigger that in France or Malta.”

 

Other Sources:

http://www.gaming-awards.com/NEWS/archives/9339

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Sales from Lads Chinese JV down 35%, Tom Victor EGR Magazine

Sales from Lads Chinese JV down 35%, Tom Victor EGR Magazine | Poker & eGaming News | Scoop.it

Ladbrokes’ AGT joint venture in China hit a rocky patch, with the virtual sports game ‘Lucky Racing’ generating CHY260m (£25.5m) in sales in the first quarter of 2012 - down 35% quarter-on-quarter.

 

The product has been rolled out in 1,700 lottery shops in the country’s Hunan province, more than 1,400 of which are fully operational.

 

Q1 Results

Hong Kong Dollar ($) Q1 2011 Q1 2012

Revenues 19.5m 42.3m
Cost of Sales & Services 5.0m 17.2m
Gross Profit 14.5m 25.2m
Selling & Administrative Expenses 16.8m 25.3m
Profit/(Loss) from Business Operations (2.4m) 0.7m
Profit/(Loss) for the Period (14.7m) (11.0m)
Earnings/(Loss) Per Share (0.307) (0.360)

 

Other sources:

http://www.gamingintelligence.com/premium-news-and-archive/16020-agtech-revenues-soar-in-first-quarter

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Shuffle Master is built to handle regulation, Yogonet.com

Shuffle Master is built to handle regulation, Yogonet.com | Poker & eGaming News | Scoop.it

Europe is undergoing a change from open online gaming served by licensed jurisdictions to regulated and taxed jurisdictions requiring independent licensure.  This is commonly referred to as the .com to .country transition.  Needless to say it is causing great disturbances in the world wide online gaming business but this change is one we welcome at Shuffle Master.

 

One of our companies strengths is operating in a wide variety of regulatory environments.  With each new regulated market the overall online space becomes less crowded and we have a competitive opportunity to be first into a newly regulated space.  This will be especially true in the US which, in our opinion, is likely to be initially fragmented similar to the European transition.

 

Our pending acquisition of Ongame adds a seasoned, world class, B2B poker network to our offering of proprietary and public domain table games and slots.  The team at Ongame are the most valuable asset as they understand how to manage a massive B2B poker ecology.


Our main objective is to be the very best, trusted source of our intellectual property (table games, slots etc.) and high quality non-priprietary games online, just as we are one of the most trusted names in land based gaming supply world wide.

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58% against online gaming in NJ according to small survey, iGaming Post

58% against online gaming in NJ according to small survey, iGaming Post | Poker & eGaming News | Scoop.it

New Jerseyans oppose legalizing Internet gambling, according to a new poll. However, they still want the ability to bet on sporting events.

 

Women opposed Internet gambling by a 65 to 25 percent margin; men voiced opposition at a 52 to 37 percent rate. The younger a voter is, the more likely they are to support it, but the only age group that supported it in the poll were those 30 and under. Republicans (58 percent) and Democrats (60 percent) oppose Internet gambling at roughly the same rates. In terms of sports betting, 60 percent of voters said they want it legalized, with 26 percent opposed and 14 percent unsure.

 

The telephone poll surveyed 797 registered voters statewide between April 30 and May 6. It has a margin of error of plus or minus 3.5 percentage points.

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PokerStars & Full Tilt Poker announcement end of May, iGaming Post

PokerStars & Full Tilt Poker announcement end of May, iGaming Post | Poker & eGaming News | Scoop.it

Having finalized the repayment structure we are told that the next step would be an announcement by the DOJ that both companies will be allowed to apply for licenses within the US, when and if this is made legal.

 

Wynn had originally agreed to partner with PokerStars to offer a poker product to Nevada residents when the online product is legalized in the state and even though Wynn pulled out after Black Friday there will almost certainly be some renewed interest if PokerStars is given immunity. Full Tilt were previous to Black Friday going to partner with Station Casinos. PokerStars would now have a couple of major partnerships already lined up and it seems just a matter of time before Nevada does legalize online poker.

