Gambling News: Antoine Walker Vegas Debts, 888.com
Former NBA star Antoine Walker will appear in court to face felony charges for writing a bad check and failing to pay $900,000 in gambling debts to three Las Vegas casinos.
Walker's lawyer, Jonathan Powell, appeared Tuesday before a Las Vegas judge, who set arraignment June 14 for Walker on criminal charges that could get him up to 12 years in prison.
Walker filed for bankruptcy last week. It claims US$12.7 million in liabilities and $4.3 million in assets - including the 2006 NBA championship ring Walker won with the Miami Heat.
To date, Walker has paid $135,000 towards his debt.
888.com Profit Warnings
888.com's share price dropped 13 percent following a profit warning on Tuesday.
The company has complained about competition in the online poker market from US-facing brands.
888 also cited an estimated $5m loss from currency movements. Only bingo seems to be enjoying some degree of success, according to the online betting firm.
888's statement read: "Revenue has been impacted by the weakness of the Euro and Sterling against the US Dollar (the company's reporting currency)... Management estimate that May revenue would have been approximately US$1.9 million higher had exchange rates remained at their January average levels."
The company is in the process of applying for a French gaming license.
Ivor Jones, an analyst at brokerage Numis Securities, argued that "trading is clearly continuing to deteriorate at 888 and, unlike a month ago, the scale of potential cost-cutting is not enough to compensate."
Playtech Strong Trading Reported
Playtech, the online casino software firm, is reporting a strong second quarter in 2010 so far.
In its AGM statement, the group has indicated that, following an excellent Q1 (results released 5 May 2010), its ‘performance has continued to improve'.
Today's positive news follows that last week of the group contracting with Finland's monopoly land-based gambling operator, RAY, to provide an exclusive online casino and poker (cash and tournament) offering when the State legislation allows RAY to offer an interactive, monopoly and Statecontrolled product from Q3 2010.
Playtech, in line with the market, has had a turbulent share price run in recent weeks and now stands at a 16% discount to its 12-month high achieved one month ago.
Alistair Prescott, Gambling911.com
