Business & Financial
IGT Proxy Fight: First Time Major Customers Enter Any Proxy Fight
In the July 16th, 1999 edition of Business Journal of San Jose Patty Hart of IGT claimed “Wringing more efficiency out of the organization is not what I do best. I’m a problem solver and team builder. I love talking to customers, employees, and engaging the outside world, not going to meeting after meeting to find out where we can take three seconds off our call times”.
IGT Urged to Immediately Commence ‘Dutch Auction’ Tender Offer
Orange Capital, LLC issued an open letter to the Chairman of the Board of International Game Technology (IGT). *Note that Jason Ader is being represented by top PR FIRM 5WPR (www.5wpr.com)
Orange Capital, LLC, a New York based investment firm, has issued the following open letter (text below) to the Board of Directors of International Game Technology (NYSE: IGT) in response to the Company’s recent share price performance and election contest with the Ader Group:
IGT Proxy Fight on CNBC: Ader Says Stock Price Should be Much Higher
Gaming analyst-turned advisor Jason Ader spoke Wednesday afternoon on CNBC regarding the ugly proxy fight at IGT.
Ader is spearheading efforts to take control of the board.
“There is a limited amount of gaming expertise (within IGT),” Jason Ader said regarding the current board members.
Ader feels IGT shares are very undervalued.
“Gaming companies are less healthy but there is big demand,” he noted.
IGT’s current management told CNBC that Ader had “no plan”.
“We want to see the stock price much higher,” Ader said.
Spain, France Want Combined Liquidity of Online Poker Players
The European model for online poker may provide a glimpse into what will occur in the United States.
A handful of European nations attempted ring-fencing of Internet poker on a nation-by-nation basis. To date, that experiment has mostly failed, even in Italy where there was some initial success.
Zynga Shares Up Following Stronger-Than Expected Revenue Report
Shares in the social gaming company Zynga were up 2 percent Wednesday morning following the release of stronger-than-expected financial numbers for the final quarter of 2012.
The company’s loss narrowed after it laid off workers and closed underperforming offices. Revenues, however, remained mostly unchanged.
The results exceeded Wall Street's expectations with shares rising nearly 7 percent in after-hours trading Tuesday evening.
Betmaker Exchange Customers Moved to Bookmaker
Bookmaker has taken over all existing accounts of the US-facing online betting exchange Betmaker, it was announced on Tuesday.
All funds are safe and the transfer of accounts was expected to be seamless.
The Delaware Lottery to Begin Offering Online Gambling by Fall
The Delaware Lottery has announced plans to begin offering “real money” online gambling no later than September.
The request for online gambling noted:
“All proposed components of the Solution must be delivered, installed, implemented, acceptance tested and ready to be operational by the agreed-upon schedule.”
Record $98.9 Million Bet on 2013 Super Bowl in Nevada Casinos
LAS VEGAS (Associated Press) — Sports fans bet a record $98.9 million at Nevada casinos on the Super Bowl.
The Gaming Control Board says unaudited tallies show 183 sports books made $7.2 million on the action. The San Francisco 49ers started out as a 5-point favorite but the Baltimore Ravens won 34-31.
Atlantic Club Casino Head Urges Chris Christie to Sign Online Gambling Bill
The head of the Atlantic Club Casino in Atlantic City is urging New Jersey Governor Chris Christie to sign a bill legalizing online gambling in the state.
The Rational Group, which owns the world’s largest real money Web poker room PokerStars, has agreed to purchase the financially strapped casino for an undisclosed amount and have promised to create at least 100 new jobs at the property.
Steve Wynn Supports Mathewson in Bid to Overthrown IGT CEO Patti Hart
Casino mogul Steve Wynn has come to the defense of former IGT chairperson Charles Mathewson in a bid to regain a seat on the company’s board.
Gaming analyst-turned investor Jason Ader and Mathewson are currently embroiled in a proxy fight with IGT CEO Patti Hart.
The company blasted both men’s efforts in a letter to shareholders issued on Friday.
Nevada Sportsbooks Will See Profit From Super Bowl Despite Taking Big Hits
Another safety and the Ravens win combined to make for a not-so-great Super Bowl for the Nevada sportsbooks. Still, most anticipated making a small profit.
They are also hopeful about beating the 2006 record, when $94.5 million was wagered on the big game.
AsianLogic and TotelFootball Deal Brings Fantasy Football Betting to Asia
Fantasy Football in Asia? Yes, this phenomenon is spreading like wildfire it seems.
Fantasy sports pools betting provider Totel Football has secured a deal with leading land based and online gaming operator AsianLogic, which will see AsianLogic spearhead growth throughout the Asia-Pacific region.
BitSynCom LLC Releases World's First Bitcoin ASIC Chips
After a year of speculation and rumor, the first application specific integrated circuits (ASICs) dedicated to Bitcoin mining have become a reality. Yifu Guo, 23, is now commercially shipping the fastest dedicated Bitcoin mining hardware in the world.
The custom processing hardware dramatically increases the security of the Bitcoin network and professionalizes the Bitcoin mining industry.
Macau Gambling Revenue Up 7.3 Percent
(Reuters) - Gambling revenue in Macau rose 7.3 percent in January year-on-year, riding on the waves of Chinese punters keen to bet in the world's largest casino market.
January's revenue at 26.9 billion patacas ($3.4 billion) was slightly weaker than analysts' forecasts of 10-12 percent growth.
Internet Gambling ‘Best Shot at Resuscitating Atlantic City’ Says Lesniak
In an interview with Bloomberg News, State Senator Raymond Lesniak (D-Union) urged New Jersey Governor Chris Christie to sign a bill he co-authored that would allow for Internet gambling in the Garden State. Lesniak called Internet gambling the “best shot” at resuscitating Atlantic City.