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Online Gambling Not A Threat To Land-Based Casinos, PokerUpdate

Online Gambling Not A Threat To Land-Based Casinos, PokerUpdate | Poker & eGaming News | Scoop.it

The American Gaming Association (AGA) has confirmed what many poker players already know--that online gambling tends to increase participation by gamblers at land-based casinos instead of eroding the revenue at the brick-and-mortar establishments.

 

The study states:

44% - Lottery

27% - Gambling at a casino

23% "casual betting"

15% live poker home or casino

8% horse racing

4% online egaming

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Culture Clashes May Hinder Social Gaming Gold Rush, David Altander Gambling Compliance

Online gambling companies may find there is a culture clash with social gaming that hinders their entry into the booming field, according to the chief executive of a start-up social gaming company.

 

“They think they can have a slots and poker offering and just whack it on Facebook," said Keustermans, a former online-gambling executive turned social gamer. “All the gambling-industry product is mostly like publishing. They don’t build their own product, they buy it from Microgaming."

 

Online gambling companies like Playtech, 888 and Bwin.Party are trying to get into social gaming, after seeing companies like Zynga grow rapidly in a matter of months offering free-to-play games on Facebook.

 

Developing striking new games for fun players is a different challenge from attracting players to traditional variations on poker or casino games.

 

“It’s very difficult to get good talent," Keustermans said. “We need to fight the Google and the Facebook for the best talent. Those people don’t want to work just for money."

Plumbee launched its first game, Mirrorball Slots, on Facebook in March, armed with $2.8m in funding from Idinvest Partners. He said the company is already profitable, after about six weeks in business.

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PokerStars committed to FTP takeover, iGaming Post

PokerStars committed to FTP takeover, iGaming Post | Poker & eGaming News | Scoop.it

PokerStars are committed to the impending deal with the US DOJ to pay back all players from the disgraced online poker site, Full Tilt Poker, as part of their takeover of FTP.

 

Under new ownership the previous agreements with FTP payment processors would be void and would need to be re-negotiated, this along with the logistics of paying out some $330 million.

 

Other sources:

http://www.onlinepoker.net/poker-news/poker-stocks-financials/pokerstars-full-tilt-poker-deal-jeopardy/15423

 

According to Chilipoker CEO Alexandre Dreyfus, does DOJ want $750 million for the purchase which would include full settlement, as well as the return of around $330 million in players’ balances.

 

PokerStars is estimated to owe $257 million in back taxes.

 

In 2010, for instance, PokerStars generated $1.4 billion in gross revenues amounting to $500 million in annual profits

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Perform to purchase RunningBall for 120 million Euros, iGaming Post

Perform to purchase RunningBall for 120 million Euros, iGaming Post | Poker & eGaming News | Scoop.it

Perform Group plc has proposed the purchase of real-time sports information provider RunningBall Holding for a minimum of Euro 101 million and to a maximum of Euro 120 million.

 

Oliver Slipper, joint chief executive officer of Perform, commented on the development saying: “We are delighted to be able to announce the proposed acquisition of RunningBall, which would be the largest & most significant in Perform’s history to date. RunningBall is a perfect fit for Perform – it is a high quality, high growth & high margin business whose unrivalled real time data offers us significant opportunities to accelerate our development. We are really excited about this transaction which adds the best sports data to our existing live video, video on demand & editorial content portfolio, enabling Perform to offer both businesses & consumers a complete digital sports offering.”

 

Other sources:

http://www.igamingbusiness.com/content/perform-agrees-purchase-runningball

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Political hypocrisy creates illegal betting market, Derek GamingZion

Political hypocrisy creates illegal betting market, Derek GamingZion | Poker & eGaming News | Scoop.it

In the New York State alone, betting on horses is a two billion dollar industry. At the same time, the state allows casinos to operate at the Indian territories. Yet, online sportsbooks in USA aren’t legalized, although states such as Nevada seek to make these a reality within the state borders.

