My Sports Bet

November 26th General news ... My Sports Bet at my-sports-bet.com

LADBROKES COULD SAVE GBP 40 MILL BY HALTING HIGH STREET EXPANSION
2014-02-18

The Telegraph newspaper reports that British gambling group Ladbrokes is expected to announce plans to halt the introduction of new High Street betting shops, currently the subject of political concern.
By doing this, the company could reduce capital expenditure from GBP 100 million to GBP 60 million, freeing up GBP 40 million to accelerate the further development of the company's burgeoning online gambling strategy.
With over 2,300 retail betting shops, many offering the much-maligned Fixed Odds Betting Terminals, Ladbrokes is among the highest of the High Street betting profiles, yet the company has still had to issue profit warnings in recent months as it struggles to make more of a success of its digital operations following a relatively new agreement with Playtech plc.
The Telegraph notes that with increasing political pressure for restrictions on FOBTs, and tighter local council controls over betting shop openings, the Ladbrokes preference for digital is perhaps sensible.
A Ladbrokes spokesman appeared to confirm at least part of the newspaper report, commenting:
This year we are likely to be a net closer of shops as we focus on optimising our investments in the retail estate and look to deal with some of the non-contributing shops.




WYNN RESORTS SECURES ONLINE GAMBLING APPROVAL FOR NEW JERSEY
2014-02-04

Land casino magnate Steve Wynn's Bicimotos shock declaration over the weekend that he supported Sheldon Adelson's drive against legalised online gambling (see previous InfoPowa report) continued to puzzle industry observers Monday as the New Jersey Division for Gaming Enforcement confirmed that internet gambling approval had been given to his Wynn Interactive company.
The Associated Press news agency noted that Wynn is subject to changes of mind, a characteristic that online gambling analysts are finding to be true as the owner of Wynn Resorts flip-flops on whether he is for or against online gambling; on the one hand appearing to support Adelson's vehemently anti-online gambling thinking, whilst on the other applying for New Jersey licensing.

The unenviable job of presenting a rational corporate front on these inconsistencies was tackled by Wynn spokesman Michael Weaver this week, who told AP that the company may have secured approval, but that its implementation plans are "on hold" as the company "studies the market"...something one would assume had already been done before entering into partnerships and applying for licensing.
In responding to AP questions on the licence approval, the Wynn spokesman quoted an interview Wynn gave to Las Vegas journalist Jon Ralston over the weekend in which the land casino mogul said Internet gambling "is not a good entrepreneurial opportunity."
But in the same interview, Wynn held out the possibility he could change his mind.
On Monday, Weaver said Wynn is not rushing to go online in New Jersey.
"As Mr. Wynn said this weekend, online gaming does not appear to be a good entrepreneurial opportunity," Weaver told The Associated Press. "Consequently, our plans are on hold until we understand the business opportunity."

The DGE's approval grants authority to Wynn Interactive to conduct Internet gambling with partner Caesars Interactive. The division also granted a request by Wynn and Caesars Interactive to conduct Internet gambling operations with the All American Poker Network and 888 Atlantic Limited, an affiliate of a Gibraltar-based online betting firm.
The approval of so-called transactional waivers for Wynn enables the company to offer Internet gambling with Caesars Interactive, which has two of New Jersey's Internet gambling permits.
Seth Palansky, a Caesars spokesman, said: "We are allowing them to use one of our permits. I'm not aware of if they are going live, or when."