Most significantly, profits after tax rose by a massive 106.9 percent to $3.96 million from $1.91 million, helped by the signing of three new license agreements for its CasinoModule software solution alongside two breakthrough deals for its CasinoCafe land-based gaming system.

”This year is off to a strong start for Net Entertainment with continued sales growth and several new license agreements,” said Johan Ohman, President and Chief Executive Officer for Net Entertainment.

“The market for online gaming shows positive development where organic growth was the prime driver for the company during the period.

“We move into the second quarter with an order book comprising 14 casinos that still are to be commissioned, of which three are so-called ‘Tier One’ operators.

“It is my view that the company has good opportunities for continued success as a result of our specialisation within the segment of the online market with the highest growth and strongest profitability.

“The IT project initiated at the end of 2008 aimed at increasing our development, delivery and operational capacity has progressed according to plan and affected the cost base during the first quarter. The project continues during the second quarter and creates a foundation for the continued growth and expansion for the company.”

Abstract from www.igamingbusiness.com

The South Carolina State Judiciary Committee recently ratified Senate Bills 535 and 628 by a vote of twelve to eight and the measures now look set for a full vote before the full Senate sometime next year.

Bill 535 also outlines the process by which a non-profit organisation may obtain a gaming license, although it asserts that 90 percent of any monies raised in an event must go directly to charity.

In February, five home poker players in the southern state were found guilty under a law from 1802 that, when read literally, makes it illegal to take part in any diversion played with cards or dice including board games such as Monopoly. However, Mount Pleasant Municipal Judge Larry Duffy ruled at the time that poker was a game of skill and not one of luck or chance, which prompted some legislators to take a second look at the antiquated legislation.

The Poker Players Alliance (PPA) poker advocacy group lobbied hard through its nearly 10,000 members in the state for a change to the law and commended the Committee for passing the two pieces of legislation.

“The thousands of poker players in the state are now one step closer to being allowed to enjoy a game of poker online or with their friends around the kitchen table without the fear of being accused of a crime under outdated state laws,” said John Ridgeway, South Carolina State Director for the PPA.

“With the continued rising popularity of poker across the country and the state of South Carolina, it is vital that any laws related to gaming not only reflect he realities of the 21st Century but establish a clear definition of what constitutes legal gaming and what constitutes illegal gaming,” said John Pappas, Executive Director for the PPA.

“These two bills achieve those goals and we urge the South Carolina Senate to quickly bring these pieces of legislation to the floor for a vote before the end of the session.”

Abstract from www.igamingbusiness.com

The figure was a 14 percent rise on the firm’s results for full-year 2008 and was helped by 25 percent growth year-on-year in income from sportsbetting activities.

Unibet revealed that its income from sportsbetting from the first three months of 2009 hit £15.97 million, which was up from last year’s £11.88 million, while its gross winnings revenue amounted to £36.1 million, a 13 percent rise on 2009’s £31.3 million.

Profits before tax for the first quarter of 2009 amounted to £10.7 million, which was up from £2.9 million in 2008, while those from operations for the first quarter grew by £600,000 year-on-year to £10.9 million.

Unibet also had 26,816 more active customers than a year ago to bring its total to 314,977 while it reported that it had operating cash flow before any movements in working capital of £13.5 million, a rise of £300,000 from twelve months ago.

“Our strong business model and the well-balanced product portfolio have resulted in another strong quarter in terms of gross winnings and operating cash flow,” said Petter Nylander, Chief Executive Officer for Unibet.

“During the quarter, the number of active customers increased by almost eight percent and we have continued our successful geographic expansion. The experience and structure capital that we have gained in our own sportsbook gives us a competitive advantage in many areas and are fundamental in the strength of our brand and our customers’ user experience.”

Abstract from www.igamingbusiness.com

The Californian firm revealed that the increase was due primarily to higher revenues from its ClubWPT.com domain alongside increased World Poker Tour television series hosting fees.

WPTE stated that ClubWPT.com began operations in the first quarter of 2008 and saw a ‘significant’ growth in revenues beginning in the fourth quarter of 2008 due to the airing of ten one-hour episodes on Fox Sports. It revealed that three additional one-hour episodes aired over the first quarter of this year with television series hosting fees increasing due to the fact that the 13 episodes of Season Seven aired in 2009 compared to one episode of Season Six in 2008.

The cost of revenues decreased year-on-year from $2.7 million to $2.1 million due to lower World Poker Tour television series Season Seven production costs. This saw the firm’s gross profit margin for the television series increase to 53 percent from 34 percent last year.

WPTE stated that selling, general and administrative expenses decreased to $3.1 million in the first quarter of 2009 compared to $4.9 million for the first three months of last year while it partially offset lower personnel-related costs and litigation expenses with a higher bad debt provision.

The firm discontinued its operations in China in March because ‘the cash needs to support the growth in this business were greater than the company was willing to expend’. World Poker Tour China lost $984,000 in the first quarter of 2009 including a $211,000 shutdown provision, which compared to a $528,000 loss for the first three months of 2008.

WPTE announced that income from continuing operations over the first quarter were $479,000 excluding a non-cash impairment charge relating to its investment in Cecure Gaming, which compared to a $2.3 million loss for the first three months of 2008.

“In the first quarter of 2009, we made significant progress in our turnaround efforts to position the company for future profitability” said Steve Lipscomb, President and Chief Executive Officer for WPTE.

Abstract from www.igamingbusiness.com

The Hong Kong-based firm reported a pre-tax profit of $6.3 million, which was down on the previous year’s $12.4 million, while operating expenses more than doubled to over $6.9 million from 2007’s $2.7 million.

However, revenues were up by 82 percent to $98.7 million while gross profits more than doubled to $12.1 million. In addition, its average daily casino turnover rose 83 percent to $11.5 million from $6.2 million while average daily poker rake increased from $2,718 to $15,051.

AsianLogic stated that its average net gaming per day increased 75 percent from $145,249 in 2007 to $254,193 last year but overall losses before tax came in at $11.9 million from a profit of $7.9 million in 2007 while financial expenses increased to $17.9 million from $500,000.

The firm revealed that it had a cash balance as of the end of December of $48.6 million and that it expects its top line revenues to increase while its net profits would remain negligible. It stated that this position is expected to continue throughout the year and that it was conducting an ongoing strategic review to determine ‘most appropriate manner to prioritise shareholder value’.

‘While it was pleasing to see revenues grow at such a strong pace, the increasing pressure on our lower margin wholesale business profitability and increasing bad debt provision meant the company’s adjusted net profit nearly halved,’ said Tom Hall, Executive Vice-Chairman for AsianLogic.

‘To counter this, the board is repositioning the business by looking to dispose of its wholesale business and invest further into higher margin deposit and retail based products as well as services and, again, we expect revenues to continue to grow.

‘However, the capital expenditure, marketing and advertising spend required to grow this business means that profitability will be impacted throughout 2009 and into 2010. The global economic crisis has not helped our trading but we see continuing long-term opportunity in our core Asian gaming marketplace.’

Abstract from www.igamingbusiness.com