 

Allowing horse betting, while making some other sports bets a felony, is a sign of legal hypocrisy. Different sets of laws apply to it. The horse racing tracks are also able to provide video slots to supplement the income. The lobbying efforts of this industry heavily influence the legislative process. You can bet on horses in New York, but you can’t do so on the American Football, making billions of dollars in Super Bowl bets done under the table.

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92% of Australian online gamblers are male, iGaming Post

92% of Australian online gamblers are male, iGaming Post | Poker & eGaming News | Scoop.it

According to the preliminary set of findings, 92% of all Australian individuals who gamble online are male. In fact, online gamblers are more likely to be male than land-based gamblers, a population of which only 67% are male.

 

It is most popular among males between the age of 35 to 49 (34.8%), with 50-to-64-year-olds following closely behind (34.4%). Online betting seemed to be the least popular with the 18-24 age groups.

 

The findings also reveal the reasons that many online gamblers choose to play online rather than in a land-based environment. 62% stated that they enjoy the convenience of not having to leave their homes and 54% stated that the 24-hour availability was a big draw for them. 35% enjoyed not having to deal with crowds while 33% stated that privacy and anonymity was a key point for online gambling. Only 2% stated that they played online due to land-based gambling being unavailable or illegal.

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Fortuna’s online growth offsets continuing retail decline, Gaming Intelligence

Central European retail and online gaming operator Fortuna Entertainment Group has reported a 16 per cent increase in total gross winnings to €30.7m following strong growth in the company’s online sports betting offering.Total amounts staked fell a marginal 0.3 per cent to €113.8m following a 5 per cent drop in amounts staked from sports betting to €108.6m during the quarter.

 

Q1 Sports Betting Revenues

Euros (€) Q1 2012 Up/(Down)
Poland
- Amounts Staked 14.9m 9.9%
- Gross Win 6.1m 14.7%
Czech Republic
- Amounts Staked 58.1m (4.6%)
- Gross Win 12.6m 7.0%
Slovakia
- Amounts Staked 34.6m (11.6%)
- Gross Win 9.3m (0.1%)

Total Amounts Staked 108.6m (4.9%)
Total Gross Win 30.7m 15.9m
- Online Gross Win 10.2m 24.2%
- Retail Gross Win 18.0m (1.9%)

 

Q1 Results

Euros (€) Q1 2011 Q1 2012
Amounts Staked 114.2m 113.8m
- Sports Betting 114.2m 108.6m
- Lottery -- 5.2m
Gross Win 26.5m 30.7m
- Sports Betting 26.5m 28.1m
- Lottery -- 2.6m
Revenue 23.2m 27.3m
EBITDA 8.4m 8.4m
- Sports Betting 8.4m 9.6m
- Lottery -- (1.2m)

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SKAT: Data for the gambling market

SKAT: Data for the gambling market | Poker & eGaming News | Scoop.it

On April 18 2012 the Danish Gambling Authority published the first data for the gross gambling revenue (turnover minus gains = GGR) for betting and online casino. Data for other gambling types are now available and the Danish Gambling Authority expects to publish more data for the gambling market when they are available.

Betting and online casino
Gross gambling revenue (GGR) million DKK
GGR     Betting      Online casino     Total
1 quarter        285     185       470
2012 (expected)     1.135     735     1.870

Gaming machines
GGR for gaming machines in million DKK
1 quarter 2012                 460
1 quarter 2011                 440
2012 (expected)                 1.840
2011                 1.785

Land based casinos
GGR for land based casinos in million DKK
1 quarter 2012                 80
1 quarter 2011                 75     
2012 (expected)                 320
2011                 320

The total gaming market
Expected total GGR in 2012
GGR (million DKK)                 7.500
GGR per person above 18 years (DKK)                 1.700

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Gamification is Bullshit, Ian Bogost

Gamification is Bullshit, Ian Bogost | Poker & eGaming News | Scoop.it

Gamification is bullshit.

