Texas Holdem Card Games

 

OPENBET C.T.O. MOVES TO U.K. LOTTERY SPECIALIST
2015-01-23

Nikos Kryvossidis, CTO at Openbet since mid-2011 with special responsibility for sportsbook operations, has left the company to take up a similar post with the UK National Lottery organiser, Camelot Group plc.

Kryvossidis has extensive management experience in the telecommunication and IT industries and was previously employed by Google, where he was director of content and commerce partnerships. The role included leading a team of sales engineers, technology account managers and software engineers responsible for worldwide content related products including Google Maps, Google Editions and Local Shopping.

Prior to Google, he worked for Visto/Good Technologies, Symbian and Lucent Technologies.

He holds an MSc in Computer Science from McGill University, Montreal and a BSc in Mathematics from University of Patras, Greece.




SCIENTIFIC GAMES POSTS A Q3-2014 NET LOSS
2014-10-31

Struggling with a falling share price due to bank delays on the $5,1 billion in funds necessary for its acquisition of Bally Techn Programa Descuentos Deportivos ologies (see previous InfoPowa report), Scientific Games further disappointed shareholders in reporting a net loss in Q3-2014 this week.

Although revenues increased higher than forecasted, the company reported a wider net loss as acquisition and other related costs rose.

Interactive gaming performance improved, with a hefty contribution from social gaming.

Third quarter revenue increased to $415.6 million from $234.4 million in the prior-year quarter, primarily reflecting the contribution of WMS operations and a 9 percent increase in total lottery revenue. That topped forcasts for $413 million.

EBITDA increased $38.3 million from the prior-year quarter to $128.2 million.

The company incurred a net loss of $69.8 million, or $0.82 per share, which included a $0.23 per share, non-cash impairment charge to write down the company's equity investment in its Northstar Illinois joint venture; $0.07 per share, of transaction- and financing-related costs associated with the pending acquisition of Bally Technologies $0.02 per share, of employee termination and restructuring expense.

In the prior-year period, the company reported a net loss from continuing operations of $0.4 million, or $0.01 per share, inclusive of $2.5 million, or $0.03 per share, of WMS-related transaction costs.

"During the quarter, the company generated $126 million of cash flow from operations, which after $62 million of capital expenditures resulted in $65 million of free cash flow," said Gavin Isaacs, president and CEO.

Scientific Games also posted its results for the nine months year-to-date, revealing that revenue increased $531.6 million from the prior-year period to $1,220.6 million, primarily reflecting the contribution from WMS' operations.

EBITDA over the nine months ended September 30 increased to $383.1 million from $252.0 million.

The net loss increased to $187.2 million from $26.7 million, primarily reflecting an operating loss of $16.3 million, which includes $13.0 million of transaction-related costs and legal contingencies, and $12.4 million of employee termination and restructuring expense, compared to operating income of $49.2 million in the prior-year period.

In addition, the net loss for the first nine months of 2014 was also impacted by a $25.9 million loss on early extinguishment of debt, the $19.7 million non-cash impairment charge referenced above and $8.0 million related to the company's share of an estimated net shortfall accrual recorded by its Northstar Illinois joint venture, and $67.6 million of higher interest expense, partially offset by a $14.5 million gain on the sale of the equity investment in Sportech plc. In the prior-year nine month period, the company had $9.5 million of transaction- and financing-related expenses and $0.3 million of employee termination and restructuring expense.

"In addition to the progress being made with the WMS integration, we are focused on the potential to meaningfully increase free cash flow following the Bally acquisition, which we continue to anticipate closing this quarter, and deploying our free cash flow to reduce net debt," Isaacs said.

"Our plans are now expected to yield greater expected financial savings than originally anticipated. As a result, we are increasing our estimate of annual cost synergies anticipated to be realized from the pending Bally transaction by the end of 2016 from $220 million to $235 million.

