Citi sells Egg credit cards to Barclays

first_img whatsapp Citi sells Egg credit cards to Barclays Tags: NULL Share Show Comments ▼ whatsapp center_img Tuesday 1 March 2011 8:55 pm KCS-content BARCLAYS is buying the UK credit card portfolio of Egg from the online bank’s US owner Citi, transferring more than 1m customer accounts to the Barclaycard brand.The value of the deal, which is subject to regulatory approval, has not been disclosed, but Barclay’s said it was buying the assets at a “significant discount” to the gross value of the accounts involved. Citi expects to realise an after-tax gain from the sale. Due to divergent accounting policies at the banks, Barclays and Citi released different valuations of the portfolio. Barclays’ calculation of £2.3bn uses IFRS standards, which includes any overdue accounts from the past 12 months. Citi’s US GAAP treatment of the figures means those accounts are excluded – valuing the portfolio at £1.8bn.Barclays group finance director Chris Lucas said he expected the deal to exceed the financial return targets set out at the bank’s recent results announcement.In October, when a potential deal with Barclays was first mooted, analysts valued the online bank at between £300m-£500m. Egg, which is based in Derby, has long been the subject of takeover speculation, with owner Citi under pressure to shrink its balance sheet after its bailout by the US government. Citi bought Egg from British insurer Prudential in 2007 for £575m.The sale will affect 1.2m Egg customers, who will have to wait for the deal’s final terms to find out if they will still be entitled to their existing rewards programme once the two systems are integrated. Holders of Egg credit cards can currently get cashback on a variety of purchases, including Apple iPads and iPods, Debenhams products, and RAC home insurance. New customers of the Egg?Money card also get one per cent cashback on all purchases between £500 and £20,000, up to a value of £200 each year. More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmlast_img read more

Funeral plans boost Dignity

first_img Dignity, the UK’s only listed funeral firm, posted an 11 per cent increase in underlying full-year pre-tax profit to £40.4m yesterday, citing a strong trading performance, and said it was confident of its 2011 prospects. Revenues rose eight per cent to £199.1m during 2010, helping to fund a 10 per cent final dividend hike to 8.88p per share. The company said pre-arranged funeral plans are selling strongly, with 238,000 people buying plans last year. whatsapp KCS-content Tags: NULL Show Comments ▼ Funeral plans boost Dignity More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Thursday 10 March 2011 7:15 pm whatsapp Sharelast_img read more

Savings boost lifts profits at Standard Life

first_img whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com Savings boost lifts profits at Standard Life whatsapp Share Thursday 10 March 2011 7:35 pm By LIFE assurance and pensions group Standard Life has seen a leap in profits to £425m, driven by appetite for long-term savings.Investors boosted the Edinburgh-based firm, with long-term savings net flows up 77 per cent to £4.7bn.Assets under administration at the group stood at £196.8bn.Changes to the way pensions are linked to inflation also lifted the firm, contributing to a £59m saving.The windfall comes after the government allowed some pension schemes to link to the Consumer Prices Index, rather than the typically higher Retail Price Index.Shares in the group fell, closing 7.3 per cent lower, despite the strong looking performance.Analysts pointed to an unexpected £200m investment in the firm’s IT business and a meagre increase in dividend payment for the fall.The firm had already ploughed £200m into its IT infrastructure a year earlier, with tangible benefits not expected until at least 2012. It said yesterday it would pay a dividend of 13p for this year, up from 12.4p a year earlier. The performance of its global investment business increased “significantly” to £100m – a 40 per cent increase.Panmure Gordon analyst Barrie Cornes said: “Investing in the business is probably the right thing to do but the returns will only start flowing in a few years time. The market tends to look a bit closer than that in terms of positive news.” KCS-content Show Comments ▼ Tags: NULLlast_img read more

Begbies lowers its outlook

first_img Share Begbies lowers its outlook British restructuring specialist Begbies Traynor said it lowered its expectations for full-year results due to a fall in demand for its tax planning services, sending its shares down eight per cent.The company also said restructuring of its insolvency, tax and support areas was expected to cost about £3m for the year ending 30 April. Begbies Traynor said its tax division was hurt by a tougher stance towards tax planning activities by the government and the UK tax authority, HMRC. KCS-content Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Thursday 10 March 2011 7:40 pm whatsapp whatsapp Show Comments ▼ Tags: NULLlast_img read more

