Playtech announced yesterday that they have formed a joint venture with Scientific Games, a US company that has strategic ties with state lottery operators. Through the new partnership, Playtech will provide online gambling software for use in gaming terminals currently offered by Scientific Games in the UK. The venture places Playtech in a prime position to re-enter the US online gambling market should it open in the future.

Financial Times: Playtech gets ahead of the game

Playtech made a huge step forward in the global lottery market by sealing a deal with Scientific Games, a gaming services provider in the US. The deal gives Scientific Games access to government contracts, and provides a boost to its Videobet machines business.

As US state governments begin to legislate for online gambling, their local lottery operators need online casino, poker, bingo and other online gambling products to remain competitive.

Fortunately for Playtech, Scientific Games supplies lottery systems in 31 US jurisdictions. This gives Playtech a direct route into a market that it was forced to exit back in 2006, when the Bush administration closed the doors to online gambling in the US.

Playtech’s chief executive Mor Weizer said: “This secures our position in the US and provides a great opportunity if and when the US market is regulated.”

After the announcement, Playtech shares jumped 18% to 515p, bringing it back to levels last not seen since August 2008.

Wall Street Journal: Playtech Signs Joint Ventures With Scientific Games

Playtech Ltd., a designer, developer and licensor of software for the online and land-based gambling industry, recently announced the creation of a strategic partnership with New York-based Scientific Games Corp. The partnership will see the companies jointly develop and market next-generation online and land-based gambling products and services to regulated gaming operators in the US and abroad.

MAIN FACTS:

• The partnership will combine Playtech’s gambling software and portfolio of products with Scientific Games’ ability to provide services to government-sponsored gaming operators in regulated (and soon to be regulated) jurisdictions.
• An exclusive joint venture called ‘Sciplay’ will focus on the global online gambling market. It will use software Playtech’s technology together with Scientific Games’ global infrastructure and experience.
• Playtech will develop gambling terminal software for Scientific Games and its subsidiary The Global Draw, including upgrades to of existing terminals in the UK currently using the Videobet platform.

Reuters: Playtech forms joint venture with Scientific Games

Online gambling software provider Playtech just announced the formation of a strategic partnership with US-based lottery operator Scientific Games.

The joint venture is called Scriplay. A statement released yesterday by Playtech Chief Executive Mor Wizer and Scientific Games Chief Exectutive Mike Chambrello described how the venture will combine Playtech’s technological expertise with Scientific Games’ experience and strong relationships with US state lotteries.

The statement further explains that the companies will “jointly develop and market next-generation internet and land-based gaming products and services to regulated gaming operators in the U.S. and other countries”.

“We have highly complementary skill-sets allied with a global reach and this partnership provides the opportunity to leverage off this combined know-how to maximum effect.”

After the announcement, shares in Playtech were trading at 475.5 pence, up 9%, valuing the business at 1.14 billion pounds ($1.86 billion).

Playtech announced yesterday that they have formed a joint venture with Scientific Games, a US company that has strategic ties with state lottery operators. Through the new partnership, Playtech will provide online gambling software for use in gaming terminals currently offered by Scientific Games in the UK. The venture places Playtech in a prime position to re-enter the US online gambling market should it open in the future.

Financial Times: Playtech gets ahead of the game

Playtech made a huge step forward in the global lottery market by sealing a deal with Scientific Games, a gaming services provider in the US. The deal gives Scientific Games access to government contracts, and provides a boost to its Videobet machines business.

As US state governments begin to legislate for online gambling, their local lottery operators need online casino, poker, bingo and other online gambling products to remain competitive.

Fortunately for Playtech, Scientific Games supplies lottery systems in 31 US jurisdictions. This gives Playtech a direct route into a market that it was forced to exit back in 2006, when the Bush administration closed the doors to online gambling in the US.

Playtech’s chief executive Mor Weizer said: “This secures our position in the US and provides a great opportunity if and when the US market is regulated.”

After the announcement, Playtech shares jumped 18% to 515p, bringing it back to levels last not seen since August 2008.

Wall Street Journal: Playtech Signs Joint Ventures With Scientific Games

Playtech Ltd., a designer, developer and licensor of software for the online and land-based gambling industry, recently announced the creation of a strategic partnership with New York-based Scientific Games Corp. The partnership will see the companies jointly develop and market next-generation online and land-based gambling products and services to regulated gaming operators in the US and abroad.

MAIN FACTS:

• The partnership will combine Playtech’s gambling software and portfolio of products with Scientific Games’ ability to provide services to government-sponsored gaming operators in regulated (and soon to be regulated) jurisdictions.
• An exclusive joint venture called ‘Sciplay’ will focus on the global online gambling market. It will use software Playtech’s technology together with Scientific Games’ global infrastructure and experience.
• Playtech will develop gambling terminal software for Scientific Games and its subsidiary The Global Draw, including upgrades to of existing terminals in the UK currently using the Videobet platform.

Reuters: Playtech forms joint venture with Scientific Games

Online gambling software provider Playtech just announced the formation of a strategic partnership with US-based lottery operator Scientific Games.

The joint venture is called Scriplay. A statement released yesterday by Playtech Chief Executive Mor Wizer and Scientific Games Chief Exectutive Mike Chambrello described how the venture will combine Playtech’s technological expertise with Scientific Games’ experience and strong relationships with US state lotteries.

The statement further explains that the companies will “jointly develop and market next-generation internet and land-based gaming products and services to regulated gaming operators in the U.S. and other countries”.

“We have highly complementary skill-sets allied with a global reach and this partnership provides the opportunity to leverage off this combined know-how to maximum effect.”

After the announcement, shares in Playtech were trading at 475.5 pence, up 9%, valuing the business at 1.14 billion pounds ($1.86 billion).

Fifty-two year old Cliff Bryant, placed several accumulator bets on whether cities in Britain would enjoy a White Christmas, and won all of them bringing his winnings to £7.1 million. Ladbrokes, the betting site where he placed the bet, is refusing to pay out this sum on account of the bets being accumulators instead of singles.

Press Association: No £7.1m payout after bet ‘error’

Bookmaker Ladbrokes refuses to pay off a bet worth £7.1 million to a man who wagered snow would fall on Christmas because it was accepted by mistake. Cliff Bryant placed 2 £5 accumulators on snow fall across 24 British Cities on December 25.

Ladbrokes staff accepted the bet by mistake as the company rules state such a wager can only be a single bet. The first accumulator would’ve netted Mr. Bryant over £4.9 million, the second £2.23 million. The company honored the relevant single bets and paid out a lesser £31.78 instead. They’ve since apologized for the mistake.

Mr. Bryant is seeking legal advice over the error and says he was “gutted” by the decision. He urged the company to make rules clearer. A Ladbrokes spokesman said company rules state “snow at Christmas” bets must be singles only, rather than accumulators.

Reuters: Bookie refuses to pay out £7 million on snow bet

Cliff Bryant placed 2 £5 accumulator bets that snow would fall on 24 towns and cities across the north of England on Christmas. Now he’s being refused the £7.1 million payout he won.

