Tag Archives: new york

FanDuel & DraftKings enter crucial week of regulatory hearings

New York legislators have been in advanced talks on the potential legislation of daily fantasy sports (DFS) which could see a conditional bill drafted for the legal/licensed framework of DFS state services. Leading DFS operators FanDuel and DraftKings have been under investigation from New York Attorney General Eric Schneiderman since October 2015, following damaging allegations of misuse of game and …

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6 of the Best – Pinnacle’s Jason Williams

BetITBest‘s Nico Jansen is interested in discovering the best in people. This week it’s Jason Williams. Jason Williams is the Design Manager at Pinnacle and has just celebrated his 10th year with the company, originally starting as a Junior Designer way back in 2006.  He has just overseen the first major re-brand of the illustrious Sportsbook since its inception in 1998. This includes …

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North America uplift sees IGT post ‘solid opening’ to 2016

Presenting its Q1 2016 (period ending 31 March) corporate performance, IGT Plc governance stated its was pleased with its ‘solid opening performance’ as the New York-listed firm saw growth throughout its top line metrics. Reporting group revenues of $1.28 billion up 51% on Q1 2015’s $848 million, IGT detailed growth in its core region of North America. IGT would record …

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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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500.com sells stake in payment processor Sumpay

Issuing a short market update, embattled New York-listed Chinese sports lottery operator 500.com has disclosed the sale of its 63% equity stake in Asian digital payment processor Sumpay.cn ( Sumpay). Payment processor, Sumpay, is licensed to provide third-party payment services in Chin. 500.com revealed that it had invested in Sumpay holding company Zhejiang Shangmeng Technology in December 2015 for a cash consideration …

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DraftKings and FanDuel shut down in New York

Both DraftKings and FanDuel agreed to stop real money contests in New York on Monday after a settlement was agreed with New York Attorney General Eric Schneiderman.  The settlement ensures that should the games be legalised in the state this year then the gambling claims against them will be dropped, though there may still be charges for false advertising and a lack …

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IGT Group optimistic of 2016 outlook following year of synergy creations

IGT sheds Italian weight offloading Lottomatica B2C units to Gamenet SPA

New York-listed gambling and lottery technology supplier, IGT Group closed its full-year 2015 results (period ending 31 December) reporting adjusted revenues of $5.5 billion down 4% on 2014’s (pro-forma) revenues of $5.7 billion.   Declaring its first full-year performance as IGT Group (the combined enterprise of GTECH and IGT), the company would declare adjusted EBITDA earnings of $1.8 billion, down …

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Investors raise ‘Red Alert’ regarding 500.com continued NO revenue performance

New York listed Chinese sports lottery operator 500.com has posted its third consecutive no-revenue quarter for Q4 2015. The troubled lottery operator continues to be impacted by its ‘temporary’ lottery services suspension imposed by China’s Ministry of Finance (first sanctioned in February 2015) As a result of the suspension, the operator posted Q4 revenues of RMB 0.7 million ($0.1 million), …

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DraftKings and FanDuel fight New York DFS injunction

Both DraftKings and FanDuel are asking the New York Supreme Court Appellate Division – First Department to overturn a preliminary injunction which ordered the companies to cease operating in the state from December 11th 2015. In its own appeal DraftKings argued that the court, in siding with state Attorney General Eric Schneiderman, “abused its discretion” and committed several errors of law when …

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