Business/Financial
Bet365 Family Coates Become Britain’s First Gambling Billionaires
Congratulations to Peter Coates, 75, his daughter Denise, 45, and son John, 43. The Coates family are about to become Great Britain’s first billionaires of gambling.
The elder Coates started Bet365 while his daughter is widely credited for building the brand’s online presence.
Probability Plc Looks at Potential US Online Gambling Alliances
(Reuters) - UK-based Probability Plc, a maker of gambling games for mobile phones, is in advanced talks with potential U.S. partners to break into the American online gaming market as several states relax betting restrictions.
The legalization of online gambling in New Jersey this year, following similar legislation by Nevada and Delaware last year is expected to persuade other states to change their laws.
Baccarat Accounts for 91 Percent of Macau Revenue
Baccarat has accounted for 91 percent of Macau’s gross revenue numbers and 67 percent of its gross income of 57.815 billion, according to the Gaming Inspecition and Coordination Bureau.
It’s Official: PokerStars Applies for NJ License to Operate Atlantic Club Casino
While news broke earlier in the year that the world’s largest real money online poker room was in talks to acquire the Atlantic Club Casino and Hotel in Atlantic City, PokerStars had not yet filed for the necessary licensing application with New Jersey’s Gaming Commission.
The company filed the application last week and will now undergo a 90-day review. Most industry experts believe PokerStars will ultimately be permitted to operate in the state.
Formula One Group Looks to Acquire Online Betting Exchange Betfair
A private equity firm that owns Formula One motor racing is looking into the possible purchase of Europe’s largest betting exchange, Betfair.
CVC Capital Partners confirmed on Monday it was in talks with investors about the possibility of a joint offer for the wagering firm, said to be worth around £800 million.
Bitcoin Down 75 Percent: CNN Profiles Currency
The virtual currency Bitcoin was down a whopping 75 percent in just under 48 hours and still falling Friday.
Bitcoins were down to $61.11 as of 9 a.m. ET Friday. Prices reached as high as $266 per Bitcoin around 7:30 a.m. ET Wednesday.
Winklevoss Twins Own 1 Percent of All Bitcoins: $1.3 Billion
The virtual currency Bitcoin may have lost nearly 75 percent of its value in recent days, remarkably bringing it back to last month’s levels, but that hasn’t stopped the Winklevoss twins from owning 1 percent of Bitcoin, equivalent to $1.3 billion.
PokerStars Target Acquisition Atlantic Club The Only March Money Maker in AC
Atlantic City reported a sharp decline in revenues of 10.5 percent for the month of March yet its most troubled casino outside of the cash strapped Revel witnessed the only revenue increase.
The Atlantic Club Casino (formerly the Atlantic City Hilton) enjoyed a 33 percent jump in revenues for the month of March.
Bitcoin Currency Hits $219: Stress Placed on Processors
Bitcoin, the virtual currency that has many online gambling operators starting to take notice, hit a record high of $219 on Monday.
Just one year ago, a single Bitcoin was worth just $9.
The big question now: Are we starting to see a bubble?
PartyGaming Little Traffic Gain From Zynga Partnership
With the huge news surrounding Zynga’s entry into the real money online casino and poker realm last week, the immediate impact seems anything but exciting.
Traffic numbers suggest Party has seen little, if any, gain.
This of course could change in the coming weeks and months as more and more Zynga existing users begin to stick their toe in the real money waters.
Shuttered Online Gambling Firm Intrade.com Facing Liquidation
It was revealed in recent days that the once popular online gambling trading site Intrade.com is facing a $700,000 cash shortfall and could end up in liquidation. Not good news for the hundreds of customers worldwide affected by last month’s abrupt closure.
Bitcoin Hacked: Leads to Buying Frenzy and 20 Percent Knocked Off Price
Virtual currency Bitcoin’s most popular exchange, Tokyo-based Mt.Gox was hacked Thursday, resulting in a massive buying frenzy.
20 percent was knocked off its price overnight Thursday as a result of the hacking. That, however, is just a drop in the bucket of the 360 percent rise in Bitcoin’s price over the past month.
Atlantic City Profits Down 27 Percent in 2012
(Associated Press) - Atlantic City's casinos saw their profit fall by more than 27 percent last year, even as revenue from non-gambling sources inched upward.
The city's casinos collectively posted $360 million in gross operating profits in 2012. They were hurt by having to close for up to a week for Superstorm Sandy.
Zynga Shares Up Nearly 15 Percent on Real Money Web Gambling News
News of Zynga beginning to offer real money online gambling in the United Kingdom sent its stock price rising 15 percent Wednesday. The company also intends to offer real money gambling in some regulated European countries over the next couple of months and the US by year’s end.
March Proves Lucky Again for Pennsylvania Slots: 2nd Highest Revenue Ever
March 2013 resulted in the second highest revenue ever for Pennsylvania slots. The most revenue ever occurred in March 2012.
“It’s probably because you do have the beginning of the upturn in weather normally that probably allows people to feel more safe in traveling,” said Doug Harbach, Spokesperson for the Pennsylvania Gaming Control said.
Pennsylvania’s 11 casinos witnessed a 1.6 percent decline in revenue compared to March 2012 where the total earned was $229.
Macau Gambling Revenue Up 25.4 Percent in March Over Same Period Last Year
Macau gambling revenue was up 25.4 percent in March compared to the same period last year.
Government data indicated that the world’s largest gambling destination experienced a rise to $3.92 billion.
Full year gambling revenue hit $38 billion last year.