“We have apologized to the customer for any confusion and for mistakenly accepting an accumulator bet when our own rules state that only single bets are available on a market of this nature,” said a Ladbrokes spokesman. “We are happy to void the bets and to pay the customer his winnings on the relevant singles.” That would be a mere £32.

The graphic designer from Southampton, says he was “gutted” and will seek legal advice. He claims the 1st bet would have won him 4.9 million pounds, with the second adding 2.2 million. “If I make a mistake in my work like that it costs me dearly and I think the offer should be a lot more generous than they have made.”

Ladbrokes gave Bryant details of the Independent Betting Adjudication Service (IBAS), an neutral adjudicator that deals with gambling operators and customers disagreements.

Danny Cracknell, an IBAS manager, told Reuters that Bryant had been in contact and they would be investigating the issue once he had completed the relevant forms.

Mirror.co.uk: Punter furious after bookies refuse to pay out on £7m white Christmas bet

A UK punter thought he won £7million betting on a white Christmas and ended up with just £31. Cliff Bryant spent £10 on 2 accumulator bets that 24 UK cities would see snow fall on Christmas. All of his predictions were correct but he was later told that his wager was invalid.

Company rules say accumulators, a series of linked bets, can’t be placed on the chances of a white Christmas. Cliff received the winnings he would have got had he placed 24 single bets. The dad-of-three, said: “My heart was beating fast when I thought I’d won but now I’m absolutely fuming. If I’d been paid I would have loved to have got my teeth done.”

A Ladbrokes spokesman said: “We apologize that a bet was taken in error. We intend to talk to Mr. Cliff to see if we can make it up to him.”

Cliff Bryant would’ve made over £7 million this Christmas but Ladbrokes claims that his bets were invalid and will award him only £31 due to the mishap.

Fifty-two year old Cliff Bryant, placed several accumulator bets on whether cities in Britain would enjoy a White Christmas, and won all of them bringing his winnings to £7.1 million. Ladbrokes, the betting site where he placed the bet, is refusing to pay out this sum on account of the bets being accumulators instead of singles.

Press Association: No £7.1m payout after bet ‘error’

Bookmaker Ladbrokes refuses to pay off a bet worth £7.1 million to a man who wagered snow would fall on Christmas because it was accepted by mistake. Cliff Bryant placed 2 £5 accumulators on snow fall across 24 British Cities on December 25.

Ladbrokes staff accepted the bet by mistake as the company rules state such a wager can only be a single bet. The first accumulator would’ve netted Mr. Bryant over £4.9 million, the second £2.23 million. The company honored the relevant single bets and paid out a lesser £31.78 instead. They’ve since apologized for the mistake.

Mr. Bryant is seeking legal advice over the error and says he was “gutted” by the decision. He urged the company to make rules clearer. A Ladbrokes spokesman said company rules state “snow at Christmas” bets must be singles only, rather than accumulators.

Reuters: Bookie refuses to pay out £7 million on snow bet

Cliff Bryant placed 2 £5 accumulator bets that snow would fall on 24 towns and cities across the north of England on Christmas. Now he’s being refused the £7.1 million payout he won.

“We have apologized to the customer for any confusion and for mistakenly accepting an accumulator bet when our own rules state that only single bets are available on a market of this nature,” said a Ladbrokes spokesman. “We are happy to void the bets and to pay the customer his winnings on the relevant singles.” That would be a mere £32.

The graphic designer from Southampton, says he was “gutted” and will seek legal advice. He claims the 1st bet would have won him 4.9 million pounds, with the second adding 2.2 million. “If I make a mistake in my work like that it costs me dearly and I think the offer should be a lot more generous than they have made.”

Ladbrokes gave Bryant details of the Independent Betting Adjudication Service (IBAS), an neutral adjudicator that deals with gambling operators and customers disagreements.

Danny Cracknell, an IBAS manager, told Reuters that Bryant had been in contact and they would be investigating the issue once he had completed the relevant forms.

Mirror.co.uk: Punter furious after bookies refuse to pay out on £7m white Christmas bet

A UK punter thought he won £7million betting on a white Christmas and ended up with just £31. Cliff Bryant spent £10 on 2 accumulator bets that 24 UK cities would see snow fall on Christmas. All of his predictions were correct but he was later told that his wager was invalid.

Company rules say accumulators, a series of linked bets, can’t be placed on the chances of a white Christmas. Cliff received the winnings he would have got had he placed 24 single bets. The dad-of-three, said: “My heart was beating fast when I thought I’d won but now I’m absolutely fuming. If I’d been paid I would have loved to have got my teeth done.”

A Ladbrokes spokesman said: “We apologize that a bet was taken in error. We intend to talk to Mr. Cliff to see if we can make it up to him.”

Cliff Bryant would’ve made over £7 million this Christmas but Ladbrokes claims that his bets were invalid and will award him only £31 due to the mishap.

Despite the fact that the online gaming industry is frowned upon by the United States Government, it’s undeniable that it is popular. Thousands of people enjoy the benefits of the industry and they are safe from punishment, operators however can be preyed on by the governments as is shown in the case of this unfortunate Canadian.

Reuters: Canadian man pleads guilty in web gambling scheme

According to federal authorities in Manhattan, Canadian man pleaded guilty to illegally transmitting bets and wagering information through wires in connection with an alleged $350 million internet gambling scheme.

The office of U.S. Attorney Preet Bharara said Douglas Rennick, 34, entered the plea on Tuesday before U.S. District Judge Sidney Stein. Rennick agreed to forfeit $17.1 million, and could face 6 to 12 months in prison under federal sentencing guidelines. Sentencing is scheduled for Sept. 15.

Prosecutors accused Rennick of transferring more than $350 million from a Cyprus bank to U.S. accounts to pay U.S. residents who wanted to cash out gambling winnings from 2007 through June 2009.

According to an indictment last August, Rennick told U.S. banks that his accounts would be used for the issuance of rebate and refund checks, payroll processing and other legal purposes. Instead, he used them to launder money for Internet companies that offered poker, blackjack, slot machines and other casino games.

The government originally charged Rennick with conspiring to commit bank fraud, money laundering and engaging in illegal gambling, and could have ordered him to forfeit $565.9 million, court records show.

24 Hrs. Vancouver: Vernon man charged in $350M online gambling scheme

A Vernon, B.C. man charged in a massive online gambling scheme pleaded guilty in New York Tuesday to illegally processing offshore bets by Americans.

Douglas Rennick, 35, was charged Aug. 5, 2009 with bank fraud, conspiracy to launder money and conspiracy to operate illegal gambling. Authorities claimed Rennick transferred $350 million from a Cyprus bank account to various U.S. banks “in order to pay funds to gamblers” in the U.S. “as directed by various offshore Internet gambling companies.”

Rennick admitted in court that he transferred money from online gambling companies to gamblers in New York State. Among the websites was PokerStars. He forfeited $17.1 million and is free on $400,000 bail until his Sept. 15 sentencing.

Courthouse News Service: Huge Recovery From Gambling Operation

Douglas Rennick, a Canadian man, pleaded guilty to processing more than $350 million for online gamblers and funneling their winnings into the United States. He agreed to forfeit nearly $566 million and faces 2 years in prison and a fine of $250,000 when he is sentenced.

