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Ladbrokes announces completion of refinancing

 Bookmaker Ladbrokes has announced that it has completed its balance sheet refinancing to extend its existing bank facilities.

Together with the completion of the £100 million (€125 million/$169.5 million) retail bond offer, Ladbrokes said that the refinancing results in an extension of debt maturity on ‘attractive’ terms as well as diversifying its sources of finance.
The announcement comes after the bookmaker last month launched a £100 million 5.125% sterling retail bond with 8.25-year maturity.
Ladbrokes said ‘strong’ investor demand saw the offer oversubscribed and, as a result, closed early.
Proceeds from the bond issue will be used to pay down existing bank debt, which has enabled Ladbrokes to extend the maturity to June 2019 of £350 million of its previous £540 million bank facilities – due to expire in 2016 – and cancel a surplus £135 million of the previous facilities.
The bookmaker confirmed that all financial covenants remain unchanged.
As a result of the actions, the bookmaker’s total debt financing stands at £730 million with an extended maturity profile.
Bank facilities of £55 million have maturity until December 2016, while £225 million of 7.625% existing institutional bond has maturity until March 2017.
In addition, maturity for £350 million in bank facilities stretches to June 2019, while £100 million 5.125% retail bond has maturity until September 2022.
Ian Bull, chief financial officer of Ladbrokes, said: “We are delighted to announce the completion of our re-financing work well ahead of our existing facilities maturing.  
“With constructive and strong support from our bank and debt investors, we were able to use both the bank and bond market to enhance the flexibility and length of our debt profile and further strengthen the Ladbrokes' balance sheet.”
Author: Ekaterina
18 . 06 . 2014 y.
Zynga Has to Put Real Money on the Online Poker Table, or Else

 NEW YORK (TheStreet) -- Zynga (ZNGA_) is facing a newly well-heeled rival across the online poker table. If it wants to win this game it had better start adding real money to the pot.

Fueled with equity and debt financing from Deutsche Bank (DB_), Barclays Plc (BCS_), Macquarie Group (MIC_) and Blacksone Group (BX_), Amaya Gaming Group (AMYGF_) announced the acquisition of Oldford Group, the largest real money poker casino. Oldford Group owns Rational Group, the operator of PokerStars and Full Tilt Poker.
The deal values Oldford Group at $4.9 billion, with founder and CEO Mark Scheinberg leaving Oldford Group. Isai Scheinberg, Mark Scheinberg's father, is under U.S. federal indictment for allegedly violating banking laws designed to prohibit online poker sites. Isai Scheinberg denies any wrongdoing and is hopeful for a future settlement. Rational Group's other executives will remain.
The purchase also provides a new and updated metric to value Zynga. According to pokerscount.com, Zynga is the number one play money poker site. PokerStars is number two with about half, and Full Tilt arrives as the fourth largest free money site with one third as many players.
Zynga also offers real money poker but hasn't expanded beyond the U.K. market where it's licensed. Zynga's latest real money poker expansion was to offer a portal through long-term partner Facebook (FB_). Last week, Zynga launched play money Zynga Poker Leagues.
Zynga needs to expand its real money poker offering not only because it's leaving a tremendous amount of money on the table (no pun intended), but also, the company doesn't want to risk the window of opportunity closing.
If the company expands its market while converting 15% of the current free money player base into live money players, Zynga real money poker will become the second-most-popular real money poker site. PokerStars has a seven-day average of 15,000 users and 18,500 real money players.
888poker is currently ranked number two in real money poker with 1,900 real money players and only 600 play money users. PartyPoker is number three for play money at 11,000 users and 1700 real money players.
PartyPoker's numbers are especially interesting because Zynga poker utilizes bwin.party's network and software, same as PartyPoker. If Zynga can achieve half the success of PokerStars' 2013 $1.1 billion in revenue and $420 million in non-GAAP earnings, then the poker franchise should be worth about half of PokerStars $4.9 billion price tag.
 
Author: Ekaterina
18 . 06 . 2014 y.
PokerStars Addresses Player Concerns About Sale to Amaya Gaming

 The poker world is still buzzing with a mix of excitement, anxiousness, amazement, and dread since the news of the sale of PokerStars to Amaya Gaming broke Thursday night. Speculation as to what this could mean to the world’s largest online poker room and the industry as a whole has been rampant, with questions about PokerStars’ future in North America at or near the top of peoples’ lists. Late Friday, PokerStars Director of Poker Room Operations Steve Day made a public statement on the Two Plus Two forums to address concerns.

