Business & Financial
GVC Looks Towards More Acquisitions Following Sportingbet Success
(Reuters) - GVC is looking at further acquisitions after turning around the Sportingbet businesses it acquired last year, the online gambling company said on Wednesday.
GVC, one of the smaller players in the sector and listed on the AIM stock market, said operating profit more than doubled to 38.3 million euros ($52.8 million) in 2013, boosted by moving Sportingbet into the black.
"We are now ready for the next stage in our corporate development and further geographic expansion through organic growth and acquisitions," Chief Executive Kenneth Alexander said.
Online Super Series III Pays Out a Record $1,176,445 in Prize Money
It's not just the upcoming LSOP Millions II that has online poker players excited about the concept of a million bucks. Leading online poker site Americas Cardroom today announced that its $900,000 online poker series paid out nearly $300,000 more than what had been guaranteed, handing out a record $1,176,445 in prize money.
Intrade Co-Founder Brings Back TradeSports Prediction Market Platform
Originally debuting as TradeSports, the now defunct Intrade is being reincarnated using the original branding strategy.
Intrade Co-founder Ron Bernstein is starting a test phase for his company on Monday (April 14, 2014).
“Sports are always going to be the best laboratory for prediction markets,” he says. “All those things now are just recorded and data-mined and discussed.”
You Can Really Bet on WWE Wrestling? Bookie Gets Crushed by Lesnar Win
Online bookmaker Bovada.lv is likely regretting the decision to start taking bets on WWE Wrestling, and more specifically WrestleMania.
Sunday night the book got crushed by two big underdogs winning their respective matchups, a rarity in professional wrestling.
Atlantic City 2013 Revenue Lowest Since 1989
ATLANTIC CITY, N.J. (Associated Press) - Not even a boost from Internet gambling money and the comparison with an extremely slow period after Superstorm Sandy could prevent Atlantic City's casinos from seeing a big decline in their earnings in 2013.
The casinos saw their gross operating profits decline by nearly 35 percent last year.
The 12 casinos that operated in 2013 - the Atlantic Club shut down in January of 2014 - posted a collective gross operating profit of $235 million, down from $360 million in 2012.
Playtech Gets ‘Buy’ Rating From 12 Agencies
Online gambling software firm Playtech has received a “buy” rating from 12 different agencies that cover the stock.
From the MidEast Times:
Five equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is GBX 816.10 ($13.53).
Ladbrokes Made £1Billion in One Month From 'Crack Cocaine' of Gambling (Video)
UK Prime Minister David Cameron has announced his administration is about to embark on a crackdown of the so-called “crack cocaine” of gambling, high speed, high stakes gambling machines that have, until now, proven especially profitable for bookmakers.
Just how profitable?
Can I Play On New Jersey Online Gambling Websites If I Live in New York?
Live in New York State but you wish to play on one of New Jersey’s online gambling websites? You can do so, with a catch.
All of New Jersey’s licensed and regulated Internet gambling websites incorporate geolocation technology that prevents individuals from placing real money bets from outside the Garden State.
BC Lottery Laying Off 67 as Part of Massive Job Cuts
VANCOUVER – (Canadian Press) - Gaming employees are facing layoffs, after the BC Lottery Corporation announced Friday it was eliminating 67 positions in the province, including 33 in Vancouver.
The job losses come after the departure of CEO Michael Graydon to the private sector in January, and as the corporation faces a financial audit by the provincial government.
Interim CEO and President Jim Lightbody says the layoffs were prompted by significant financial pressures, which he blames on rising operating costs and flat revenue growth.
Boston Residents May Have Say Regarding Everett, Revere Casinos: Hearing May 1
BOSTON (Associated Press) — The state gambling commission will call a public hearing next month to consider Boston's bid to be declared a host community for proposed casinos in Everett and Revere.
The five-member Massachusetts Gaming Commission voted Thursday to call a May 1 meeting, with a decision on the city's status to be decided shortly thereafter.
