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It's official: CryptoLogic, the pioneer in online casino gaming software, has made an official request to auditing firm Deloitte. And the terms of the request include conducting an intensive review of CryptoLogic's business enterprise to see whether the company or a part thereof should be sold off. Deloitte is the world's premier financial advisory authority and its reviews carry tremendous weight. CryptoLogic has been undergoing some financial difficulties during latter times and it is keen to either sell off problematic business divisions or perhaps put the company on the market in its entirety. Some of the recent developments at CryptoLogic: In 2010 CEO Brian Hadfield resigned owing to eight-figure net losses Extensive cost-cutting has been undertaken by reducing the work force by 50% The good news is that these cost-cutting measures resulted in reduced losses ($20.4 million for 2010 as opposed to $35.5 million for 2009). And the quarterly losses are substantially reduced under these new financial reforms. This all smacks of a recovery within CryptoLogic's ranks and yet the strategic review is already underway. Shareholders will be apprised of these details as they become available. News coming out of CryptoLogic's stable is not an isolated event. Key industry players in Wizard Gaming also went on sale in 2010. This could all work together to create a strong and centralized software gaming powerhouse - either Playtech or Microgaming.
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Online sportsbook myBet has joined a growing trend in Europe, announcing a deal in which it will become the official partner of the German Handball Federation and will sponsor the national handball team until the end of 2010. myBet.com Under the terms of the sponsorship agreement, myBet.com, which is the sports betting subsidiary of Kiel-based financial holding firm JAXX, will have a presence at all home games of Germany's male and female handball teams and will place its logo on the floors of the players arenas and on sponsors boards and in the VIP lounges at venues. "Handball is an extremely exciting sport that depends most on power, stamina, inspiration and speed, and it creates a fantastic atmosphere," a JAXX SE spokesman said in a press release, adding that these attributes make it a "perfect fit" for myBet.com. Online Betting Legislation The company added in the press release that it sees myBet.com as a major part of its expansion plans, as Germany's sports betting market appears set to be liberalized in the near future. More on Germany's online gambling on Online Casino Reports Germany. Earlier in March, the heads of Germany's 16 states agreed in principle to open up the country's sports betting markets to private operators while preserving the state monopoly on lotteries that finance charitable, cultural or sporting projects. However, a particular model has not yet been decided upon.
Internationally acclaimed casino gaming giant Playtech has announced a new deal with Integra Gaming. As the leading software developer for online casinos, Playtech has brokered this new deal with Integra Gaming Ltd and both companies will benefit immeasurably from the partnership. Playtech is now officially the sole provider of gaming software for Grand Duke Casino. Along with the software platform, Playtech will also provide Grand Duke Casino with a range of topnotch casino games. Gaming Facilities Grand Duke Casino recently received authorization from the Lotteries and Gaming Authority of Malta (LGA), for bets to be placed by April 2011. This online casino remains at the forefront of the gaming world with a range of world-class casino games and VIP offers. In addition to an extraordinary VIP program and superb customer support services, Grand Duke Casino will host Playtech's 150+ superior casino games. These are available in both an instant-play flash mode and a full-casino download. Playtech prides itself on offering myriad card, table and instant game within its exceptional 3D gaming platform. The Grand Duke Experience Grand Duke Casino offers exemplary gaming and royal treatment to its online patrons. Players will enjoy the likes of the Royal Package and myriad benefits such as generous sign-up bonuses and exciting promotions. The €7,000 bonus offer is a case in point. Player patronage is rewarded with superior gaming deals, world-class entertainment and a stylish online platform. Service above all else is the order of the day.