"In addition, we now expect to realize an additional $15 million in annual cost synergies from the WMS acquisition, bringing the total to $115 million in annual cost savings by the end of 2015, of which slightly more than half has been achieved to date.

"We remain confident the combination of Scientific Games and Bally will deliver significant strategic and financial benefits."

Interactive activities.

In the Q3-2014 report, Scientific Games reported that its interactive activities generated $38.5 million - mainly from WMS and $5.7 million of it from social gaming products.

The growth in interactive gaming revenue from social gaming activities also reflected a 78 percent growth in the average Daily Average User to approximately 1.6 million compared to the approximately 900,000 average DAU in the prior-year period for WMS, partially offset by a 26 percent decline in Average Revenue Per Daily Active User to $0.23 reflecting the impact of a significantly larger player audience and growth in players on mobile platforms

During the quarter the company inked a deal to provide its interactive Play4Fun Network to Bay Mills Resort and Casino; the company additionally entered into six new game content agreements with online operators.



DETROIT VICTORY IN POKER TOURNAMENT
2014-07-02

Twenty-seven-year-old Detroit poker pro David Olson is the latest maiden bracelet winner at the World Series of Poker in Las Vegas, taking down event 52 - the $10,000 buy-in Limit Hold'Em contest for $303,909 despite a professional-rich and competitive field of 122.

The field, and the $1,146,800 prize pool that it generated, could have been larger, but the contiguous Monster Stack event may have lured many players away.

Three days into the competition just ten players remained, and that soon led to the formation of a final table that comprised Olson and Mikail Tulchinskiy, Greg Debora, Samuel Golbuff, Paul Mannoni, Bill Chen, Brian Tate, Jan Sjavik and Gabriel Nassif.

By the time three-handed action was reached Greg DeBora held the lead, as he had done for most of the day, but he fell short to a few coolers and busted out in third for $136,056, setting up Olson with the chip lead in a final battle with Mikael Tulchinskiy.

It took two hours to decide the winner as the lead changed several times, but in the end Olson was able to prevail and claim the main honours, leaving his gutsy opponent with a consolatory $187,811.



EDUCATING POLITICIANS WITH NEW POKER MOVIE?
2013-08-16

In what could be seen as an indictment of the tragic paucity of knowledge among US politicians regarding online poker, reports surfaced this week that the land gambling trade body the American Gaming Association is considering using the new fictional online poker movie Runner Runner to persuade lawmakers on the need for federal regulation.
Starring Ben Affleck and Justin Timberlake the movie is due to premier within the next month, and features a college student who becomes embroiled in a highly dramatized offshore, online poker industry with violent consequences see the trailer here:
http://www.youtube.com/watch?v=dyboDr1e2xI
AGA chief executive Geoff Freemen is reportedly supportive of the move to use the film to persuade Congressional representatives on the need for federal regulation, presumably because the film depicts the allegedly seedier side of online gambling.
Two relevant bills one on general online gambling legalisation, and the other for online poker only have been introduced to Congress this year, and there are rumours that Nevada Senator Harry Reid is about to launch a poker-only proposal soon (see previous InfoPowa reports).
The respected and generally reliable Las Vegas journo, Jon Ralston broke the news and claimed to have seen an internal AGA email referencing the upcoming movie and its possible use as a vehicle to further the AGAs well known agenda of federal legalisation of online poker only, and under conditions best suiting its members.
In the email, Freeman allegedly shares his views with other AGA luminaries, noting that the movie involves: .illegal online poker and unscrupulous offshore operators, dramatically underscoring the risk American consumers face in a poorly-regulated market.
He concludes that the film could support the AGAs message for Washington politicians.ie federal regulation and only for online poker.
Freeman seems to be a man with a plan; according to the email the initiative using the movie could be accompanied by the release of research stats on how much illegal online gambling is happening in the USA, thus linking the AGA push to the movie and generating traffic to the Associations website and its proclamations on the subject.
He also appears to believe that there could be merit in holding screenings and discussion sessions with relevant audiences.