Sony hit by supply chain nightmare

first_img A shortage of parts will force Sony to cut production or suspend output at five more plants in Japan following the country’s catastrophic earthquake this month that has hit the global supply chain.Global electronics and autos seem to have been most affected by the turmoil, but in an illustration of how the ripples are spreading, global miner Rio Tinto warned the disruptions posed a threat to its expansion plans.More than 10 days after a 9.0 magnitude earthquake and 10-metre tsunami struck the northeast of Japan, manufacturers are struggling to get back up to speed as factories grapple with a lack of components, power cuts and damage to infrastructure.Such is Japan’s position in the global supply chain that companies from Apple Inc to General Motors Co and Nokia are feeling the impact.Toyota, the world’s largest automaker, said all 12 Japanese assembly plants would remain closed until at least March 26 and it was not sure when they would reopen. Production lost between March 14-26 would be about 140,000 units. Toyota had been expecting to resume assembly today (Tuesday).Electronics giant Sony said more five plants, mostly in central and southern Japan, were hit by parts shortages stemming from the disaster and would close or reduce output until the end of the month.“If the shortage of parts and materials supplied to these plants continues, we will consider necessary measures, including a temporary shift of production overseas,” the company that makes the Playstation games console said in a statement. The plants make such products as digital and video cameras, televisions and microphones, the company said in a statement.A sixth plant in Chiba, north of Tokyo, was set to resume production, but it could be interrupted by the blackouts that are affecting some areas supplied by Tokyo Electric Power , the operator of the stricken nuclear plant.Including two factories only partially restarted last week, 15 Sony plants out of a total of 25 in Japan are currently affected. It has a total of 54 plants worldwide. Share Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Today More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com whatsapp whatsappcenter_img Tuesday 22 March 2011 4:00 am Sony hit by supply chain nightmare John Dunne Tags: NULLlast_img read more

Commerzbank to repay state

first_img GERMAN lender Commerzbank is today expected to outline plans for a capital increase of up to €10bn (£8.7bn) in a long-awaited plan to escape from the multi-billion euro government bailout it received at the height of the financial crisis. Commerzbank, Germany’s second largest bank, required an €18.2bn bailout from the government in 2009. The German government holds a 25 per cent stake in Commerzbank via so-called “silent participation,” a special form of non-voting capital. Commerzbank’s management has said it would like to free itself from government influence as soon as possible. Germany’s second-biggest lender has said its repayment options include raising capital, retaining profits and using unneeded capital reserves that are freed up as Commerzbank reduces risky assets. Commerzbank would need permission from its shareholders to proceed with such a large share sale.A vote on the repayment plan is expected to take place at its shareholder meeting scheduled for 18 May. Commerzbank is believed to be flexible on how much it wants to raise through the capital increase. Commerzbank declined to comment last night. whatsapp Tags: NULL KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDrivepedia20 Of The Most Underrated Vintage CarsDrivepediamoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Tuesday 5 April 2011 8:59 pmcenter_img whatsapp Share Show Comments ▼ More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com Commerzbank to repay state last_img read more

Hedge funds to see pre-crash levels this year

first_imgWednesday 27 April 2011 7:58 pm whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastHero WarsThis game will keep you up all night!Hero WarsLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsGundry MD Total Restore SupplementWhat Rice Does to the Human BodyGundry MD Total Restore SupplementSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesFilm OracleHer Love Triangle Inspired 3 Of The Most Popular Songs Ever WrittenFilm OracleMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver Health More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com GLOBAL hedge fund assets shot up by 13 per cent last year to $1.9 trillion (£1.1 trillion), with further recovery to pre-crisis levels predicted for 2011.The leap marks the second consecutive year of growth, according to a report by financial services industry body TheCityUK.London remains the largest centre for managers of hedge funds, second only to New York. Almost 20 per cent of global hedge fund assets under management are controlled from the capital, whilst Wall Street handles 41 per cent.Global net inflows into hedge funds totalled $65bn in 2010, whilst a ten per cent performance return also added to the growth in funds under management.Fund of hedge funds’ assets also grew 10 per cent to $550bn, a third below their 2007 pre-financial crisis peak.Confidence amongst investors has returned, following several years of caution due to the economic downturn and reputation damage from the Bernard Madoff fraud.The trend could be set to continue, bar any further economic turbulence, with funds under management likely to recover to pre-crisis levels by the end of this year, the report claims. Show Comments ▼ Sharecenter_img whatsapp Tags: NULL KCS-content Hedge funds to see pre-crash levels this year last_img read more

