Business & Financial
Pinnacle Sports Denies Any of Its Employees Under Arrest: Business as Usual
In a statement issued by Curacao-based Pinnacle Sports, the company has denied any of its officials have been arrested as part of a massive nationwide sting operation that netted the Sportsbook Director of the M Resort, Michael Colbert.
Pinnacle Entertainment 3rd Quarter Loss Narrows
LAS VEGAS (Associated Press) — Shares of Pinnacle Entertainment hit annual highs Wednesday after the casino operator halved its losses for the third quarter and beat Wall Street expectations.
The company lost $358 million, or a penny per share, compared with $790 million, or a penny per share, a year ago. The company took a bigger loss from discontinued operations last year, which cause the per-shares results to even out. Adjusted income per share, which takes out some expenses, sold properties and other one-time items, rose 20 percent to 30 cents per share.
Zynga Partners With Bwin.Party to Offer Real Money Online Poker in UK
(GlobeNewswire via COMTEX) -- Zynga, the world's leading provider of social game services, and bwin.party, the leading international real money gaming operator, today announced an exclusive partnership to offer real money online Poker and Casino games in the UK market. Zynga's UK-based RMG service and bwin.party will launch RMG products including Poker and a full suite of 180 Casino games in the first half of 2013, which include table games such as slots, roulette and blackjack.
Zynga Shares Jump After Company Revenue Beats Expectations
(Reuters) - Zynga Inc raised the lower end of its 2012 earnings outlook after quarterly revenue beat Wall Street's rock-bottom expectations, driving its shares 13 percent higher.
As pressure fell on the embattled "FarmVille" creator to show Wednesday that it has stabilized its spiraling business, the company assuaged investors with a series of minor announcements, from a new deal with British firm bwin.party to offer online real-money gambling in the United Kingdom to a $200 million share buyback plan that would lift its dismal share price.
Despite Shedding European Market, Bodog Poker Close to Cracking Top 10
Earlier this month Bodog Poker announced it will no longer be servicing the European market, citing the regulatory barriers for individual nations and a renewed focus on the Asian market.
Taking this into account, it is somewhat surprising that Bodog appears to be on the verge of cracking the top 10 most trafficked online poker networks in the world according to PokerScout.com, a traffic monitoring website.
EuroClub Network: The Newest Online Poker Network Debuts With Goldbet
Euroclub Network Ltd. announced today that it launched a new online poker network, branded League Network, with its showcase premier customer, Goldbet. The League Network differentiates itself from other poker networks through its focus on entertainment value, balanced player pools across partner sites and higher partner revenues, as sites operating on the League Network will not offer rakeback.
Zynga Lay Offs in Boston, Austin, Japan and Great Britain Leave Hundreds Out of Work
Zynga on Tuesday announced it was laying off 5 percent of its full-time workforce, mostly in Boston and Austin. It will also be shutting down offices in the UK and Japan.
Reuters News Service received a copy of the message to employees, which came a day before third-quarter earnings were to be announced.
"This is the most painful part of an overall cost reduction plan that also includes significant cuts in spending on data hosting, advertising and outside services, primarily contractors," Pincus said in his memo.
Stratosphere Owners Will Have Online Poker Live by December
In an exclusive interview with Alec Driscoll, Director of Gaming Development for American Casino & Entertainment Properties, it was revealed that the established casino operator’s free online poker site should go live by December.
William Hill Online Poker Revenue Down
William Hill, the United Kingdom’s largest bookmaker, reported net poker revenue down 24 percent in the third quarter of 2012. Hill’s online poker platform is tied to Playtech and its iPoker Network, the 2nd most trafficked in the world.
The change is significant compared to last year during the same period.
Sportsbook turnover, on the other hand, was up 27 percent while the casino grew by 2 percent. Bingo was up 6 percent.
MGM to Develop New Casino in Macau
HONG KONG - (Associated Press) — The Chinese arm of U.S. casino company MGM Resorts International signed a land deal Thursday for a new $2.5 billion casino resort in Macau, the world's biggest gambling market, hoping to catch up with the rapid expansion of rival casino operators.