If granted, host community status would give Boston voters an opportunity to weigh in on casino proposals by Mohegan Sun in Revere and Wynn in Everett.
‘Flash Boys’ Author: Poker Player David Einhorn a 'Dumb Tourist' in a Casino (Video)
Speaking on Bloomberg TV, Michael Lewis referred to famed hedge funds manager and high stakes poker player David Einhorn as a “dumb tourist” in a casino.
Lewis is the author of “Flash Boys”, which delves into the risky world of high-frequency trading.
Lewis spoke to Bloomberg TV host Stephanie Ruhle.
Here a portion of that exchange:
Facebook Real Money Mobile Online Gambling Speculation With Oculus Acquisition
There has been plenty of speculation of late that social media giant Facebook could be planning to leap into the mobile online gambling market with its recent acquisition of Oculus.
Chinese Mining, Gambling Tycoon Charged With Murder Goes on Trial
A former Chinese mining tycoon who started his career by running gambling centers in Guanghan is set to stand trial in the murder of nine individuals. His brother and 34 associates of their “mafia-style” gang were also charged in February.
United Chicago-Atlantic City Flights Take Off: Online Gambling Can Benefit
Great news for Atlantic City as New Jersey’s seaside gambling Mecca will now have a direct link to Chicago. United Airlines began offering direct flights between the USA’s second largest city and Atlantic City this week.
The Port Authority of New York and New Jersey recently took over Atlantic City’s under-utilized airport and, in doing so, convinced the 3rd largest airline in the US to start offering flights there. In addition to the daily flight to and from Chicago, United will offer a round trip flight to and from Houston.
Ronn Torossian With 4 PR lessons Businesses Can Learn From NFL free agency
NFL free agency is in full swing and Gambling911.com readers will be monitoring all the latest developments to provide them with that betting edge.
Another Strong Quarter for Macau Gambling
* Monthly haul of $4.4 billion is third-highest on record
* March revenue at the top end of analyst estimates (Adds details on market, VIP segment, shares)
By Farah Master
HONG KONG - (Reuters) - Macau, the world's casino capital, raked in $4.4 billion in gambling revenues in March, boosted by robust demand from Chinese visitors keen to bet in the country's only legal casino hub.
Growth in Macau, a special administrative region like neighbouring Hong Kong, was up 13 percent in March, at the top end of analyst estimates of 10-13 percent.
The Sheldon Adelson Some in the Media Have Forgotten: Bribery, Islamophobia
As casino billionaire and GOP mega donor Sheldon Adelson mulls his options for a “winnable” 2016 US Presidential candidate, Media Matters provided a glimpse into some of Adelson’s dark side – so to speak.
PokerStars Likely to be Prevented From Entering New York, California
Despite reportedly spending substantial amounts of money on lobbyists to push for legalized online poker in the state of New York, a provision in draft legislation could prevent the world’s largest real money online poker room, PokerStars, from setting up shop in the Empire State.
Crimea to Become Russian Gambling Zone Following Annexation
Following Russia’s controversial annexation of Crimea from the Ukraine in recent weeks come word that the Kremlin has decided to make the region a “gambling zone” perhaps similar to something along the lines of China’s Macau.
Hong Kong Shares Up Before Gambling Revenue Data
BEIJING (Reuters) - Hong Kong shares edged up on Monday as a selloff in energy and manufacturing heavyweights on disappointing earnings was offset by strength in gaming stocks before the release of monthly Macau gambling revenue figures.
Mainland China shares were little changed as some recent gainers were hit by profit-taking but strength in energy shares supported the index.
At midday, the Hang Seng Index was up 0.3 percent at 22,127.25 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong was up 0.4 percent.
Nevada Gambling Revenue Falls 14 Percent
LAS VEGAS (Associated Press) - State officials say Nevada gambling revenues tumbled 14 percent in February and took an even bigger dive on the Las Vegas Strip.
The Nevada Gaming Control Board reported Friday that the state's casinos won $926 million in February, down from more than $1 billion in February 2013.