Greek gains for Inspired

first_img14th August 2018 | By contenteditor Topics: Finance Greek gains for Inspired Email Address Tags: Skill Games New Inspired Entertainment CEO Brooks Pierce (pictured) cited a strong performance in Greece as one of the key reasons behind financial growth in the third quarter. Revenue at the New York-based firm increased 7.9% year-on-year to $36.9m (£28.9m/€32.4m), while it was able to cut net loss from $8.3m to $4m. Adjusted EBITDA was also up 60.8% to $15.5m The results come after the virtual sports, mobile gaming and server-based gaming systems provider made major changes to its senior management team mid-way the first half, with Luke Alvarez stepping aside as chief executive and president in May. Pierce was named president and chief operating officer and joined the new ‘Office of the Executive Chairman’. Lorne Weil, executive chairman; Daniel Silvers executive vice-president and chief strategy officer; and Stewart Baker, executive vice-president and chief financial officer, make up the office. Speaking about the Q3 results, Weil said Inspired’s business is “building as envisioned”, adding that its products “continue to deliver and gain traction” while “margins are benefiting from scale”. On the subject of Greece, Weil added: “We believe our strong performance in Greece is sparking interest in our innovative games and technology from operators around the world, further diversifying our geographic exposure.” Weil also revealed Inspired will this week be launching virtual sports with the Pennsylvania Lottery. Meanwhile, it was also a strong period for white label casino platform Aspire Global. Revenue hiked 43% year-on-year to €24.7m, while EBITDA climbed by 53% to €5.7m with a margin of 22.9% – both record amounts for Aspire, thanks to a busy World Cup period. This impressive performance pushed revenue for the first half at Aspire to €43.1m, up 29% on the same point last year, while EBTIDA hit €8.5m. Like Inspired, Aspire had a busy first half of the year, during which it launched a new sportsbook in Portugal through a partnership with Cofina Media. The firm also linked up with Aller Media Denmark to roll out a new online casino in the Danish market. Chief executive Tsachi Maimon cited such partnerships as key to its growth in the period. Aspire, which recently applied for a new licence in Sweden, is now seeking similar deals as it looks to further expand the business. Maimon said: “The strong performance is mainly driven by two factors; successful partnerships and a stronger offering. Firstly, we have improved our ability to focus our resources on the partners and brands with the highest potential and strongest performance. “As for the offering, we continuously improve our solution, both in terms of quality and width of the solution, most recently through the upgrade to a more advanced platform system and the very promising launch of sportsbook as well as higher efficiency in our data-driven tools. “As a result, several B2B-brands are outperforming, along with higher activity for B2C.” Finance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Europe US Southern Europe Greece New CEO says progress in Greece is boosting global opportunities Subscribe to the iGaming newsletterlast_img read more

