Monthly Archives: August 2016

Scientific Games acquire DEQ Systems, launch Stadium Baccarat at Mohegan Sun

Gaming technology provider Scientific Games has struck a deal to acquire Canadian rival DEQ Systems.

On Wednesday, Sci-Games announced that it had entered into a definitive agreement to acquire the Toronto-listed DEQ for C$0.38 per share. The deal, which requires the support of 2/3 of DEQ shareholders at a vote in late October or early November, is expected to close in Q4 2016 or Q1 2017.

The deal values DEQ at around C$27.2m (US $20.7m). In the 12-month period ending May 31, DEQ reported revenue of C$9.5m.

Roger Snow, Sci-Games senior VP of Table & Utility Products, said his company was eager to gain access to DEQ’s library of table games, table progressives and random bonusing systems.

Gala Coral pleads for tax mercy after posting £25m loss

UK-listed gambling operator Gala Coral Group lost over £25m in its final quarterly results before its merger with rival Ladbrokes, largely due to increased taxes and one-off items.

In the 12 weeks ending July 2, Gala Coral revenue improved 10% to £264m and earnings rose 13% to £57.7m but the company lost £25.6m due to exceptional items.

These one-off costs included impairment charges from closed retail shops, early repayment of debt and £12.6m associated with the Ladbrokes merger. But the company was also laid low by a killer combo of recent tax hikes and regulatory restrictions.

Gala Coral said that absent these regulatory requirements, including “teething problems” implementing new online player protection rules, revenue would have risen 28%. For the fiscal year to date, incremental tax costs totaled £22.1m while new fixed-odds betting terminal staking restrictions shaved a further £7.2m off YTD earnings.

Gala Coral pleads for tax mercy after posting £25m loss

UK-listed gambling operator Gala Coral Group lost over £25m in its final quarterly results before its merger with rival Ladbrokes, largely due to increased taxes and one-off items.

In the 12 weeks ending July 2, Gala Coral revenue improved 10% to £264m and earnings rose 13% to £57.7m but the company lost £25.6m due to exceptional items.

These one-off costs included impairment charges from closed retail shops, early repayment of debt and £12.6m associated with the Ladbrokes merger. But the company was also laid low by a killer combo of recent tax hikes and regulatory restrictions.

Gala Coral said that absent these regulatory requirements, including “teething problems” implementing new online player protection rules, revenue would have risen 28%. For the fiscal year to date, incremental tax costs totaled £22.1m while new fixed-odds betting terminal staking restrictions shaved a further £7.2m off YTD earnings.

Nevada casino revenue spikes on baccarat, sports betting

Nevada casinos had an especially sunny July thanks to serious spikes in baccarat and sports betting revenue.

Figures released Wednesday by the Nevada Gaming Control Board show statewide casino gaming revenue rising 10% year-on-year to just over $1b. The gains were even more stellar on the Las Vegas Strip, which was up nearly 17% to $613m.

Of all the numbers, the most striking is the state’s sportsbooks, which reported revenue up 1,021% to $11.1m. The numbers were goosed by baseball, which more than doubled to a record £11.8m, and the ‘other’ category, which spiked 239% to $2.3m, presumably due to the tail end of the Euro 2016 football tournament.

The sports numbers would have been even higher were it not for laggard basketball bettors cashing in $3.2m worth of winning tickets. The state’s race books contributed another $4.2m, essentially flat year-on-year.

WPT Legends of Poker Day Three Recap: Olivier Busquet Out, 13 Left

WPT Legends of Poker Day Three in Los Angeles saw some greats advance, and others get felted. Olivier Busquet, who can pack a punch both on and off the felt, isn’t among those moving on. Instead, he’s headed home, after busting in 19th place on Tuesday. There were other well-known players who headed for the exits […]

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888 sports betting product contributing 10% of group revenue

UK-listed online gambling operator 888 Holdings says its fledgling sports betting product has come of age and is now contributing nearly 10% of group revenue.

Numbers released Wednesday show 888’s overall revenue rising 19% to $262m in the six months ending June 30, while adjusted earnings rose 8% to $44.1m and profit before tax jumped 39% to $27.8m.

888’s dominant casino vertical was up 31% to $137.4m thanks to a 35% rise in active players, which the company attributed to innovative CRM and premium content, as well as the launch of its 777.com brand at the end of 2015, and cross-sell from Sport.

Speaking of, 888Sport saw its revenue jump 63% to $25m thanks to the Euro 2016 tournament, improved performance in Spain and regulated market launches in Italy and Denmark. 888 says sport remains “a major growth opportunity” in terms of both revenue and customer acquisition.