Retail

HMRC denied Supreme Court appeal against Sportech £95 million tax claim

SBC News HMRC denied Supreme Court appeal against Sportech £95 million tax claim

Issuing a market update, Sportech Plc has announced that the UK Court of Appeal has denied HM Revenue & Customs (HMRC) permission to appeal the decision which ruled in Sportech’s favour regarding a £97 million tax repayment claim to the Supreme Court. The decision by the Court of Appeal will likely end Sportech’s 7-year battle with HMRC regarding the tax …

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Camelot revenues hit all time high thanks to digital uptake

SBC News Camelot revenues hit all time high thanks to digital uptake

UK national lottery operator Camelot, has detailed that its continued focus on optimising its digital channels has paid dividends as corporate revenues hit an all-time high of £7.6 billion. The group revenue increase comes despite a slight ticket sales decrease in its draw-based games which recorded revenues of £4.6 billion for the 2014/15 financial period. Camelot governance stated that it …

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500.com reduces costs as it enters fifth straight quarter with no core revenues

SBC News 500.com reduces costs as it enters fifth straight quarter with no core revenues

Investor concerns continue to mount regarding New York-listed Chinese sports lottery operator 500.com’s ability to survive its services suspension imposed by the Chinese Ministry of Finance. Posting its Q1 2016 financial performance, the company would record its fourth consecutive quarter with no core product revenues, declaring operating losses of – $15 million for the period. 500.com governance would present no …

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Vermantia secures first ever virtual games supplier license for Romania

SBC News Vermantia secures first ever virtual games supplier license for Romania

ONJN the National Gambling Agency of Romania has granted Vermantia the first licensed certification for the servicing of virtual sports provisions and products for the Romanian gambling sector. Following a review of its games inventory and client services, Vermantia is the first Virtual Sports provider to be approved by ONJN. Vermantia governance stated that it would move quickly to open …

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OPAP welcomes Damian Cope as new CEO following leadership responsibility split

OPAP Q3 bounce back hurt by continued lottery declines

Greek licensed gambling operator has announced the appointment of former Ladbrokes International MD Damian Cope as its new Chief Executive Officer. The appointment of Cope follows an internal review process of OPAP governance, which saw the operator split its corporate leadership roles of CEO & Chairman. The decision which will come into full effect on the 1 July, will see …

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Cecile Chaussard joins ARJEL as public policy advisor

SBC News Cecile Chaussard joins ARJEL as public policy advisor

French online gambling regulator L’Autorité de régulation des jeux en ligne (ARJEL) has confirmed the appointment of Cecile Chaussard to its advisory board. Chaussard a lecturer of law and political science at University of Bourgogne (Dijon) will advise the regulator’s governance on matters of public and stakeholder policy with regards to the French online gambling industry. Under the current French …

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Ladbrokes Coral need to sell 350-400 shops for merger approval

SBC News Ladbrokes Coral need to sell 350-400 shops for merger approval

The UK Competition & Markets Authority (CMA) has said it will allow Ladbrokes and Gala Coral to continue with their merger plans, but only if the firms divest 350-400 betting shops. The proposed merger would create Britain’s biggest bookmaker with around 4,000 betting shops, but the CMA has identified 659 areas across the country where the deal could harm competition. …

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Caesars Entertainment pledges $4 billion CEOC debt contribution

SBC News Caesars Entertainment pledges $4 billion CEOC debt contribution

Seeking to soothe its fraught relationship with creditors, Caesars Entertainment Corp (CEC) is set to contribute approximately $4 billion to the restructure of the ‘Caesars Entertainment Operating Company’ (CEOC) unit. The move sees CEC governance up its original debt pledge from $1.5 billion to the $4 billion mark, with the contribution set to be financed through cash and new debt for equity …

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‘Fair, Transparent and Balanced’ – Gary McGann defends Paddy Power Betfair executive pay policy

SBC News ‘Fair, Transparent and Balanced’ - Gary McGann defends Paddy Power Betfair executive pay policy

Addressing executive remuneration at Paddy Power Betfair (PPB) first ever AGM, Chairman Gary McGann stated that the company had implemented a ‘fair, transparent and balanced’ policy. McGann noted concerns on the matter, following 32% of shareholders voting against PPB’s executive pay report at the meeting. PPB’s Chairman stated that the divide stemmed from a change in the new group’s long …

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