Rennick, 34, pleaded guilty to one of the three counts he faced: using the wires to transmit bets and wagering information in interstate commerce.

Rennick set up fictitious corporate accounts in Cyprus to issue checks for rebates, refunds, sponsorship checks and other payments, from 2007 to June 2009. Prosecutors say that he actually used the accounts to receive money from offshore Internet gambling companies and send the money to U.S. residents who wanted to “cash out their gambling winning.”

Despite the fact that the online gaming industry is frowned upon by the United States Government, it’s undeniable that it is popular. Thousands of people enjoy the benefits of the industry and they are safe from punishment, operators however can be preyed on by the governments as is shown in the case of this unfortunate Canadian.

Reuters: Canadian man pleads guilty in web gambling scheme

According to federal authorities in Manhattan, Canadian man pleaded guilty to illegally transmitting bets and wagering information through wires in connection with an alleged $350 million internet gambling scheme.

The office of U.S. Attorney Preet Bharara said Douglas Rennick, 34, entered the plea on Tuesday before U.S. District Judge Sidney Stein. Rennick agreed to forfeit $17.1 million, and could face 6 to 12 months in prison under federal sentencing guidelines. Sentencing is scheduled for Sept. 15.

Prosecutors accused Rennick of transferring more than $350 million from a Cyprus bank to U.S. accounts to pay U.S. residents who wanted to cash out gambling winnings from 2007 through June 2009.

According to an indictment last August, Rennick told U.S. banks that his accounts would be used for the issuance of rebate and refund checks, payroll processing and other legal purposes. Instead, he used them to launder money for Internet companies that offered poker, blackjack, slot machines and other casino games.

The government originally charged Rennick with conspiring to commit bank fraud, money laundering and engaging in illegal gambling, and could have ordered him to forfeit $565.9 million, court records show.

24 Hrs. Vancouver: Vernon man charged in $350M online gambling scheme

A Vernon, B.C. man charged in a massive online gambling scheme pleaded guilty in New York Tuesday to illegally processing offshore bets by Americans.

Douglas Rennick, 35, was charged Aug. 5, 2009 with bank fraud, conspiracy to launder money and conspiracy to operate illegal gambling. Authorities claimed Rennick transferred $350 million from a Cyprus bank account to various U.S. banks “in order to pay funds to gamblers” in the U.S. “as directed by various offshore Internet gambling companies.”

Rennick admitted in court that he transferred money from online gambling companies to gamblers in New York State. Among the websites was PokerStars. He forfeited $17.1 million and is free on $400,000 bail until his Sept. 15 sentencing.

Courthouse News Service: Huge Recovery From Gambling Operation

Douglas Rennick, a Canadian man, pleaded guilty to processing more than $350 million for online gamblers and funneling their winnings into the United States. He agreed to forfeit nearly $566 million and faces 2 years in prison and a fine of $250,000 when he is sentenced.

Rennick, 34, pleaded guilty to one of the three counts he faced: using the wires to transmit bets and wagering information in interstate commerce.

Rennick set up fictitious corporate accounts in Cyprus to issue checks for rebates, refunds, sponsorship checks and other payments, from 2007 to June 2009. Prosecutors say that he actually used the accounts to receive money from offshore Internet gambling companies and send the money to U.S. residents who wanted to “cash out their gambling winning.”

The gambling industry is one that continues to blossom exponentially. Originally, Las Vegas was considered to be the gambling capital of the world. Macau passed it in popularity after just a few short years and Japan is starting to look like a promising venture for some of the world’s larger gambling operations.

The Street: Las Vegas Sands Bets on Japan

Las Vegas Sands plans on expanding its Macau-based Sands China into Japan, which it predicts could become Asia’s largest gaming market. Sands has already been approach by local gaming firms in Japan.

Gaming is still week in the U.S. and Macau has been the focus of casino operators. In the first quarter Sands Macau, which has three casinos in the Chinese gambling enclave, saw its profit quadruple to $110.5 million from $26.7 million just one year ago.

Revenue at Sands China shot up 24% to $944 million from $761.7 million in the year-ago period. Overall, Macau posted a record 70% surge in gaming revenue in April to $1.76 billion. And it appears the gambling hub could be on track for another record month.

Casino operators aren’t just limiting their Asian expansion to Macau. Last month, Sands opened the first part of its $5.5 billion hotel-casino in Singapore. The company expects the Singapore casino could earn $1 billion annually. MGM has also said that it is looking into other gaming markets, including Vietnam.

Reuters: Sands China bets on Japan; sees strong Q2

Macau-based Sands China, the world’s second-most valuable casino operator, has its sights on expanding into Japan, which it predicts could become Asia’s largest gambling market.

Expanding in Asia beyond Macau has become important for casino operators such as Sands and Wynn Resorts, which worry about Beijing’s erratic travel restrictions on mainland Chinese visiting Macau, the only place in the country where casino gambling is legal.

Japan has long debated legalizing casino gambling and could make a decision soon as it looks to the example of Singapore, which recently opened two major casino resorts. Sands China’s parent Las Vegas Sands opened its $5.5 billion Singapore casino resort, the world’ second-most expensive, late last month.

Japan has made slow progress on allowing casinos, partly due to fears they could trigger social problems.

If Japan moves to legalise casino gambling, the first casino could open by around 2014-15, said Jacobs, who was chief executive of an international management services firm before he joined Las Vegas Sands in March last year.

Channel News Asia: Marina Bay Sands targeting Southeast Asian market

The $5.5 billion Marina Bay Sands integrated resort is betting its chips on the Southeast Asian market. The region is expected to account for over a third of its business in Singapore, according to Sheldon Adelson, the
chairman of its parent company Las Vegas Sands.

He said the company is also considering building integrated resorts in Europe and Japan.
The Marina Bay Sands resort, which was partially opened on Tuesday, April 27, is expected to break even in just 5 years.

Marina Bay Sands will be targeting primary markets like Malaysia, Indonesia, Thailand, Vietnam and Singapore. Combined, these countries will make up some 40 per cent of Marina Bay Sands’ business (10 per cent each from Malaysia, Indonesia and Thailand; and 8 per cent from Vietnam). China will account for about 6 per cent of its business.

Adelson added: “Asia could use 5 or 10 Las Vegases fully built out with 140,000 rooms each. That would give you from 700,000 to 1.4 million rooms for destination resorts for people all over Asia to go to. And in my opinion, you will never saturate the market.

The gambling industry is one that continues to blossom exponentially. Originally, Las Vegas was considered to be the gambling capital of the world. Macau passed it in popularity after just a few short years and Japan is starting to look like a promising venture for some of the world’s larger gambling operations.

The Street: Las Vegas Sands Bets on Japan

Las Vegas Sands plans on expanding its Macau-based Sands China into Japan, which it predicts could become Asia’s largest gaming market. Sands has already been approach by local gaming firms in Japan.

Gaming is still week in the U.S. and Macau has been the focus of casino operators. In the first quarter Sands Macau, which has three casinos in the Chinese gambling enclave, saw its profit quadruple to $110.5 million from $26.7 million just one year ago.

Revenue at Sands China shot up 24% to $944 million from $761.7 million in the year-ago period. Overall, Macau posted a record 70% surge in gaming revenue in April to $1.76 billion. And it appears the gambling hub could be on track for another record month.