Las Vegas Strip gambling revenues fell more than 20 percent last month to $556 million. The story was happier in downtown Las Vegas, where casino revenue rose 3 percent to $43 million in February.
Paddy Power Takes Bets on Which Animal Will be Killed Next at Copenhagen Zoo
In recent weeks, when one thinks of the word “shameful” throughout Europe, three things come to mind: Putin, Copenhagen and Paddy Power, and not necessarily in that order.
Mobile Online Gambling in New Jersey Makes Up One Quarter of Market
A report this week shows that mobile online gambling in New Jersey has accounted for more than a quarter of the overall market at one of the leading websites, WSOP.com. This includes tablets such as the iPad.
Reuters: Casinos to Vet High Rollers Funds
(Reuters) - U.S. casinos may soon have to vet where their high rollers' funds come from under a requirement being developed by the U.S. Treasury Department, according to two people familiar with the matter.
The move is part of a push to address longstanding regulatory and law enforcement concerns that criminals can use casinos, which have not historically been as closely monitored as banks for compliance with anti-money laundering laws, to convert proceeds of crime into money that appears clean.
PokerHost Moves to Equity Poker Network: Leaves Merge Gaming
PokerHost.com, the online poker arm of sports betting website SBG Global, will be leaving the Merge Gaming Network and moving to the newly formed Equity Poker Network, it was revealed on Wednesday.
Equity Poker is currently home to the online poker arms of Heritage and 5Dimes sportsbooks.
Caesar’s to Shut Down Harrah’s Casino in Tunica
JACKSON, MISS. — (Associated Press) - Caesar’s Entertainment said Wednesday that will close its Harrah’s casino in Tunica on June 2 and lay off as many as 1,300 workers.
Las Vegas-based Caesar’s, which owns Harrah’s Reno, Harrah’s Lake Tahoe and Harveys Lake Tahoe, also owns the adjoining Horseshoe Tunica and Tunica Roadhouse in a nearby complex. The company said employees will have preference for openings at those operations and at Caesar’s properties under development in Las Vegas.
New Jersey Online Gambling Estimates Cut by 7 Percent
ATLANTIC CITY, N.J. (Associated Press) — Morgan Stanley has lowered its estimate of the U.S. Internet gambling market to $3.5 billion by 2017, down from a previous forecast of $5 billion.
The Wall Street firm cited worse-than-expected technical issues, but says it's optimistic about the new industry's long-term prospects, with an $8 billion market by 2020.
It also lowered its first full year estimate of New Jersey's Internet gambling revenue from $541 million to $203 million. Fitch Ratings is sticking with its $200 million forecast for New Jersey this year.
888 Holdings Sees Surge in Share Price
888 Holdings, the online gambling firm, was up 8.6% Tuesday in trading.
The company has reported a 30% increase in pretax profit in 2013, driven by a continued strong performance from its core casino and poker products.
It said that pretax profit rose to USD53.2 million in 2013, up from USD40.8 million the year before, as revenues for the year rose to USD400.5 million from USD375.8 million.
Bill to Allow NJ Licensing of Foreign Internet Gambling Firms One Step Closer
(Associated Press) - A plan to let New Jersey casino regulators oversee foreign Internet gambling companies if they move their operations to Atlantic City has moved a step closer to approval.
A state senate wagering committee approved the bill Monday.
The measure is sponsored by Sen. Raymond Lesniak. He says many overseas gambling companies want the stamp of approval that would come from submitting to New Jersey's casino regulators, who are among the strictest in the nation.
The foreign firms wouldn't be able to take bets from anyone in the United States.
William Hill, Ladbrokes Shares Hit Again Following UK Budget Woes, Downgrades
Leading UK bookmakers William Hill and Ladbrokes witnessed yet another share decline on Monday following a downgrade and unfavourable football results over the weekend.
Hill dropped 1.33% Monday, Ladbrokes dropped 0.53%.