The online gambling player protection and standards body, eCOGRA has changed ownership following a management buy-out. This industry body will now switch ownership from its three founding online gambling groups to a new ownership structure that doesn't include any software or service providers. The new Board will consist of former Independent Directors Michael Hirst OBE, Bill Henbrey, Bill Galston OBE, Frank Catania and Andrew Beveridge. This move gives eCOGRA a truly independent status. Online Casino Reports proudly adorns the eCOGRA Reputable Portal seal. Monitoring and Endorsing Quality Already established as a credible and respected industry player since its inception in 2003, eCOGRA works with operators and affiliates to ensure high standards and player protection are prevalent within the industry. The eCOGRA Safe and Fair seal is now commonly searched for by players who see its stamp at an online casino as denoting fair gaming and responsive customer care. To date 150 online casinos have demonstrated they meet the standards required and have been awarded the eCOGRA Safe and Fair seal. Steering the Industry Forward The remit of eCOGRA is responding to the maturing online gaming market. Chief Executive,Andrew Beveridge commented, "The trend toward national or state regulatory regimes around the world is just one of the areas in which our professional services are increasingly in demand." He continued, "Going forward eCOGRA intends to become a major force in helping shape new gaming regulations, offering specialised advice and assistance to existing and emerging jurisdictions and be at the forefront of establishing industry standards". eCOGRA works with new and established operators including major brands such as 888, bwin, PartyGaming and Ladbrokes.
Bulgaria's government has notified the European Commission of the country's draft gaming law, which includes new regulations for the online gambling market. Developing Gaming Market Bulgaria, the newest member of the European Union, has been in the gambling world's spotlight for a while after last month putting forward a planned new law to proscribe gambling advertising campaigns. The proposals have been opposed by land-based and online casino operators who say that it is discriminatory. At the same time as putting forward that proposal, the Bulgarian Gaming Association sent its representatives to the European Gaming and Amusement Federation in Strasbourg, France, to raise the profile enforced gambling regulation in the EU. What Does This Mean? At present it's not clear whether Bulgaria's proposed new laws will pass, but no doubt more will come to light ahead of the annual Eastern European Gaming Summit, which this year is being held in...you guessed it, the Bulgarian capital Sofia. The summit takes place on October 17-20. Gaming associations from all over the region will make presentations, and it will be interesting to see the reaction to countries like Estonia and Lithuania, which joined the growing trend in Europe last year of legalizing online gambling and regulating the industry.
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The USA is home to arguably the world's greatest gambling haven in Las Vegas, Nevada. With the biggest hotels and casinos, the most alluring shows and extravaganzas, few locales are able to compete with this gaming juggernaut. While bricks and mortar gaming remains the bedrock of Las Vegas' revenue stream, moves are afoot to power into the online gaming realm. Online gambling - while illegal in the USA - is responsible for mega-billions of dollars in takings each and every year. The USA provides a hefty chunk of this revenue to overseas online casinos and now Las Vegas casinos want to keep the money at home. USA Online Gambling New Jersey remains at the forefront of these initiatives with a series of moves to try and get their governor to sign into law the intrastate online gambling bill. But it's not NJ alone who is determined to see this through - it's Nevada that's starting to make some noise now. Federal law disallows online betting to residents outside of Nevada but there is an established framework in place to allow for this to take place. Nevada is charging some $500k for the license fee and an annual $250k in renewal fees. Although NJ Governor Christie nixed legislation to allow Internet Gambling, the Senate voted 32-2 in favour of legalizing blackjack, online poker and other casino games. The Assembly voted 63-11 in favour too. In spite of Christie's objections, the legislation remains a viable option for people within NJ's borders. Nevada Leads with Innovation In late 2010, Nevada developed smart phone betting applications to allow all residents of the state to place sports wagers while they're within state lines. The system allows for instant verification of where the bettor is at the time that the bet is placed. This is all done via mobile phone. And now, Caesars Entertainment Corp. is able to conduct business with Gibraltar-based 888 Holdings PLC - a powerhouse in the UK online gaming market. This move would push Caesars to the forefront of the online gaming market and promote the WSOP brand no end. Of the mega billions made in Internet betting, some 19% is derived from poker gaming.
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