Casino operators aren’t just limiting their Asian expansion to Macau. Last month, Sands opened the first part of its $5.5 billion hotel-casino in Singapore. The company expects the Singapore casino could earn $1 billion annually. MGM has also said that it is looking into other gaming markets, including Vietnam.

Reuters: Sands China bets on Japan; sees strong Q2

Macau-based Sands China, the world’s second-most valuable casino operator, has its sights on expanding into Japan, which it predicts could become Asia’s largest gambling market.

Expanding in Asia beyond Macau has become important for casino operators such as Sands and Wynn Resorts, which worry about Beijing’s erratic travel restrictions on mainland Chinese visiting Macau, the only place in the country where casino gambling is legal.

Japan has long debated legalizing casino gambling and could make a decision soon as it looks to the example of Singapore, which recently opened two major casino resorts. Sands China’s parent Las Vegas Sands opened its $5.5 billion Singapore casino resort, the world’ second-most expensive, late last month.

Japan has made slow progress on allowing casinos, partly due to fears they could trigger social problems.

If Japan moves to legalise casino gambling, the first casino could open by around 2014-15, said Jacobs, who was chief executive of an international management services firm before he joined Las Vegas Sands in March last year.

Channel News Asia: Marina Bay Sands targeting Southeast Asian market

The $5.5 billion Marina Bay Sands integrated resort is betting its chips on the Southeast Asian market. The region is expected to account for over a third of its business in Singapore, according to Sheldon Adelson, the
chairman of its parent company Las Vegas Sands.

He said the company is also considering building integrated resorts in Europe and Japan.
The Marina Bay Sands resort, which was partially opened on Tuesday, April 27, is expected to break even in just 5 years.

Marina Bay Sands will be targeting primary markets like Malaysia, Indonesia, Thailand, Vietnam and Singapore. Combined, these countries will make up some 40 per cent of Marina Bay Sands’ business (10 per cent each from Malaysia, Indonesia and Thailand; and 8 per cent from Vietnam). China will account for about 6 per cent of its business.

Adelson added: “Asia could use 5 or 10 Las Vegases fully built out with 140,000 rooms each. That would give you from 700,000 to 1.4 million rooms for destination resorts for people all over Asia to go to. And in my opinion, you will never saturate the market.

The former president of one of the world’s most successful gambling operators MGM Mirage Global, Lloyd Nathan, has been asked to run a new Vegas style casino resort which will operate 130 kilometers from Ho Chi Minh City, Vietnam.

Bloomberg Business Week: MGM’s Nathan to Run First ‘Vegas Style’ Viet Casino

Asian Coast Development Ltd. hired Lloyd Nathan, the former president of MGM Mirage Global Gaming Development, to run the first Vegas-style casino in Vietnam. Asian Coast has a 50-year license to build a $4.2 billion casino and resort 130 kilometers from Ho Chi Minh City. Vietnam will be compete with neighboring resorts Macau, the world’s biggest gaming hub.

In an e-mail Nathan said, “The 16 countries in close proximity to Vietnam comprise almost 2/3 of the world’s population, but only 5% of the world’s licensed gaming establishments.”

The casino will be off-limits to the nation’s 86 million people. Singapore’s first casino opened on February 14 at the Resorts World Sentosa project. The government charges locals a $72 admission fee.

The new beachside Vietnamese resort will include 550 rooms, 90 gaming tables and 500 slot machines initially. The development is licensed for up to 180 tables and 1000 slot machines, he said.

The Associated Press: Development firm hires MGM Mirage’s Nathan as CEO

Officials say an MGM Mirage executive has left the casino company to lead a Canadian firm working on a $4.2 billion casino development in Vietnam.

Vancouver, British Columbia-based Asian Coast Development Ltd. named Lloyd Nathan its chief executive and appointed him to its board.

Nathan was previously president of MGM Mirage Global Gaming Development and had been involved in the Ho Tram Strip project for the Las Vegas-based company.

Officials say the Ho Tram Strip is being developed on 420 acres along more than 1 mile of beachfront land on the South China Sea.

Reuters: UPDATE 1-MGM-branded casino planned for Vietnam resort area

Asian Coast Development Ltd says that it has named Lloyd Nathan, former president of MGM Mirage’s global gaming development, chief executive officer of the new project in Vietnam. The Vancouver-based investment group has hired Las Vegas-based MGM Mirage to operate the $400 million, 1,100-room resort, which will be called the MGM Grand Ho Tram.

Asian Coast, which holds a 50-year investment license from the Vietnamese government, said overall plans call for a $4.2 billion project that will encompass five resorts, two of which will include gambling. The license allows 180 table games and 2,000 electronic games (such as slot machines), split between the two casino properties.

China’s Macau, the only place in the area where gambling is legal, surpassed Las Vegas several years ago to become the world’s largest source of gambling revenue. MGM has a joint-venture project in Macau, and rival Wynn Resorts this week opened its second casino-resort in the Chinese enclave.

The former president of one of the world’s most successful gambling operators MGM Mirage Global, Lloyd Nathan, has been asked to run a new Vegas style casino resort which will operate 130 kilometers from Ho Chi Minh City, Vietnam.

Bloomberg Business Week: MGM’s Nathan to Run First ‘Vegas Style’ Viet Casino

Asian Coast Development Ltd. hired Lloyd Nathan, the former president of MGM Mirage Global Gaming Development, to run the first Vegas-style casino in Vietnam. Asian Coast has a 50-year license to build a $4.2 billion casino and resort 130 kilometers from Ho Chi Minh City. Vietnam will be compete with neighboring resorts Macau, the world’s biggest gaming hub.

In an e-mail Nathan said, “The 16 countries in close proximity to Vietnam comprise almost 2/3 of the world’s population, but only 5% of the world’s licensed gaming establishments.”

The casino will be off-limits to the nation’s 86 million people. Singapore’s first casino opened on February 14 at the Resorts World Sentosa project. The government charges locals a $72 admission fee.

The new beachside Vietnamese resort will include 550 rooms, 90 gaming tables and 500 slot machines initially. The development is licensed for up to 180 tables and 1000 slot machines, he said.

The Associated Press: Development firm hires MGM Mirage’s Nathan as CEO

Officials say an MGM Mirage executive has left the casino company to lead a Canadian firm working on a $4.2 billion casino development in Vietnam.

Vancouver, British Columbia-based Asian Coast Development Ltd. named Lloyd Nathan its chief executive and appointed him to its board.

Nathan was previously president of MGM Mirage Global Gaming Development and had been involved in the Ho Tram Strip project for the Las Vegas-based company.

Officials say the Ho Tram Strip is being developed on 420 acres along more than 1 mile of beachfront land on the South China Sea.

Reuters: UPDATE 1-MGM-branded casino planned for Vietnam resort area

Asian Coast Development Ltd says that it has named Lloyd Nathan, former president of MGM Mirage’s global gaming development, chief executive officer of the new project in Vietnam. The Vancouver-based investment group has hired Las Vegas-based MGM Mirage to operate the $400 million, 1,100-room resort, which will be called the MGM Grand Ho Tram.