 

More specifically, gamification is marketing bullshit, invented by consultants as a means to capture the wild, coveted beast that is videogames and to domesticate it for use in the grey, hopeless wasteland of big business, where bullshit already reigns anyway.

 

Bullshitters are many things, but they are not stupid. The rhetorical power of the word "gamification" is enormous, and it does precisely what the bullshitters want: it takes games—a mysterious, magical, powerful medium that has captured the attention of millions of people—and it makes them accessible in the context of contemporary business.

 

Gamification is reassuring. It gives Vice Presidents and Brand Managers comfort: they're doing everything right, and they can do even better by adding "a games strategy" to their existing products, slathering on "gaminess" like aioli on ciabatta at the consultant's indulgent sales lunch.

 

Gamification is easy. It offers simple, repeatable approaches in which benefit, honor, and aesthetics are less important than facility. For the consultants and the startups, that means selling the same bullshit in book, workshop, platform, or API form over and over again, at limited incremental cost. It ticks a box. Social media strategy? Check. Games strategy? Check.

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SNAI revenues hit by Q1 sports betting decline, Gaming Intelligence

Italian gaming operator SNAI has reported a 10 per cent drop in revenues to €141.0m (US$181.4m) for the first quarter of 2012, following a continued decline in sports betting.

 

Q1 Results

Euros (€) Q1 2011 Q1 2012
Revenues 157.1m 141.0m
EBITDA 33.2m 27.2m
Operating Income 17.3m 11.0m
Pre-tax Profit 9.2m 1.3m
Net Profit 6.5m 0.2m

 

As at March 31st the company had a net debt of €352.5m compared to €323.4m a year ago.

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“Betsson is clearly focused on the Nordics”, Yogonet.com

“Betsson is clearly focused on the Nordics”, Yogonet.com | Poker & eGaming News | Scoop.it

Betsson offers most internet based games, such as Sportsbook, Casino, Poker, Bingo, Scratch and Games


Betsson is both a B2C and a B2B player. We have 4 B2C brands and we operate 13 B2B brands on behalf of our partners.


Betsson is clearly focused on the Nordics, with a majority of its business there. We also see continued growth potential there. Outside the Nordics, we are established in a number of northern European markets as well as Italy and China.

 

I believe Sweden will re-regulate too. It will be a license system like that in Denmark, which is relatively favourable for the operators. However, it will still take a couple of years before it happens.

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India misses out on $1.5bn a year through lack of online gambling regulation, Online Casino

India misses out on $1.5bn a year through lack of online gambling regulation, Online Casino | Poker & eGaming News | Scoop.it

India is missing out on billions by not regulating online gambling.

 

There are also social and economic benefits that India is forsaking by not regulating gambling, and online gambling especially.

Regulation would create jobs, thus generating more tax income and taking pressure off social security budgets. 2008 research conducted in Ireland concluded that by 2020, regulated gambling could create as many as 13,000 jobs in a country with a population of 4.5 million (source: the Irish Times). Given the size of India’s population, the number of jobs created could be significant. It would bring in foreign investment, as any foreign operator would, by law, be required to take on an Indian partner company as part of the licensing process. Standard rates of tax and a properly regulated gambling market would offer Indian gamblers a stable and protected market in which to gamble.
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MGM to have online site by June, iGaming Post

MGM to have online site by June, iGaming Post | Poker & eGaming News | Scoop.it

MGM Resorts International will launch a casino-themed Internet game by June, said James Murren, chairman of MGM Resorts International.

 

The game “Casino Mogul” will be similar to Farmville and other social media games and provide a perfect Las Vegas, which he told the crowd means Vegas will have only MGM properties.

 

Murren said Internet gambling will be here this year at a state-by-state level. “We vastly prefer a federal solution,” he said.

 

Other sources: http://yogonet.com/english/2012/05/14/mgm-to-launch-online-casino-game-in-june

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