Business from both mass-market and VIP, or high-stake gamblers, has been strong, RBC Capital Markets analyst John Kempf wrote in a March 25 note.
Casino companies like Galaxy Entertainment and Sands China Ltd. have been expanding and adding rooms.
- Aaron Goldstein, Gambling911.com
Cyrpus Banking Crisis Helps Bitcoin Value Rise (Video)
Despite news last week that the US Government has intentions of regulating the virtual currency Bitcoin, its value continues to rise at an incredible pace.
The reason: Tiny Cyprus in the Mediterranean. An island nation that was forced to enter a bailout while imposing what amounts to a 60 percent fee on high end bank balances with little warning.
NATIXIS Issues ‘Buy’ Rating for Gambling Powerhouse William Hill
NATIXIS reissued a ‘buy’ rating on shares of England’s biggest bookmaker and online gambling firm William Hill with a target price of $7.16 on its stock.
This move follows JPMorgan Chase cutting their price target on shares of William Hill from $7.70 to $7.33 in a research note to investors on March 21st.
Four analysts have rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company’s stock.
Online Gambling Stocks You Need to Watch in 2013
The Motley Fool released its online gambling stocks to keep a close eye on in 2013 and beyond.
With three states having already legalized Web wagering in various forms, others are sure to follow and some big name players in i-Gaming are gearing up to come online in the US some time in 2013.
Revel Casino Officially Files for Bankruptcy Protection
(Associated Press) - From the day it opened less than a year ago, Revel decided to break the rules.
The newest casino in Atlantic City banned smoking, didn’t offer a buffet, turned its back on bus-riding day trippers and focused on the upscale leisure traveler more than the slot-playing senior citizen.
But Monday, the $2.4 billion resort found it could not break the law of supply and demand as it filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Camden.
Zynga Relaunches Online Gaming Site: Loosens Facebook Ties
(Reuters) - Online game publisher Zynga relaunched its website on Thursday, allowing users to play its games without first signing on to Facebook, a significant step toward establishing its independence from Facebook Inc.
The relaunch of Zynga.com is the latest step in the slow dissolution of a special partnership that once bound two of the most influential players in the social Internet industry.
Caesars Stock Hits All Time High
Caesars Entertainment is up 17 of the late 18 sessions with its stock hitting an all time high.
The initial high occurred the first day of trading in February of last year. After going public, Caesars fell for nine months, bottoming at 4.52 in mid-November. It turned up then and continues on a roll.
Playtech’s Billionaire Founder Teddy Sagi About to See Huge Payday
With online gambling software provider Playtech entering into deals with Ladbrokes and a yet-to-be-named US casino partner, company founder Teddi Sagi is in for another big payout thanks in part to William Hill.
From the London Evening Standard:
Glu Mobile Launches Real Money Gambling, Shares See 27 Percent Jump
(Reuters) - Mobile games maker Glu Mobile Inc launched its first real-money mobile gambling game through UK mobile betting game designer and operator Probability Plc, sending the U.S. company's shares up as much as 27 percent.
Online gambling is growing in popularity in the UK. Zynga Inc and Facebook Inc are also looking to tap the market through partnerships.
Zynga plans to offer real money casino games in Britain, and Facebook has said it will allow users in the UK to wager real money on its site.
Yahoo Acquisition of Zynga Rumors Diffused Somewhat After Monday Surge
Rumors that Yahoo may be looking to purchase the world’s biggest provider of free online poker have Zynga’s shares soaring in recent days.
While down around 4 percent in midday trading Tuesday, the price of Zynga’s shares had risen 10 percent during Monday’s trading.
From the Wall Street Journal:
No Divine Intervention: Pope Bets May be Lost at Shuttered Intrade
With the abrupt closure of Dublin-based Intrade.com on Monday, there is increasing doubt that customers will see their monies returned and, it would appear, all those Pope bets will go up in smoke just like that smoke signal that will determine when the new Pope is selected.
Report: Yahoo Could be Looking to Purchase Zynga
Shares in online poker company Zynga surged over 8 percent Monday on news that Yahoo! was possibly considering buying the company.
Zynga’s shares have risen over 50 percent in recent months as the games developer makes plans to enter the real money online gambling market. So far, New Jersey, Nevada and Delaware have legalized various forms of online gambling.
Ex-Playtech, Asian Logic Man Greg Fermont Joins Bodog Asia
With Bodog Asia growing as both an operator and B2B provider the long search for a COO to join Managing Director, Robert Gustavsson and his team is finally over.
Greg Fermont’s industry experience speaks for itself with stints at Playtech, Asian Logic and most recently Sun City. Greg brings not just gaming knowledge to Bodog Asia but also years of regional experience so vital to success in the area.
Playtech, Ladbrokes Agree To Online Gambling Deal Based on Rev Share Model
Ladbrokes, the UK’s second largest bookmaker, has entered into a five-year deal with online gambling software firm Playtech.
As part of the deal, Ladbrokes will set up a separate digital marketing team based out of Israel.
The Ladbrokes-Playtech partnership closely resembles that of William Hill’s often tense relationship with the software provider, that was severed a week ago.
Zynga’s Mark Pincus Loses Billionaire Status
While casino magnate Sheldon Adelson ranked number 15 on Forbes newest Billionaire list, Zynga’s Mark Pincus has dropped off of it.
Poor Mark Pincus’ wealth has dropped into the hundreds of millions.
He’s appeared on the list over the past two years Zynga has been publicly trading.