Asian Coast, which holds a 50-year investment license from the Vietnamese government, said overall plans call for a $4.2 billion project that will encompass five resorts, two of which will include gambling. The license allows 180 table games and 2,000 electronic games (such as slot machines), split between the two casino properties.

China’s Macau, the only place in the area where gambling is legal, surpassed Las Vegas several years ago to become the world’s largest source of gambling revenue. MGM has a joint-venture project in Macau, and rival Wynn Resorts this week opened its second casino-resort in the Chinese enclave.

Australian internet entrepreneur Daniel Tzvetkoff was arrested in Las Vegas on Friday, and is being held on charges of money laundering and gambling conspiracy. Tzvetkoff founded an online payment processing company called Intabill a few years ago, but prosecutors allege that he used shell companies to cover up the source of more than $500 million in online gambling funds. Tzvetkoff faces 75 years in prison if convicted.

News.com.au: Fallen online tycoon Daniel Tzvetkoff faces 75 years jail

Internet entrepreneur Daniel Tzvetkoff is facing 75 years in a US prison after being charged with laundering $584 million. The 27-year-old was placed under arrest in Las Vegas on Friday and has been detained facing a bail hearing.

Ipswich-born Tzvetkoff made a mark for himself in 2008 when he founded the online payment processor Intabill, which helped US gamblers fund their online accounts. Because of his involvement with the company, Tzvetkoff faces charges of money laundering, gambling conspiracy and bank fraud conspiracy.

The US Attorney’s Office alleges that Tzvetkoff helped illegal internet gambling companies to launder about $540 million into offshore accounts. Tzvetkoff’s company duped US banks (which have bans on internet credit card gambling) into believing the gambling transactions were just ordinary transactions.

According to the indictment, Tzvetkoff even created dummy companies British Virgin Islands, complete with fake websites and random names, which were used to hide the source of funds he was processing.

ABC News: Businessmen charged over illegal online gambling transactions

United States authorities are charging former Queensland businessman Daniel Tzvetkoff with four offences relating to illegal online gambling money transactions. The 27-year-old entrepreneur was arrested in Las Vegas on Friday.

An indictment has already been presented to the Federal court in Manhattan, which is charging Tzvetkoff money laundering offences.

The US Justice Department alleges Tzvetkoff processed around $500 million in online transactions between US gamblers and internet gaming websites. The company disguised the financial data so the transactions appeared to be unrelated to gambling.

Tzvetkoff’s Las Vegas-based lawyer Mace Yampolsky says he appeared in court on Friday already, and that this initial apperance will continue on Wednesday.

“Obviously, right now, he’s pleading not guilty. He’s innocent until proven guilty,” Tzvetkoff’s laywer saidsaid.

“At this time, I have not seen any of the government’s proof.”

Reuters: U.S. charges Australian with laundering $500 mln

United States prosecutors arrested an Australian man in Las Vegas on Friday, and are holding him on charges of money laundering, alleging that he helped move funds between gamblers and illegal online gambling websites.

Daniel Tzvetkoff, 27, is being accused in a New York court of processing gambling proceeds and covering up their source, making them appear legal to banks. The operation has been running since early 2008.

Tzvetkoff created dozens of shell companies for use in his scheme, whcih he once wrote was “perfect,” prosecutors say.

Tzvetkoff is being charged on four counts, including bank fraud, money laundering, and conspiracy to operate and finance an illegal gambling business. If convicted on all accounts, he faces up to 75 years in prison.

Australian internet entrepreneur Daniel Tzvetkoff was arrested in Las Vegas on Friday, and is being held on charges of money laundering and gambling conspiracy. Tzvetkoff founded an online payment processing company called Intabill a few years ago, but prosecutors allege that he used shell companies to cover up the source of more than $500 million in online gambling funds. Tzvetkoff faces 75 years in prison if convicted.

News.com.au: Fallen online tycoon Daniel Tzvetkoff faces 75 years jail

Internet entrepreneur Daniel Tzvetkoff is facing 75 years in a US prison after being charged with laundering $584 million. The 27-year-old was placed under arrest in Las Vegas on Friday and has been detained facing a bail hearing.

Ipswich-born Tzvetkoff made a mark for himself in 2008 when he founded the online payment processor Intabill, which helped US gamblers fund their online accounts. Because of his involvement with the company, Tzvetkoff faces charges of money laundering, gambling conspiracy and bank fraud conspiracy.

The US Attorney’s Office alleges that Tzvetkoff helped illegal internet gambling companies to launder about $540 million into offshore accounts. Tzvetkoff’s company duped US banks (which have bans on internet credit card gambling) into believing the gambling transactions were just ordinary transactions.

According to the indictment, Tzvetkoff even created dummy companies British Virgin Islands, complete with fake websites and random names, which were used to hide the source of funds he was processing.

ABC News: Businessmen charged over illegal online gambling transactions

United States authorities are charging former Queensland businessman Daniel Tzvetkoff with four offences relating to illegal online gambling money transactions. The 27-year-old entrepreneur was arrested in Las Vegas on Friday.

An indictment has already been presented to the Federal court in Manhattan, which is charging Tzvetkoff money laundering offences.

The US Justice Department alleges Tzvetkoff processed around $500 million in online transactions between US gamblers and internet gaming websites. The company disguised the financial data so the transactions appeared to be unrelated to gambling.

Tzvetkoff’s Las Vegas-based lawyer Mace Yampolsky says he appeared in court on Friday already, and that this initial apperance will continue on Wednesday.

“Obviously, right now, he’s pleading not guilty. He’s innocent until proven guilty,” Tzvetkoff’s laywer saidsaid.

“At this time, I have not seen any of the government’s proof.”

Reuters: U.S. charges Australian with laundering $500 mln

United States prosecutors arrested an Australian man in Las Vegas on Friday, and are holding him on charges of money laundering, alleging that he helped move funds between gamblers and illegal online gambling websites.

Daniel Tzvetkoff, 27, is being accused in a New York court of processing gambling proceeds and covering up their source, making them appear legal to banks. The operation has been running since early 2008.

Tzvetkoff created dozens of shell companies for use in his scheme, whcih he once wrote was “perfect,” prosecutors say.

Tzvetkoff is being charged on four counts, including bank fraud, money laundering, and conspiracy to operate and finance an illegal gambling business. If convicted on all accounts, he faces up to 75 years in prison.

Gambling revenue in the great gambling state of Nevada has been all over the place over the last couple of months, but most notably in the gutter relative to the past. I bit of hope has once again been pumped into the system in that February gambling resulted in revenue gains being in the double digits.

The Associated Press: Nevada casino winnings jump 14 percent in February

According to casino regulators, special events in February attracted gamblers to the Las Vegas Strip and helped push statewide gambling winnings up almost 14%. The Gaming Control Board said casinos’ winnings went up to $946.6 million, compared with last year’s $831 million.

The increase was driven by the Strip, where casinos won around $568 million. It’s the largest increase in casino wins on the Strip since November 1999. February’s statewide posting is the largest monthly casino win increase since December 2006 and the first double-digit increase since July 2007. Las Vegas Strip casinos account for roughly 50 percent of statewide gambling revenues.

