Online Casino News From Around the Globe

Mecca Bingo Hall Owner See Revenues Drop By 41 Percent Following Challenging Year
Aug16

Mecca Bingo Hall Owner See Revenues Drop By 41 Percent Following Challenging Year

Revenues for Mecca Bingo owned Rank Group have plummeted by no less than 41 percent in the year to 30 June. The main reason for this drastic decline was less bingo and casino customers attending venues as well as tighter regulatory controls which are being imposed on the sectors. Revenues for the Group’s Grosvenor Casino business also saw a 6.1 percent drop for the same period with visitors to Mecca Bingo falling by 7.9 percent. In light of the poor results Rank’s share price dropped by over 3% to 170.50p after plummeting over 6% earlier on in the day. The Rank Group said that operating profit for Mecca Bingo fell 4.3 percent this was actually a smaller decline than expected. The positive news is that digital revenues increased by 9 percent to £122.5m. This however could not make up for the falling numbers of players attending the bingo halls. Rank CEO John O’Reilly was quick to reassure investors that they were set to implement a plan to turnaround the poor performance, He said,” We are taking steps to increase our focus on the customer, to accelerate growth in the digital business, to drive cost efficiencies across the business and to strengthen our organizational capabilities. This will be delivered within a transformational programme framework, which will ensure that we deliver a growing Rank Group that is fit for the...

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FanDuel Co-Founder To Sue After Not Receiving a Penny From Paddy Power Betfair Merger
Aug15

FanDuel Co-Founder To Sue After Not Receiving a Penny From Paddy Power Betfair Merger

The acquisition of daily fantasy sports company FanDuel by Paddy Power Betfair for $465m this year should have translated into major money going to the founders. This however was not the case and FanDuel founder Nigel Eccles who founded the company in 2009 is seeking legal action to remedy this. Eccles who stepped down as CEO about six months before the acquisition did not get a single penny from the deal. In terms of the acquisition there was some creative “financial arrangements” in place which resulted people who owned non-preferred shares like regular employees and founders not getting any financial benefits from the acquisition. Eccles understandably believes that this arrangement was unfair and goes on to claim that FanDuel was purposely undervalued in the deal in order to cut him and other employees out of the money. Eccles filed a petition in the Scottish Civil Court in conjunction with FanDuel’s other three co-founders demanding that the company be revalued. He believes that the three founding members cumulative shares are worth over $120m. To add insult to injury, the current CEO of FanDuel Matt King is expected to cash in on the merger deal. The petition goes on to say that,” The decision of the board (whose interests are aligned with preference shareholders), not to seek and act upon a new market valuation in the face of a material event, which is likely to have significantly increased the market valuation of FanDuel, is a breach of its fiduciary duties.” Unsurprising a FanDuel Spokesperson rejected the claims and said,” The petition is simply not rooted in facts or reality. In preparation for this deal, an exhaustive process was undertaken with the anticipation of PASPA’s likely repeal. The deal was consummated consistent with the corporate governance rules and cap table established under the former founders’ leadership. The facts are that this was a sound business transaction that achieved the highest valuation possible for shareholders and was the right strategic move for the company’s...

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Online Gambling Revenues In New Jersey Reach Record Highs For Month of July
Aug14

Online Gambling Revenues In New Jersey Reach Record Highs For Month of July

New Jersey’s online gambling revenues have been soaring for many months and new records are being set. The New Jersey Division of Gaming Enforcement (DGE) released figures on Tuesday which show a record generating month for the Garden State. Online gambling revenues recorded $25.9m for the month of July which is a $5.3m increase year-on-year and beats the previous highest revenue month in March this year by $300k. Once again the star performer is the Golden Nugget casino who reported just over $9.3m from their online casino operations. This is also an all-time record high for the Golden Nugget whose previous highest revenues was $8.65m in the month of March. Second place again was the Borgata with $4.9m in total with nearly $468k coming from Poker sites. Third place was Resorts Digital Gaming with $3.94m, of which $653k came from Poker. Fourth place went to Caesars Interactive Entertainment with just under $3.8m. Fifth top highest earner was the Tropicana with $3.35 million. The latest igaming revenues make total online revenues for the year-to-date $165.4m which is a 16.5% increase. Revenues in the new are expected to grow with the newly launched Ocean Resort Casino and Hard Rock Atlantic Casino which started generating...

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Problem Aboriginal Gambling To Be Addressed In Victoria Meeting
Aug13

Problem Aboriginal Gambling To Be Addressed In Victoria Meeting

The negative impact of gambling on vulnerable communities is a common accusation of gambling opponents. We have seen this in the UK with fixed odds betting terminals and in the US where many casinos are located in Native American tribal lands. The location of casinos in vulnerable and lower socio economical areas is no coincidence and many believe that this reality has a devastating effect on the local community. The aboriginal community in Australia is yet another example of this as gambling addiction is higher within that community in comparison to the overall population. In response to this the Victorian Responsible Gambling Foundation will host a meeting to discuss the harmful impact on Victoria’s Aboriginal community.This meeting is unique in Australia and will attract both local and international experts. Over $200,000 will be pledged by the state government over three years to fund gambling research in Aboriginal communities. Foundation CEO Louise Glanville commented on the new efforts to tackle the gambling problem and said,” This project will aim to help us understand and build on Victorian Aboriginal Health Service’s own successes in supporting Aboriginal communities affected by gambling harm, and offer the Foundation insights into how we can better support other communities facing similar challenges.” The foundation’s work includes efforts on their part to assist people from recovering from harmful gambling...

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Ireland Looking Into Banning All Gambling Advertising
Aug09

Ireland Looking Into Banning All Gambling Advertising

The issue of gambling companies advertising on public channels is a heated one with various approaches being adopted by governments. The much talked about ban by the Italian government on gambling adverts has led to a debate as to how best approach the problem of irresponsible gambling adverts. Paddy Power Betfair have just announced their Q2 profits which increased by 4% and are certainly a good example of how important gambling ads are for their overall revenues. Ireland is the latest country to consider banning gambling advertising as President Michael Higgins looks to protect the “ integrity” of the sport in the republic. This has led to Paddy Power Betfair CEO Peter Jackson questioning the proposal for a blanket ban on advertising. He insists that other methods should be considered when looking for ways to tackle the issue of problem gambling. Like many President Higgins believes that by banning ads from live sports broadcasts would help the overall problem of gambling in Ireland. Jackson on the other hand is aware of the necessity to address problem gambling but is not convinced that an outright bands is necessarily the right answer. He went on to say that they’d like to see progress on the gambling bill and “ will operate within the framework that’s put in place- that countries and politicians decide. “ He also added that Paddy Power Betfair have been very good in supporting of responsible gambling in...

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