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Paddy Power Poker Parent Portends 2008 Profits Up 14%Sat, May 17th, 2008 @ 12:00am Ireland's top bookmaker, Paddy Power, parent of Paddy Power Poker, reports a healthy start to the year brings expectations that 2008 operating profits will be around 82 million Euros (USD 127 million, or GBP 65.2m) which represents 14% growth over the same period in 2007, which is 8% higher than current market forecast. In advance of the Company's Annual General Meeting held yesterday, the Chairman of Paddy Power plc, Fintan Drury, released the following statement: "2007 was an excellent year for Paddy Power with strong growth in gross win and operating profit in all channels and an overall increase in underlying operating profit of 59% to Euros 72.1m. I am pleased to inform you that this year has also started well. In the first 20 weeks to 13 May, favourable sporting results and top line growth have more than offset adverse foreign exchange movements resulting in gross win ahead of expectations. We have been pleased with turnover across the Group, with satisfactory growth at constant exchange rates in all businesses, apart from the telephone channel where as expected the amount staked has been broadly in line with last year. The outlook for Paddy Power remains strong. Sterling depreciation against the euro will reduce group operating profit by approximately Euros 5m, assuming an average exchange rate for the remainder of the year in line with current levels. However, this will be more than offset by the benefit of the favourable momentum and sporting results to date. The Group now expects operating profit of approximately Euros 82m in 2008, which would represent growth of 14% compared to 2007 and is 8% above the current consensus forecast. Finally, I would like to announce that I will stand down as Chairman and a non-executive director of Paddy Power plc at the end of this year, coinciding with my completion of two three-year terms. I am delighted also to announce that our Senior Independent Director, Nigel Northridge, has agreed to assume the post of Chairman when I step down. It has been a pleasure to have had the opportunity to serve on the Board over the past six years. The Group has made great strides in that time due in no small part to the endeavour and commitment of my Board colleagues and of management, present and past, for which I thank them."
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Sweden Asks ECJ Questions Impacting European Gaming Monopoly Policy Sweden sent five questions to the European Court of Justice (ECJ) on October 8th concerning the rights of government-owned online poker and Internet gambling monopolies to limit foreign competition under EC rules. Though some say Sweden did so to head off an ECJ case, all agree that answers to this 'comprehensive set of questions' will largely impact the future of the European gambling market.
Neteller's New Name: Neovia Financial- Poker Players Take Note In an apparent related effort to distance themselves from past entanglements with the DOJ over internet gambling in the USA, online payment solutions provider Neteller has proposed to change its name to Neovia Financial at its extraordinary general meeting (EGM) on 11 November.
Bulgaria is Bwin's Latest European Online Poker Expansion The Vienna-listed online gambling group Bwin continues to roll out its targeted expansion into European online poker, using the subsidiary Ongame platform to launch a Bulgarian language and full localized website.
Sandman to Gov Beshear: Regulate Online Poker & Internet Gambling Sites Jeffrey Sandman, spokesperson for the Safe and Secure Internet Gambling Initiative, issued a statement that appeals to Kentucky Governor Steve Beshar to stop the court case to seize 141 online gambling domain names (including those for major online poker sites as Bodog, CakePoker, Full Tilt Poker, Ultimate Bet, and PokerStars). Instead, the governor is encouraged to support legislation to regulate and tax Internet Gambling, which would extend the way he now supports state residents' rights to bet on horse racing online and in casinos, and would address concerns regarding minors and problem gamblers.
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Jimmy McSweeney wins Ladbrokes Irish Poker Festival The Irish Winter Festival in Killarney had a capacity-straining record-setting 832 entrants, but it was Jimmy McSweeney of Cork Ireland who took home the first prize of an even 100,000 Euros.
Judge to Rule Oct 15 on Kentucky Online Poker Domain Seizure After hearing arguments in a Franklin County courtroom yesterday from both sides regarding Kentucky Governor Steve Beshear's directive to seize 141 online gambling domains, including such major online poker sites as Bodog, CakePoker, Full Tilt Poker, Ultimate Bet, and PokerStars, Judge Thomas Wingate stated that he needs one week to review both sides of the case, so he plans to announce his final historic ruling on October 15th.
Free Tuition from Online Poker Tourney Causing Row in Canada The student union at Cape Breton University in the Nova Scotia province of Canada has endorsed an online poker site that offers Canadian students the chance to win free tuition as prizes when they play in weekly online poker tournaments.
Hungarian Csaba Toth Joins Team RedKings as 3rd Pro Poker Member RedKings Poker just announced the signing of new Hungarian Poker talent Csaba Toth to join their live events team, Team RedKings. The team already boasts two highly respected young Scandinavian players: Swedish pro Jesper Hoog and Finnish sensation Toni Ojala. Csaba will be the third professional team member.
Mercier Tops Juanda for European Poker Tour London High Roller Crown The only poker player hotter than WSOPE Main Event winner John Juanda is Jason Mercier. Since capturing the EPT San Remo title in April, Mercier has put together seven cashes and three final tables. His latest final table appearance ended Thursday with a win in the EPT London High Rollers Event, worth GBP 516,000 (~ $1 million USD). |
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