Land Ahoy! But only just…

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Land Ahoy! But only just… Email Address Casino & games 27th March 2019 | By contenteditor Last week Germany made a decisive move towards a total overhaul of its gambling regulations. Wulf Hambach, Stefan Bolay and Stefanie Fuchs of leading German law firm Hambach & Hambach outline what may happen next – and what needs to happen to ensure a satisfactory conclusion for all stakeholders. Last week’s Minister-President Conference saw Germany make a decisive move towards a total overhaul of the country’s gambling regulations following years of legal disputes and failed progress.Wulf Hambach, Stefan Bolay and Stefanie Fuchs of leading German law firm Hambach & Hambach outline what may happen next – and what needs to happen to ensure a satisfactory conclusion for all stakeholders.At their conference on 21 March, the German Minister-Presidents agreed – as expected – on the third Interstate Treaty to amend the Interstate Treaty on Gambling (3. Glücksspieländerungsstaatsvertrag, 3. GlüÄndStV).They decided to extend the so-called experimental phase for private sports betting offers in the current version of the Interstate Treaty on Gambling (GlüStV) until 30 June 2021 (the date of expiry of the GlüStV), while dropping the 20-licence cap.The Treaty still needs to be notified to the European Commission, which will take place in April, so the standstill period of up to four months will expire in August 2019.After that the 3. GlüÄndStV also needs to be ratified by the parliaments of all federal states, which is expected to happen between August and December 2019.The 3. GlüÄndStV will then enter into force on 1 January 2020 and expire on 30 June 2021.Reasons for third treaty The prolongation of the experimental phase for private sports betting offers became necessary because the original seven-year period for this experimental phase is due to expire on 30 June 2019.The tender process for this original seven-year period initiated by the federal state of Hesse failed due to court orders which expressed doubts concerning the constitutionality and conformity with EU law of the 20-licence cap, as well as the legality of the selection procedure.The dropping of the licence cap means that a selection process is no longer necessary. All sports betting operators can be granted a licence if they meet the minimum requirements of the GlüStV, which remain unchanged in the 3. GlüÄndStV.Hesse will set up a new licence application procedure, which will be conducted by the Regional Council of Darmstadt. Licence applications may be filed after the summer break.We expect that Hesse will publish a catalogue of requirements comparable to the conditions set out by Schleswig-Holstein (SH) for the implementation of the transitional regulation and the Regional Council of Darmstadt regarding horse race betting licences.Among the main requirements are a connection to the OASIS self-exclusion system, a responsible gambling strategy and proof of anti-fraud and anti-money laundering processes. Demonstrated reliability and expertise in organising games of chance will most likely also be needed.The issuing of licences is planned for the beginning of January 2020, when the 3. GlüÄndStV enters into force. Therefore, licences will be valid for only about one-and-a-half years.Sports betting operators that have applied for or even received a transitional waiver from SH, as well as operators which have successfully fulfilled the minimum requirements in the previous tender process, may be able to use this for a licence from Hesse. But it remains unclear exactly how this will work.Moreover, it is unclear how the material restrictions set out by the GlüStV will be handled by the Regional Council of Darmstadt, especially with regard to the prohibition of online casino games on the same website, customer bonuses and promotions, and the prohibition of other live betting on the final result and of bets on events occurring during the match (such as next corner and next yellow card).Live betting and bets on events occurring during the match are the most popular bets in the market, and account for approximately 60% to 70% of sports betting turnover, according to German sports betting association DSWV.  In addition, the market for casino games is growing much faster than the market for sports betting. The market for online casino games has experienced growth of nearly 50% during the last couple of years and currently these make up 59% of the total unregulated market of offerings licensed in other EU member states, according to the annual report published in November last year by German gambling authorities.Questions over implementation The Regional Council of Darmstadt might demand the separation of online casino and sportsbook offerings and a ban on live bets other than those on the final result of the match as key licence conditions.Operators, however, could file claims against conditions which prohibit such offers. Such court proceedings will most likely not be finished until the expiry of the new sports betting licences on June 30, 2021 and the conditions should not be enforced during the court procedures.The general restriction to maximum stakes of €1,000 per month could be handled by the Regional Council of Darmstadt in a similar way as it is by the Ministry of the Interior Schleswig-Holstein.This would mean the monthly maximum stake limit would not need to implemented if the operators alternatively implement a comprehensive, IT-based player monitoring system to identify characteristics of problem gambling and a procedure for dealing with endangered players.As already outlined, the prohibition of online casino offers has not been altered by the 3 GlüÄndStV. However, the chiefs of the state chancelleries passed a resolution in their meeting on March 21 whereby other federal states will allow SH to deviate from sec. 4 par. 4 GlüStV and prolong the licences granted to online casino operators on the basis of its former Gambling Act SH (GA SH) until June 30, 2021 to maintain a regulated market.Until transitional regulations for online casino enter into force, SH will not take any enforcement action against licence holders.SH will issue at the end of May a law on transitional regulations for online casino games, with which it will extend the existing 23 online casino licences granted to online casino operators on the basis of the former GA SH until June 30, 2021.Furthermore, online casino operators holding a SH