Casinos in northern Nevada’s Washoe County reported winning $60.9 million, up 2.7 percent for the first monthly increase in 32 months, Streshley said. In Reno, the $43.9 million was an increase of 4 percent.

Reuters: Casino shares up as Nevada gaming revenues rise

MGM Mirage and other casino operators’ shares shot above their year highs on Thursday after Nevada posted a double-digit percentage increase in gaming revenues for February.

On Thursday, The Nevada Gaming Control Board announced that total gaming revenues were up to $946.6 million in February, up 13.9% from the same month a year ago. Gaming revenues on the Las Vegas Strip came to nearly $568 million for the month, up 32.9% from the year earlier.

In a note to clients J.P. Morgan analyst, Joseph Greff, said:”We think results were helped by the timing of Chinese New Year,” which was celebrated in February this year as opposed to January for last year.

MGM Mirage shares were up 8.8 percent to $14.53, above their previous 52-week high of $14.25. Rival Las Vegas Sands gained 5.9 percent to $24.29 and Wynn Resorts shares were up 5.4 percent to $86.04.

Bloomberg Business Week: Las Vegas Strip Casino Revenue Soared 33% in February

Las Vegas Strip gambling revenue jumped 33% in February as baccarat play by Chinese New Year’s revelers boosted winnings. Strip revenue hit $568 million from $427.4 million in 2009 according to Nevada’s Gaming Control Board.

All Nevada’s casino revenue climbed 14% to $946.6 million. Monthly proceeds for Clark County, which includes downtown Las Vegas as well as the Strip, grew 16% to $827.8 million. The Chinese New Year is an important event in Las Vegas because visitors stay longer and spend more than average.

MGM Mirage jumped $1.38, or 10%, to $14.73 at 4:15 p.m. in the New York Stock Exchange composite trading, the biggest advance since September. Las Vegas Sands gained $1.30, or 5.7%, to $24.23. Wynn Resorts Ltd. added $4.57, or 5.6%, to $86.23 on the Nasdaq.

Gambling revenue in the great gambling state of Nevada has been all over the place over the last couple of months, but most notably in the gutter relative to the past. I bit of hope has once again been pumped into the system in that February gambling resulted in revenue gains being in the double digits.

The Associated Press: Nevada casino winnings jump 14 percent in February

According to casino regulators, special events in February attracted gamblers to the Las Vegas Strip and helped push statewide gambling winnings up almost 14%. The Gaming Control Board said casinos’ winnings went up to $946.6 million, compared with last year’s $831 million.

The increase was driven by the Strip, where casinos won around $568 million. It’s the largest increase in casino wins on the Strip since November 1999. February’s statewide posting is the largest monthly casino win increase since December 2006 and the first double-digit increase since July 2007. Las Vegas Strip casinos account for roughly 50 percent of statewide gambling revenues.

Casinos in northern Nevada’s Washoe County reported winning $60.9 million, up 2.7 percent for the first monthly increase in 32 months, Streshley said. In Reno, the $43.9 million was an increase of 4 percent.

Reuters: Casino shares up as Nevada gaming revenues rise

MGM Mirage and other casino operators’ shares shot above their year highs on Thursday after Nevada posted a double-digit percentage increase in gaming revenues for February.

On Thursday, The Nevada Gaming Control Board announced that total gaming revenues were up to $946.6 million in February, up 13.9% from the same month a year ago. Gaming revenues on the Las Vegas Strip came to nearly $568 million for the month, up 32.9% from the year earlier.

In a note to clients J.P. Morgan analyst, Joseph Greff, said:”We think results were helped by the timing of Chinese New Year,” which was celebrated in February this year as opposed to January for last year.

MGM Mirage shares were up 8.8 percent to $14.53, above their previous 52-week high of $14.25. Rival Las Vegas Sands gained 5.9 percent to $24.29 and Wynn Resorts shares were up 5.4 percent to $86.04.

Bloomberg Business Week: Las Vegas Strip Casino Revenue Soared 33% in February

Las Vegas Strip gambling revenue jumped 33% in February as baccarat play by Chinese New Year’s revelers boosted winnings. Strip revenue hit $568 million from $427.4 million in 2009 according to Nevada’s Gaming Control Board.

All Nevada’s casino revenue climbed 14% to $946.6 million. Monthly proceeds for Clark County, which includes downtown Las Vegas as well as the Strip, grew 16% to $827.8 million. The Chinese New Year is an important event in Las Vegas because visitors stay longer and spend more than average.

MGM Mirage jumped $1.38, or 10%, to $14.73 at 4:15 p.m. in the New York Stock Exchange composite trading, the biggest advance since September. Las Vegas Sands gained $1.30, or 5.7%, to $24.23. Wynn Resorts Ltd. added $4.57, or 5.6%, to $86.23 on the Nasdaq.

Lu Jun, one of China’s most beloved referees, was arrested last week along with two other refs under suspicion of match fixing. Depending on the amount of money involved, Lu may face the death penalty for his crimes. Police, however, have not made an official statement about why the arrests were made.

Al Jazeera: China referees arrested over graft

Last week, Chinese police arrested three football referees on suspicion of match-fixing. Among the men detained is Lu Jun, one of China’s leading referees. Lu officiated hundreds matches before retiring in 2005, and earned the nickname the “golden whistle” for his integrity during an earlier match fixing scandal.

Lu’s sentence will depend on the amount of money involved in the betting scandal, but as a public servant, if he is found guilty of taking money, he may face the death penalty.

Wei Di, head of the Chinese Football Association (CFA), said he was “shocked” and “hurt” by the news of Lu’s arrest.

“He is undoubtedly a first-rate referee in terms of working ability, but his morals are a far cry from his ‘golden whistle’ reputation,” he said.

Facing intense pressure from China’s leaders, Wei is cracking down on match-fixing and corruption in Chinese football. He took over for as head of the CFA after his predecessor was arrested as part of an investigation into corruption in the game.

China Daily: Match fixing: 3 referees arrested

Three Chinese soccer referees, including the famous “golden whistle” Lu Jun, have been arrested on suspicion of accepting bribes.

Lu Jun, Zhou Weixin and Huang Junjie have been arrested,” said soccer chief Wei Di. “I was really shocked and hurt when Lu’s name cropped up in the scandal. He is undoubtedly a first-rate referee in terms of working ability, but his morals are a far cry from his ‘golden whistle’ reputation,” Wei said.

Lu was named the “best referee” in the league’s first decade. He was also named “Referee of the Year” twice by the Asian Football Confederation.

“We don’t know what sentences they will get But we can see these referees must have contributed to the problem of match fixing and manipulation,” Wei said, but the punishment for State servants found guilty of accepting bribes of more than 100,000 yuan ($14,705) is a minimum of 10 years up to death, according to Chinese law.

Reuters: China chief ‘hurt’ by match-fixing arrest of ‘golden’ ref

Chinese Football Association (CFA) chief Wei Di was “shocked” and “hurt” by the arrest of World Cup referee Lu Jun last week. Lu was dubbed the “golden whistle” for his integrity during the “black whistles” scandal some eight years ago.

One of three referees arrested, Lu faces punishments that could range from an administrative sanction to the death penalty, depending on the amount of money involved in the scandal.