MGM China Holdings Ltd. said it formally accepted a long-awaited land concession contract from the Macau government for a 7.2 hectare (17.7 acre) plot in the Cotai district, an area of reclaimed land that's earmarked for all new casinos in the Asian gambling haven.
Isaac Haxton Joins Team PokerStars
One of the poker world’s smartest, most successful and fearless young talents, Isaac ‘philivey2694’ Haxton has joined PokerStars as the latest member of Team Online. The high stakes pro, who is one of the best known players never to have represented a poker site, has chosen to make PokerStars his home because he believes in what the world’s most popular poker site represents.
South Point Poker Real Money Launch Delayed
Testing delays and ongoing negotiations with Nevada regulators may result in South Point Poker pushing its launch date to December or, quite possibly, the start of the new year.
South Point had hoped to be the first to launch its real money online poker site in the newly regulated Nevada market. South Point Poker will be operated by the South Point Hotel and Casino in Las Vegas.
Three other Web poker ventures are vying to get a much needed jumpstart including rival Station Casinos.
Olympics and Cancelled Horse Races Hurt Ladbrokes Bottom Line
(Reuters) - Blanket Olympic television coverage and canceled horse races in a soggy summer reduced the sums gambled in British betting shops, bookmaker Ladbrokes Plc said on Thursday.
The Olympics in London were hugely popular with Britons but this did not translate into a surge in business for bookmakers, as many of the sports in the Games do not attract large numbers of gamblers.
Shares in 888 Holdings Up 18 Per Cent Wednesday
Shares in the world’s 4th largest real money online poker provider, 888 Poker, rose 18 per cent on Wednesday, up to 109p.
The Financial News reports that 888 Holdings revenue in the past three months has risen 7 per cent to $92m, compared with the same period last year. Must of this is the result of a 21 per cent rise in poker revenue to $22m. The company has witnessed strong results in Spain.
Zynga’s Move Into Mobile Not Exactly Smooth
SAN FRANCISCO - (Reuters) - Zynga Inc's inexorable decline over the past six months, capped by a sharp reduction in its 2012 outlook on Thursday, has sharpened interest in what Chief Executive Mark Pincus will do next.
Wall Street's excitement over a game publisher once counted among the stars of the new social Internet has cooled since its December initial public offering. On Friday, analysts slashed their price targets on a stock that dived as much as 22 percent, to $2.21 - more than three-quarters off its $10 debut.
Bitcoin for Online Poker: The Future is Almost Now
Gambling911.com had an opportunity recently to speak to Bryan Micon, who, as we come to find out, now lives and breathes bitcoins and the opportunity to use this new and anonymous online currency to play online poker.
Yes, it’s scary to some. But it’s not nearly as complicated as one might believe….at least not when it comes to the user (that being the poker player).
The main thing players want to know is how to send and receive “real money”…not the virtual stuff that many might equate with Bitcoins.
Full Tilt Poker Affiliates Out of Luck With PokerStars Takeover
For previous Full Tilt Poker affiliates hopeful they might win out from the recent takeover by PokerStars, that won’t be happening. Stars has decided it will no longer honor existing FTP affiliate agreements.
William Hill and Sportingbet Agree to Takeover Terms
The United Kingdom’s largest bookmaker, William Hill, is one step closer to taking over rival Sportingbet, one of the first successful online bookmakers.
William Hill and takeover partner GVC Holdings said that any deal is contingent upon certain detailed terms and conditions.
The proposed offer is about 20 percent higher than a previous one made last month. This takeover proposal would beworth 61.1p per share to Sportingbet's shareholders, compared with the previous one worth 52.2p a share.
A formal offer would be recommended to Sportingbet’s shareholders.
Casino Table Games Up 15 Percent in PA
PHILADELPHIA — (Associated Press) - Gross revenue from table games rose 15.4 percent last month compared to the same period a year ago, state gambling regulators reported today.
The state's 11 casinos generated $59.3 million in gross revenue from table games in September, an increase from $51.4 million during the same period a year ago, according to Pennsylvania Gaming Control Board revenue figures. Last month's numbers include $2.9 million generated at Valley Forge Casino Resort, the state's newest casino, which opened in March.