licence granted on the basis of the GA SH will also be granted a transitional waiver for the operation and the distribution of sports betting products, as long as the licence holder has applied for such a waiver. Thereby, SH does not demand the separation of online sports betting and online casino offerings.Obviously, newcomers without an existing online casino licence shall not have any opportunity to acquire a licence and to operate in the regulated SH market until 30 June 2021 on this basis.Calls for joint regulation increase The Minister-Presidents also agreed in their conference on 21 March to find a joint regulation for a completely new GlüStV from July 1, 2021 onwards as soon as possible, ideally at the next Minister-President Conference in Berlin on June 6, 2019.In recent times, the voices speaking out in favour of the implementation of a joint qualitative online casino regulation applying all over Germany are growing louder.These voices do not only belong to academics such as leading economist Justus Haucap, who explained the necessity of gambling reform in an article published in German journal Beiträge zum Glücksspielwesen (Contributions to Gambling) on March 22, but also members of the German federal parliament such as the gambling expert Patrick Sensburg.In an article published in the same journal on the same date, Sensburg warned that without a qualitative regulation of all verticals, the online gambling market will increasingly move to foreign countries, including those outside of the EU. The prevention of gambling addiction and youth and player protection will thereby be further decreased instead of increased.With a qualitative regulation this could be changed, Sensburg said. Law abiding operators may be separated from non-conforming operators, against which enforcement measures may then be taken with clear and undisputed regulations that are compliant with constitutional and EU law.Youth and player protection will therefore be increased, in part by ensuring licensed operators’ compliance with the qualitative regulations – which, however, need to be viable and allow companies to develop competitive offerings.Further, the state would create a reliable long-term legal basis for collecting taxes which may be used for public tasks such as addiction prevention or charitable purposes.The commissioner for narcotic drugs for the German federal government, Marlene Mortler, also demanded this form of qualitative regulation covering all verticals in a press release of 21 March.In addition, members of the parliaments of the federal states are supporting these calls. For example, Hans-Jörn Arp, member of the SH parliament, issued a press release on 21 March in line with Mortler’s, while Hessian member of parliament and minister of the interior Peter Beuth told newspaper Badische Neueste Nachrichten that the previous regulation had failed and that the situation needed to change.State support growing Besides SH and Hesse, states including Rhineland-Palatinate, North Rhine-Westphalia and Baden-Wuerttemberg are calling for more liberal casino regulations.Since the states of Bavaria, Saxony-Anhalt and Saxony are also sympathetic to these calls, it seems likely that the majority of the federal states are supportive of online casino regulation for the first time. At the moment only Hamburg, Berlin, Brandenburg and Bremen are blocking such a move.Therefore, a qualitative regulation of all verticals, including online casino and online poker games in much of Germany, is expected from mid-2021.In order to guarantee a joint regulatory framework applying in all federal states, an opt-in or opt-out model might be agreed upon as a compromise. This would allow every federal state to individually decide, within the framework of a joint Interstate Treaty, whether to allow online casino or not.Either those states willing to implement a qualitative regulation could opt into such implementation or those not willing to implement a qualitative regulation could opt out and implement a general ban of online gambling instead. The “willing states” could issue a white list containing all licensed offers.The Deutscher Verband für Telekommmunikation und Medien (DVTM) has put forward this solution in a white paper on German gambling regulation, which it developed in collaboration with its think-tank, of which the former German economics minister Wolfgang Clement and Sensburg are members.This, it suggested, may be a solution should no agreement on a qualitative regulatory framework be agreed by all states.However, a patchwork of regulations in Germany works in nobody’s interests – as the chief of the state chancellery of SH Dirk Schrödter made clear in an interview published in German newspaper Behörden Spiegel (Authorities Mirror) in January.Therefore all federal states should consider in their decisions that the goal of channeling as many players as possible to legal offerings is absolutely key for achieving the aims of the Interstate Treaty on Gambling.High channelisation may only be reached with a qualitative regulation of all verticals, as experiences in other member states of the EU demonstrate. Moreover, in those countries, the liberalisation of the gambling market has not resulted in a noticeable increase in problematic or pathological gambling.With the third treaty an important first step has been taken, although there is still quite a long way to go.Potential timelineMarch 2019: All Schleswig-Holstein licensees are informed that they will be allowed to operate until the transitional law is brought into force, and all existing licences are renewed.April 2019: The Third Amended State Treaty on Gambling is submitted to the European Commission for approvalMay 2019: The transitional law is passed and brought into law in Schleswig-HolsteinJune 2019: Minister-President Conference takes place in BerlinPost-summer 2019: Licensing process for sports betting, handled by Hesse, launchesBy December 31, 2019: All state parliaments formally ratify State TreatyJanuary 1, 2020: State Treaty comes into force and sports betting licences are issuedWulf Hambach is one of the founding partners of Hambach & Hambach, Stefan Bolay is salary partner at Hambach & Hambach law firm in Munich and Stefanie Fuchs is junior partner in the same office.  Subscribe to the iGaming newsletter Topics: Casino & games Legal & compliance Sports betting Slots Regions: Europe Central and Eastern Europe Germany Tags: Mobile Online Gambling OTB and Betting Shops Slot Machineslast_img read more