The others referees detained were retired 45-year-old Guangzhou official Zhou Weixin and Huang Junjie, an active FIFA international referee.

Police have not told CFA chief Wei why the three officials were arrested. Wei took over as chief after his predecessor Nan Yong was arrested during another Chinese football scandal.

Lu Jun, one of China’s most beloved referees, was arrested last week along with two other refs under suspicion of match fixing. Depending on the amount of money involved, Lu may face the death penalty for his crimes. Police, however, have not made an official statement about why the arrests were made.

Al Jazeera: China referees arrested over graft

Last week, Chinese police arrested three football referees on suspicion of match-fixing. Among the men detained is Lu Jun, one of China’s leading referees. Lu officiated hundreds matches before retiring in 2005, and earned the nickname the “golden whistle” for his integrity during an earlier match fixing scandal.

Lu’s sentence will depend on the amount of money involved in the betting scandal, but as a public servant, if he is found guilty of taking money, he may face the death penalty.

Wei Di, head of the Chinese Football Association (CFA), said he was “shocked” and “hurt” by the news of Lu’s arrest.

“He is undoubtedly a first-rate referee in terms of working ability, but his morals are a far cry from his ‘golden whistle’ reputation,” he said.

Facing intense pressure from China’s leaders, Wei is cracking down on match-fixing and corruption in Chinese football. He took over for as head of the CFA after his predecessor was arrested as part of an investigation into corruption in the game.

China Daily: Match fixing: 3 referees arrested

Three Chinese soccer referees, including the famous “golden whistle” Lu Jun, have been arrested on suspicion of accepting bribes.

Lu Jun, Zhou Weixin and Huang Junjie have been arrested,” said soccer chief Wei Di. “I was really shocked and hurt when Lu’s name cropped up in the scandal. He is undoubtedly a first-rate referee in terms of working ability, but his morals are a far cry from his ‘golden whistle’ reputation,” Wei said.

Lu was named the “best referee” in the league’s first decade. He was also named “Referee of the Year” twice by the Asian Football Confederation.

“We don’t know what sentences they will get But we can see these referees must have contributed to the problem of match fixing and manipulation,” Wei said, but the punishment for State servants found guilty of accepting bribes of more than 100,000 yuan ($14,705) is a minimum of 10 years up to death, according to Chinese law.

Reuters: China chief ‘hurt’ by match-fixing arrest of ‘golden’ ref

Chinese Football Association (CFA) chief Wei Di was “shocked” and “hurt” by the arrest of World Cup referee Lu Jun last week. Lu was dubbed the “golden whistle” for his integrity during the “black whistles” scandal some eight years ago.

One of three referees arrested, Lu faces punishments that could range from an administrative sanction to the death penalty, depending on the amount of money involved in the scandal.

The others referees detained were retired 45-year-old Guangzhou official Zhou Weixin and Huang Junjie, an active FIFA international referee.

Police have not told CFA chief Wei why the three officials were arrested. Wei took over as chief after his predecessor Nan Yong was arrested during another Chinese football scandal.

The online gaming software giant Playtech has purchased the internet bingo company Virtue Fusion in a deal worth up to £36 million. Virtue Fusion currently supplies more than 20 groups with online bingo services. The deal is expected to push Playtech to the forefront of the international online bingo industry.

Reuters UK: Playtech buys online bingo firm Virtue Fashion

The internet gambling software giant Playtech just acquired the online bingo company Virtue Fashion in a deal worth up to £36 million. Playtech aims strengthen its presence in the international bingo market.

Playtech will make an initial payment of £29 million pounds in cash, with an additional performance-based payment of up to £7 million in early 2011.

The company says that bingo is one of the fastest growing facets of the online gambling world, and that the the deal will provide them with cross-selling opportunities.

Virtue Fashion currently has more than 20 licensees, including well known brands like as William Hill, Ladbrokes and Paddy Power. They saw a turnover of £12.3 million in 2009.

Playtech’s shares have lifted 21% in the last three months. Shares were up 2.1% to 477 pence after the merger was announced, valuing the company at about £1.15 billion.

London Evening Standard: Bingo king Al Haig sells Virtue to Playtech for £29m

Land-based bingo halls in the UK might be struggling, but millions of pounds are pouring through online versions of the game, where bingo is one of the online gaming industry’s fastest growing markets.

Internet bingo entrepreneur Al Haig recently became £25 million richer after selling his Virtue Fusion bingo business to Playtech for an upfront cost of £29 million, with more cash to follow if the business does well.

Virtue Fusion creates online bingo platforms for household names such as Ladbrokes and Sky. Playtech also works in the online gaming business, putting together software for internet casinos, mobile phones and TVs. Virtue Fusion had turnover of £12 million and saw a profit of £3.8 million last year.

Bob McCulloch, Virtual Fusion’s chief executive, is also expecting a pay-out from the deal, and intends to stay with the business for at least two years.

Playtech’s chief executive, Mor Weizer, said the acquisition will make his company a leading player in the international bingo market.

Proactive Investors UK: Playtech snaps up online bingo developer Virtue Fusion for £29 million

Online gaming software company Playtech is acquiring Virtue Fusion, a developer and licensor of internet bingo products, for an initial price of £29 million in cash, up to a potential £36 million depending on the performance of Virtue Fusion in 2010.

Playtech said the acquisition will transform it into a global leader in online bingo market, complementing its current position in the internet poker and casino industries. The deal is also expected to be earnings accretive in 2010, and will generate “additional cross-selling opportunities”.

In 2009, Virtue Fusion generated £12.3 million in revenues and adjusted EBITDA of £3.8 million, marking a significant increase compared to 2008 revenues of £8.1 million and adjusted EBITDA of £2.3 million in 2008. Playtech is paying a premium price to gain a firm position in the bingo sector, which according to the company is one of the fastest growing online gaming segments.

Virtue Fusion typically sees more than 6,000 concurrent players on their platform. They licence their online bingo products to more than 20 groups, including Paddy Power, Vigrin and William Hill.

“For Playtech, the acquisition significantly enhances its own bingo offering, brings new licensees and enhances its relationships with a number of existing licensees. It also positions Playtech as the leading supplier in all of the key product segments in the online gaming industry, with very substantial liquidity in each of its player networks,” Playtech stated this morning.

“As with poker, network player liquidity is an important element for bingo operators. By linking the operator’s bingo rooms across the network, Virtue Fusion can facilitate more frequent games being offered and higher prize values and jackpots for the same individual stake. Both Playtech and Virtue Fusion’s existing licensees will therefore enjoy the benefits of increased liquidity when their networks are combined.”

The online gaming software giant Playtech has purchased the internet bingo company Virtue Fusion in a deal worth up to £36 million. Virtue Fusion currently supplies more than 20 groups with online bingo services. The deal is expected to push Playtech to the forefront of the international online bingo industry.

Reuters UK: Playtech buys online bingo firm Virtue Fashion

The internet gambling software giant Playtech just acquired the online bingo company Virtue Fashion in a deal worth up to £36 million. Playtech aims strengthen its presence in the international bingo market.

Playtech will make an initial payment of £29 million pounds in cash, with an additional performance-based payment of up to £7 million in early 2011.

