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The US finds ally anew with Italy who recently eneacted legislation that makes it illegal for any Italian Internet Service Provider (ISP) to allow connection to an offshore gaming site.
This law will affect over 600 online sites that the Italian Ministry of Economics and Finance have deemed are operating a gaming operation. The law went into effect on February 24th and could start a trend in other European nations as well.
The move angered many in the gaming community in Europe. The Italian Finance Act of 2006, as the law is known, is supposed to limit access to foreign wagering sites, something that the Remote Gambling Association says violates the free trade agreement between the nations of the European Union. The RGA is now starting action to attempt to counteract the actions of the Italian government.
Many in Europe are caught surprise by the approval of the law. People might have expected that actions like this would have been taken place in the US first and not in Europe where the multitude of online gaming and poker rooms advertise freely and trade on the major stock exchanges of the European financial world.
Record Quarter for Sportingbet PLC
Sportingbet has announced a record quarter for the period ending January 31. The online gaming giant’s financial performance was described by Nigel Payne, CEO of Sportingbet, as “a period in which the scale of the Group’s operations has again increased significantly and a period in which the benefits of our shared purse strategy have started to deliver real returns.”
Sportingbet’s pre-tax profit tax leapt to £27 million, almost doubling the £15 million earned last year and new customer acquisitions were up by 62%.
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Chairman of Sportingbet, Peter Dicks said, “The benefits of the increased size of our poker online business across our shared purse ‘one-stopshop’ environment have again been demonstrated in this quarter. During the three months ended 31 January 2006 we have recruited more new customers, taken more bets, played more games of poker and made more profit than in any previous quarter in the Group’s history.”
Dicks continued, “Our cash generation in the quarter has also been at record levels, and I am delighted to announce the payment of an interim dividend of 1.0p per ordinary share. I am also pleased to report that we are experiencing solid organic growth at the start of the third quarter and consequently the outlook for the second half of the financial year remains encouraging.”
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