Poker Stocks in the news
Shareholders of Party Gaming and bwin Interactive Entertainment voted on Friday to approve the merger of their two companies, forming the largest online gaming business in the world. The new company will operate with its existing brands under the name bwin.party Digital Entertainment plc in which current bwin shareholders will hold a 51.6% stake, while… Read more »
The British territory of Gibraltar has announced that it will be drastically inflating its taxes on all online gambling firms starting in January, a decision that could prove costly for several online poker sites. Online gambling companies are currently paying just a 1% tax in Gibraltar, with a ceiling of £425,000, but starting next month,… Read more »
After several years of solo operation, Devilfish Poker has been sold to an English gaming group in an effort to expand that company’s profile further into the online gaming world. The sale was announced prior to the Christmas holidays. The Weather Lottery offers lotto operations as a method of fundraising and, in July, entered into… Read more »
In recent days, Party Gaming and bwin announced merger plans to form a giant gambling group that could become effective toward the end of the first quarter of 2011. The merger, which had long been rumored before the companies signed an implementation agreement in July, is expected to create the world’s largest listed online gambling… Read more »
Pennsylvania gaming authorities revoked the gaming license of a Foxwoods casino project in Philadelphia late last week, leaving lawmakers distressed over a potential blow to the city’s financial plan. The Pennsylvania Gaming Control Board, fed up after countless delays on the project, voted 6-1 to revoke a $50 million license for the South Philadelphia casino,… Read more »
Four years ago, Ladbrokes and 888 Holdings had a merger deal in place. Four months later, the deal was off. Now, as the calendar is about to read 2011, the Financial Times reports that discussions have been rekindled, as Ladbrokes is considering a bid for its smaller rival. The offer would reportedly be for 70… Read more »
Looking to expand its brand further into the global marketplace, Caesars Interactive Entertainment (formerly Harrah’s Interactive Entertainment) has entered into a joint venture with one of Italy’s top online poker companies, Microgame.it. In an announcement last Friday, Caesars Interactive and Microgame.it revealed a long-term agreement to co-brand Microgame’s online poker outlet, PeoplesNetwork.it, with the World… Read more »
In breaking news, Party Gaming co-founder Anurag Dikshit, who admitted to violating the Wire Act of 1961 two years ago, was sentenced to one year of probation by a New York court, according to Forbes. He has also coughed up $300 million and “agreed to cooperate in an ongoing investigation with Federal prosecutors.” Dikshit, an… Read more »
In a move that has many customers scratching their heads, the e-wallet service Moneybookers has rebranded as Skrill. Visitors to the popular online e-wallet found an interesting announcement on the company’s website upon arriving last week. Under a banner that stated, “We simply thought it was time,” Moneybookers opened up its announcement by indicating how… Read more »
Harrah’s Entertainment, which owns the rights to the annual World Series of Poker (WSOP), has canceled its initial public offering, or IPO, according to a statement released by the company on Friday. The fairly short announcement read, “Harrah’s Entertainment, Inc. today announced that it is not pursuing its initial public offering of common stock at… Read more »
Austrian-based online betting company bwin released its 2010 third quarter financial report on Thursday. The firm, which is listed on the Vienna Stock Exchange (WBAG) and the Frankfurt Stock Exchange (FWB), saw its total revenues for the third quarter rise 17.7% from the same period last year, but profits were down due to the expenses… Read more »
The online gaming world has been abuzz for the last few days over rumors that rivals Unibet and Sportingbet were in merger talks. However, both companies announced on Tuesday that negotiations have come to an end. Word of the potential business deal cropped up on Sunday with a report in London’s Sunday Times. There were… Read more »
Gaming Software firm Playtech posted its 2010 third quarter financial results this week and showed an increase in both gross income and revenue. The company announced gross income at €41.3 million, up 30% compared to the same period in 2009, while its total revenues were up 17% to €32.5 million, compared to €27.7 million in… Read more »
According to a press release distributed on Friday, Simon Duffy will become Non-Executive Chairman following the merger of Party Gaming and bwin, which is expected to occur in the first quarter of 2011. Neither company accepts players from the United States. The merger, which was announced in late July, combines two of the largest internet… Read more »
According to financial information released on Friday by Party Gaming, the parent company of PartyPoker, overall revenues were up 9% to €85.3 million in the third quarter of 2010 compared to the same period last year “with growth in all products except poker.” The company is in the midst of a merger with rival bwin.… Read more »
Harrah’s Entertainment Inc., the world’s largest casino company and owner of the World Series of Poker brand, filed an initial public offering (IPO) with the Securities and Exchange Commission on Monday. The company is going public just three years after private equity firms Apollo and TPG Capital took it private for $30.7 billion, and hopes… Read more »
Online betting site Ladbrokes PLC released its 2010 third quarter financial report this week, announcing a profit surge of 128% from the third quarter of 2009. Ladbrokes saw its profits rise from £22.4 million to £51.1 million ($81.4 million), helped greatly by World Cup betting. The company, which owns more than 2,700 retail betting shops… Read more »
Sportingbet PLC has reported to the London Stock Exchange and its shareholders a solid end-of-year report, showing increases across the board and settling legal issues with the U.S. government over the company’s business activities prior to 2006. Sportingbet, which owns Paradise Poker, ended its 2010 fiscal year at the end of June. On October 6th,… Read more »
The online betting company Betfair has generated enough orders from investors to cover all shares offered on the London Stock Exchange, just a day after the company set a price range for its initial public offering (IPO). Betfair said it would sell a 10% stake to public investors at between £11 and £14 ($17.50 and… Read more »
Global information giant Nielsen Media Research recently published a study that showed that despite the global economic downturn, online gambling traffic in the United Kingdom was up 40% year over year. While online poker has without a doubt been popular, it is actually online lottery sales that have been driving the growth. Topping Nielsen’s list… Read more »
After what has been a rough period for the industry, casino companies traded on Wall Street in the United States have begun to rebound during the final quarter of the 2010 fiscal year. One company that has made a significant recovery since the midpoint of the fiscal year is MGM Resorts International. The ownership behind… Read more »
888 Holdings, the gaming operator which owns 888poker, announced Tuesday that it will be cutting costs in order to address a loss in profits for the first half of 2010. The company has also decided to scrap its dividend in order to pay for acquisitions after the weak economy and World Cup caused a decline… Read more »
According to Reuters, casino giant Harrah’s will register 9.9% of its stock with the Securities and Exchange Commission (SEC). The shares are currently in the hands of John Paulson, investor and hedge fund extraordinaire. Reuters claims that the reason for the move is so Paulson can receive “registered, common voting stock.” eGaming Review noted that… Read more »
Online poker and casino software developer CryptoLogic announced Thursday that CEO Bryan Hadfield has stepped down following a poor second quarter that resulted in record losses for the company. Hadfield, who took over the position in 2008, will be replaced by Chairman David Gavagan on an interim basis. Hadfield joined CryptoLogic as a director in… Read more »
Fresh off hosting a summit on the future of gambling in New Jersey, Atlantic City casinos reported their July revenue, or “win,” this week. Year over year, casino revenues were down 5.0% to $363.9 million. All but two casinos reported decreases in win in July 2010 compared to the same month in 2009. The big… Read more »