Tom ‘Durrrr’ Dwan, Vikton ‘Isildur1’ Blom Signed to the New Full Tilt Poker
Two of the biggest names in the modern day of poker, Tom “Durrrr” Dwan and Viktor “Isildur1”, have been announced as the latest signings for the reincarnated Full Tilt Poker.
FTP is scheduled to come back online the first week in November. Dwan had represented the company previously while Blom was signed on with PokerStars, which is currently the world’s largest real money poker site and new parent company of Full Tilt Poker.
Coral Poker Moves to iPoker Network, TLC88.com to Utilize Bodog Poker
Gala Coral, one of the UK’s largest gaming operators, announced plans to move over to the popular iPoker Network following word that it’s previous network, Ongame, will no longer service the European market.
Incentive points offered by Coral Poker will still be honored as part of the move to the world’s second largest poker network.
Sportingbet Rejects Second William Hill Bid
A second bid made by the United Kingdom’s largest bookmaker, William Hill, to acquire Sportingbet has been rejected as a deadline looms this week.
City A.M. reported that William Hill and its partner, GVC Holdings, had made an informal bid last week at over 55p a share, an improvement over the previous 52.5p per share offer rejected by Sportingbet last month.
“They are holding out for an increased offer, they have made some headway but it’s not enough,” one person close to discussions between the companies told City A.M.
PokerStars Patent for Rush Poker May Force Out Competitors
Full Tilt Poker owned the patent for a high speed online poker variant it branded as Rush Poker. Following the shutdown of Full Tilt poker last year, a handful of other networks decided to launch their own version of the platform, one that moves players quickly from table to table upon folding a hand rather than wait for that hand to finish.
FTP looked like toast earlier this year, emboldening the competition, including the world’s largest real money online poker firm, PokerStars, to jump into the speed poker race without much concern over patent infringements.
Calling Their Bluff: Enet Won’t Honor Bluff Gaming Accounts for Now
Poker players owed monies from defunct Bluff Gaming are growing increasingly frustrated after Enet Poker pulled the plug on a deal to assume payouts, at least for the time being.
Paddy Power to Create 600 New Jobs in Dublin
Ireland’s biggest bookmaker, Paddy Power, is expanding and creating 600 new jobs along the way.
The posts are in areas such as e-commerce, technology, social media, research, risk management and online marketing, according to a report filed by rte.com Thursday.
The company currently employs over 2100 people and has added 190 new jobs already since the start of the year.
South Point Poker Gears Up for Real Money Gambling This Fall: Now Hiring
South Point Poker is hoping to become the first real money online poker site based in the United States to begin taking bets.
CardPlayer.com noted Wednesday that the company was actively seeking out software developers, graphic artists and customer service reps and supervisors via its website’s “Job Openings” section.
Atlantic City Gambling Revenue Dips
ATLANTIC CITY (Associated Press) — Revenue figures due to be released Wednesday afternoon will show how Atlantic City’s newest casino is faring six months since it opened.
The $2.4 billion Revel casino resort is off to a slow start, mired in 8th place out of the city’s 12 casinos in terms of money won from gamblers. But Revel insists its business model is less dependent on casino winnings than its competition and that it’s doing well in terms of non-gambling revenue.
FeltStars The Latest Online Poker Room to Bite The Dust
FeltStars has become the latest in a rash of poorly funded online poker rooms to shut down in recent weeks.
A message on the site read as follows:
Nevada Gambling Revenue Off 3 Percent in August
CHICAGO (MarketWatch) -- Gambling revenue in Nevada fell a bit more than 3% to $859.2 million in August, according to figures released Wednesday by the Nevada Gaming Control Board.
On the Las Vegas Strip, which accounts for more than half the statewide total, revenue slipped 1.2% to $490.9 million with the take from slot machines off 9% and table games up 7.6% on the back of solid baccarat volume.
Free Online Poker Thriving as Zynga Continues to Lose Ground
There was yet another blow Tuesday to the once powerful Zynga, home to what is still the largest free online poker site in the world.
Long time head of Zynga Poker, Laurence "Lo" Toney, became the 7th key executive in less than a month to announce his resignation from the company.