Galaxy Gaming hails online growth as revenue rises in 2018

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Tags: Online Gambling Independent table games provider Galaxy Gaming has reported a 25% year-on-year increase in revenue for 2018, citing the performance of its internet-based games operation as one the main drivers behind this rise. However increased costs saw the supplier’s full-year net loss rise to $1.2m. Subscribe to the iGaming newsletter Casino & gamescenter_img Topics: Casino & games Finance Table games Independent table games provider Galaxy Gaming has reported a 25% year-on-year increase in revenue for 2018, citing the performance of its internet-based games operation as one the main drivers behind this rise.Revenue for the 12 months through to December 31, 2018, amounted to $18.6m (£14.3m/€16.6m), up from $14.9m in the previous year.Galaxy put this growth down to higher revenue from its internet-based gaming activities, supported by uptake in its Bonus Jackpot System. The supplier also benefitted from the strong performance of its premium games such as Heads Up Hold ’em, High Card Flush, and Player’s Edge, which command a higher price point per unit.The provider also noted that the adoption of an accounting standards update in relation to contracts with customers resulted in additional revenue of $986,637 for the year.Galaxy noted a rise in costs and expenses in 2018, with the provider spending a total of $14.6m over the course of the year, up from $12.4m in 2017.Most of this was attributable to selling, general and administrative costs, where Galaxy saw spending increase from $9.1m to $10.9m. Research and development costs also hiked from $488,829 to $926,474, but spending on ancillary products and assembled components dipped from $226,077 to $142,776.Depreciation and amortisation increased from $1.77m to $1.84m, though share-based compensation declined from $813,480 to $776,354.However, the overall increase in expenses and costs did not stop Galaxy posting a net income of $1.2m for the year, compared to a loss of $11,423 in 2017.Income before provision for income taxes stood at $1.4m, up from $553,150 last year, with provision for income taxes down from $564,573 to $196,798. Galaxy also noted improved adjusted earnings before interest, tax, depreciation and amortisation, with this rising 30% from $5.08m to $6.59m.Reflecting on the results, president and CEO Todd Cravens said he was proud of the performance in 2018, paying tribute to Galaxy’s fourth-quarter showing in particular.For the final three months of the year, revenue increased by 18% from $4.6m to $4.89m, while net income improved from a loss of $66,000 to a positive of $483,000. Adjusted EBITDA also hiked 8% year-on-year to $1.58m in Q4.“Despite spending time analysing strategic alternatives in Q4, we delivered solid revenue growth during the quarter,” Cravens said, “I hope we’ll be able to do more of the same in 2019: delivering table game solutions that serve our casino clients well by attracting and exciting their guests.”Galaxy’s CFO Harry Hagerty added: “Our balance sheet matured significantly in 2018. Cash on hand increased 76%, adjusted EBITDA increased 30% and total debt (gross) increased 6%. “Our ratio of total debt to adjusted EBITDA improved to 1.5x at year-end,” he said. “In 2019, I hope we will see opportunities to put our balance sheet to work in the service of growing our business.” 2nd April 2019 | By contenteditor Galaxy Gaming hails online growth as revenue rises in 2018last_img read more