Scientific Games Acquiring WMS Industries
(Reuters) - Scientific Games Corp (SGMS.O), which makes tickets and software for lotteries, said it would acquire slot machine maker WMS Industries Inc (WMS.N) for about $1.42 billion to beef up its exposure to the booming casino gaming industry.
The deal, coming soon after casino operator Pinnacle Entertainment's (PNK.N) $869 million acquisition of Ameristar Casinos (ASCA.O) in December, highlights the consolidation in the casino industry driven by gaming demand from emerging markets such as China.
PPA Chief Meets With Chris Christie Staff to Talk Online Gambling Bill
With just a few days left for New Jersey Governor Chris Christie to either sign or veto a bill legalizing online gambling in the Garden State, Poker Players Alliance head John Pappas met with the a senior advisor to the Governor on Tuesday.
Tote Bet on Fantasy Football: New BetFred Deal
Betfred has signed a deal with TotelFootball to make pool betting on fantasy football available to Totepool.com customers. This is the first deal the Tote, now owned by Betfred, has done with a third party for another pool product and is indicative of Betfred’s ambitions to take pool betting to a new level, across all sports, internationally.
PokerStars would Save Over 1700 Jobs in Atlantic City
The parent company of the world’s largest real money online poker room, PokerStars, is looking to purchase the money-losing Atlantic Club Casino in Atlantic City.
Free To Play Online Poker Room ZEN Gaming Files for Bankruptcy
One of the leading free to play online poker networks, ZEN Gaming, has filed for bankruptcy protection with its future uncertain. The company relied heavily on an ad support platform but has been met with fierce competition, mostly from real money Web poker rooms that also offer the free to play format. Still, ZEN Gaming does boast of having more than 750,000 registrants with over $100k in cash prizes awarded monthly.
U.S. Hedge Fund Builds Stake in Greek Gambling Monopoly
(Reuters) - U.S. hedge fund Baupost Group has a 5.2 percent stake in Greek gambling firm OPAP, a regulatory filing showed on Tuesday, signaling foreign interest in the country's gambling monopoly before its privatization.
Boston-based Baupost Group, run by money manager Seth Klarman, unveiled the position after it exceeded a 5 percent reporting threshold under Greek law, OPAP said in the filing.
Baupost is the third investment fund holding a big stake in OPAP, which has a market value of 2.05 billion euros ($2.76 billion) on the Athens Stock Exchange.
Americas Cardroom Pays Out Record $1.3 Million in Online Super Series II
San Jose, Costa Rica – At a time when many online poker sites across the US are scaling things back and making it harder for players to enjoy rewards, Americas Cardroom is exceeding the expectations of online poker players in a big way. The US-friendly poker site today announced that its $1 million guaranteed online poker series, OSS II, has paid out a record $1.3 million in prize pool money.
Zynga Shares Soar Ahead of Earnings Report
SAN FRANCISCO – (Reuters) - Zynga’s stock rose 14 percent on Monday as investors grew more confident that the social games developer behind "Farmville" and "Mafia Wars" will deliver a solid set of quarterly results next week.
Its shares ended trading at $2.84, up 35 cents
PokerStars Compensates Players for Zoom Debacle
The world’s largest real money online poker room, PokerStars, had a little bit of egg on its face following a 2013 PokerStars Caribbean Adventure "Zoom Challenge" that turned out to be more of a challenge for the company itself after a handful of players were deemed to have received an “unfair advantage”.
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Major US-Facing Online Gambling Site Confirms Bitcoin Implemenation
Sources close to Gambling911.com have confirmed that one of the bigger names in US-facing online gambling is in the process of developing a Bitcoin platform.
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Patti Hart Purge: IGT Proxy Fight Makes the Wall Street Journal
An intense proxy fight at online gambling behemoth IGT has made it to the pages of the Wall Street Journal.
Don’t Call It Piracy: Antigua to Begin Copyright-Free US Media Downloads
The tiny Caribbean island of Antigua is set to begin selling copyright-free US movies, DVDs, CDs, games, software a more beginning this coming Monday January 28, 2013.
The move is in response to the USA’s failure to adhere to a World Trade Organization ruling made several years ago in regard to online gambling.
Paddy Power Projects Slot Machine on Milan Stock Exchange
(Reuters) - Irish bookmaker Paddy Power , known for its provocative advertising and innovative gambling products, projected a slot machine on the Milan stock exchange on Wednesday to promote its expansion in the growing online Italian gambling market.
The Dublin-based group said it aims to become one of the top five online bookmakers this year in the growing Italian market, dominated by local operators Lottomatica, privately owned Sisal, and Snai.
Ladbrokes Buys Betdaq for €30m
One of the United Kingdom’s biggest bookmakers, Ladbrokes, has agreed to acquire Betdaq from TBH Ltd. in a deal said to be worth €30m. Ladbrokes will also acquire a 10 percent stake in TBH Guernsey Ltd, which is the technology partner of Betdaq for an additional €4m.
Bitcoin Casino SatoshiDice Results Raise Eyebrows in Online Gambling Sector
The numbers don’t lie. Bitcoin casino SatoshiDice, based out of Dublin, Ireland, has recorded a daily profit of ฿135.96 (£1,527) per day, and those numbers continue to grow as more and more Web gamblers become acquainted with the alternative anonymous online currency.
Not only is Bitcoin a sort of niche currency, SatoshiDice itself falls into the niche category, making these numbers all the more impressive.