The company says that bingo is one of the fastest growing facets of the online gambling world, and that the the deal will provide them with cross-selling opportunities.

Virtue Fashion currently has more than 20 licensees, including well known brands like as William Hill, Ladbrokes and Paddy Power. They saw a turnover of £12.3 million in 2009.

Playtech’s shares have lifted 21% in the last three months. Shares were up 2.1% to 477 pence after the merger was announced, valuing the company at about £1.15 billion.

London Evening Standard: Bingo king Al Haig sells Virtue to Playtech for £29m

Land-based bingo halls in the UK might be struggling, but millions of pounds are pouring through online versions of the game, where bingo is one of the online gaming industry’s fastest growing markets.

Internet bingo entrepreneur Al Haig recently became £25 million richer after selling his Virtue Fusion bingo business to Playtech for an upfront cost of £29 million, with more cash to follow if the business does well.

Virtue Fusion creates online bingo platforms for household names such as Ladbrokes and Sky. Playtech also works in the online gaming business, putting together software for internet casinos, mobile phones and TVs. Virtue Fusion had turnover of £12 million and saw a profit of £3.8 million last year.

Bob McCulloch, Virtual Fusion’s chief executive, is also expecting a pay-out from the deal, and intends to stay with the business for at least two years.

Playtech’s chief executive, Mor Weizer, said the acquisition will make his company a leading player in the international bingo market.

Proactive Investors UK: Playtech snaps up online bingo developer Virtue Fusion for £29 million

Online gaming software company Playtech is acquiring Virtue Fusion, a developer and licensor of internet bingo products, for an initial price of £29 million in cash, up to a potential £36 million depending on the performance of Virtue Fusion in 2010.

Playtech said the acquisition will transform it into a global leader in online bingo market, complementing its current position in the internet poker and casino industries. The deal is also expected to be earnings accretive in 2010, and will generate “additional cross-selling opportunities”.

In 2009, Virtue Fusion generated £12.3 million in revenues and adjusted EBITDA of £3.8 million, marking a significant increase compared to 2008 revenues of £8.1 million and adjusted EBITDA of £2.3 million in 2008. Playtech is paying a premium price to gain a firm position in the bingo sector, which according to the company is one of the fastest growing online gaming segments.

Virtue Fusion typically sees more than 6,000 concurrent players on their platform. They licence their online bingo products to more than 20 groups, including Paddy Power, Vigrin and William Hill.

“For Playtech, the acquisition significantly enhances its own bingo offering, brings new licensees and enhances its relationships with a number of existing licensees. It also positions Playtech as the leading supplier in all of the key product segments in the online gaming industry, with very substantial liquidity in each of its player networks,” Playtech stated this morning.

“As with poker, network player liquidity is an important element for bingo operators. By linking the operator’s bingo rooms across the network, Virtue Fusion can facilitate more frequent games being offered and higher prize values and jackpots for the same individual stake. Both Playtech and Virtue Fusion’s existing licensees will therefore enjoy the benefits of increased liquidity when their networks are combined.”

China is planning a major crack-down on all the most relevant online gambling sites that are used by the nation’s nationals. This hunt will not involve just the online casinos and other gambling facilities, but the banks and websites that support the industry as well.

Reuters: China Plans Online Gambling Crackdown

According to a post on the Ministry of Public Security’s website, China plans to crack down on the online gambling industry and the banks and websites supporting it. The hunt will “concentrate on covering major cases of online gambling, and knock out domestic and foreign groups that organize online gambling, and severely punish the criminal elements.”

The crackdown will be carried out between February and August by 8 government bodies including the Supreme Court, Propaganda bureau, the Central Bank and the Ministry of Industry and Information Technology. Underground banks, third-party payment platforms, and website operators will be severely punished.

China banned YouTube in March 2009, when a Tibetan exile film documenting the injuries and death of a Tibetan protester was published. The government blocked Twitter, Flickr and Facebook last summer.

Global Times: Net gambling crackdown a boost for lotteries

A major crackdown on online gambling is being planned by China’s Ministry of Public Security. The 8-governmental department joint campaign will run from February to August and “focus on major and severe online gambling cases and severely punish the criminals.”

Online gambling is a crime thriving through internet development. It’s caused huge sums of money to flow from China, disturbing the nation’s social and economic order. Gambling is forbidden on the mainland and those charged with gambling crimes face up to three-years in jail, according to the criminal law.

Some people believe the crackdown will help boost the welfare lottery and sports lottery, run by the Ministry of Civil Affairs and the General Administration of Sport respectively.

APF: China to crackdown on online gambling

China will launch a 6-month crackdown on online gambling, saying the country loses copious amounts of cash through the growing industry. Gambling has been outlawed in China since 1949, but that hasn’t stopped a thriving underground industry.

Authorities will clamp down on banks and third-party payment platforms which provide cash transfer services for gambling sites, as well as Internet operators that provide web access services. China has the world’s largest online population with at least 384 million users, according to official figures.

According to official figures, 5,394 people were arrested under a nationwide Internet porn crackdown last year, and 9,000 illegal porn-related sites were shut down.

China is planning a major crack-down on all the most relevant online gambling sites that are used by the nation’s nationals. This hunt will not involve just the online casinos and other gambling facilities, but the banks and websites that support the industry as well.

Reuters: China Plans Online Gambling Crackdown

According to a post on the Ministry of Public Security’s website, China plans to crack down on the online gambling industry and the banks and websites supporting it. The hunt will “concentrate on covering major cases of online gambling, and knock out domestic and foreign groups that organize online gambling, and severely punish the criminal elements.”

The crackdown will be carried out between February and August by 8 government bodies including the Supreme Court, Propaganda bureau, the Central Bank and the Ministry of Industry and Information Technology. Underground banks, third-party payment platforms, and website operators will be severely punished.

China banned YouTube in March 2009, when a Tibetan exile film documenting the injuries and death of a Tibetan protester was published. The government blocked Twitter, Flickr and Facebook last summer.

Global Times: Net gambling crackdown a boost for lotteries

A major crackdown on online gambling is being planned by China’s Ministry of Public Security. The 8-governmental department joint campaign will run from February to August and “focus on major and severe online gambling cases and severely punish the criminals.”

Online gambling is a crime thriving through internet development. It’s caused huge sums of money to flow from China, disturbing the nation’s social and economic order. Gambling is forbidden on the mainland and those charged with gambling crimes face up to three-years in jail, according to the criminal law.

Some people believe the crackdown will help boost the welfare lottery and sports lottery, run by the Ministry of Civil Affairs and the General Administration of Sport respectively.

APF: China to crackdown on online gambling

China will launch a 6-month crackdown on online gambling, saying the country loses copious amounts of cash through the growing industry. Gambling has been outlawed in China since 1949, but that hasn’t stopped a thriving underground industry.

Authorities will clamp down on banks and third-party payment platforms which provide cash transfer services for gambling sites, as well as Internet operators that provide web access services. China has the world’s largest online population with at least 384 million users, according to official figures.

According to official figures, 5,394 people were arrested under a nationwide Internet porn crackdown last year, and 9,000 illegal porn-related sites were shut down.