One particular worry from players is that PokerStars could exit the Canadian market once the deal is finalized, as Amaya Gaming is headquartered in Canada and in the past, Canada-based online gaming companies that were not government-owned have encountered legal problems. Day assured everyone that all will be well, saying, “The short version is that there will be no significant impact on the player experience. We still plan to serve all current markets, including Canada, and to work to grow the game of poker globally.”
He then brought up the possibility of re-entering the United States market. The part of the sale that has Americans giddy is that PokerStars had previously been unable to obtain an internet gaming license in the U.S. largely because of its legal history in the country, specifically that co-founders Mark and Isai Scheinberg were named in the Black Friday indictments. But now that PokerStars is owned by Amaya, a company which is actually licensed in New Jersey, the thought is that regulators will now look more favorably upon the poker room and open the country’s virtual gates.
“We are also excited about the potential to be licensed in New Jersey and then begin serving players there quickly thereafter. I do not have a timeline to share, but can say that we believe that this purchase has a significant positive impact,” Day said.
As to a potential drop-off in customer service quality now that the old ownership is gone, Day said not to worry:
We will certainly miss Mark and Isai. As some of you have surmised, our founders established the culture and values that permeate every decision and every customer interaction. Though Mark and Isai are leaving, the culture and values remain, along with the nearly 2,000 staff who continue to turn our culture and values into action on a daily basis. Our entire leadership team is still in place, and I can assure you that we embrace these values whole heartedly.
He added:
Will you see changes in your customer experience over time? Yes, of course! We have several projects already in progress and others that we are already in the process of completing, such as PokerStars 7. The people and values behind these two projects will also be behind our next improvements. A big part of our success over the years has been constant improvement of our product, and we plan to continue this tradition.
Finally, in Amaya’s conference call Friday morning, there was a slide in the presentation that indicated the company has future plans, related to this purchase, to expand its online casino, sportsbook, and social gaming offerings. This concerned many players, as PokerStars is not only the last remaining pure poker room of any significance, but also the one that is considered the best at actually running a poker room. Adding other gambling options feels to money like a money grab, something that could not possibly help poker players. Addressing that, Day wrote:
I do see some references here to casino and sportsbook. I can see why certain slides in the Amaya presentation linked earlier in the thread raise questions about our future plans relating to these products. Full Tilt has recently rolled out a wide variety of casino games, so it is not surprising to see such products referenced as areas of potential growth compared to the 2013 financial results.
 
Author: Ekaterina
17 . 06 . 2014 y.
Belgian regulator calls for additional gambling restrictions

 The Belgian Gaming Commission (BGC) has submitted an open letter to the country’s next government calling for further restrictions of the national gaming industry despite Belgium already taking a strict approach to gambling regulation.

The Online-casinos.com website reports that the BGC said in the letter that it is keen for the next government not to suffer the same issues as current national leaders.
The BGC said gambling cannot be considered as a ‘normal economic activity’ and also criticised the current government’s policy.
The calls come despite Belgium already having a lengthy blacklist of betting websites that are barred from operating in the country.
The regulatory body criticised the government for its lack of reliable identity controls for players and has called for an improved control of online identities on the basis of the national registration number of players.
The BGC also hit out at the government for its lack of action in regards to social online gambling, with the regulator highlighting that this can lead to underage gambling.
The regulator said that it has already presented draft legislation in relation to this form of gambling, but the current government is yet to consider it.
In addition, the BGS also called for further restrictions on the gambling industry rather than a focus on how much revenue can be generated.
Author: Ekaterina
17 . 06 . 2014 y.
Portugal to Regulate Online Poker by July 10

 The final draft of Portugal's upcoming online gaming law has already been finalized by the Ministry of Economics and is going to be discussed in the national parliament before the summer break begins on July 10.

According to Econòmico, the financial section of Portugal's leading online portal Sapo.pt, the country is only few weeks away from the introduction of a new online gaming law that aims to legalize and regulate online poker, sports betting and online gambling in Portugal.
The law, which was already supposed to reach the national assembly first in November 2013 and then in February 2014, has been mentioned during a governmental conference on June 12 by the Minister of the Presidency and of Parliamentary Affairs Luís Marques Guedes.
Speaking to other members of Portugal's majority, Marques Guedes explained that the government is planning to bring the first draft of the text to the parliament by July 10, so that the assembly can discuss it and proceed with the voting.
Although a draft circulating back in 2013 led many to think that Portugal had chosen to regulate online gambling establishing a state-controlled monopoly left in the hands on the Santa Casa da Misericórdia (SCML), the current status of the country's finances may have pushed the government towards a slightly more liberal approach.
According to Econòmico, the text that will be presented to the Parliament in July could create a system similar to the ones already in place in other European countries like Spain, Italy and France – where a state-controlled gambling authority is in charge to issue gambling licenses to operators interested in offering online games within the country, and are able to fulfill all the requirements set by the law.
The shift from a monopolistic to a more liberal approach toward online gambling seems to be justified by the fact that Portugal's government thinks the latter would guarantee higher tax revenues.
This would be in line with what Portugal's Deputy Prime Minister Paulo Portas declared back in 2013, when he explained that the plan to regulate online gambling was part of a project that aimed to increase tax revenues for the state.
Author: Ekaterina
16 . 06 . 2014 y.
Amaya Acquisition: PokerStars “Still Plans to Serve All Current Markets”

 PokerStars has sought to assure players that the online poker room will continue to serve all existing markets, despite its acquisition by publicly traded Amaya.

Following announcement of the acquisition, players immediately questioned whether it would depart from so-called “gray” markets, particularly Canada.
Amaya is a Canadian company with a full listing on the Toronto Stock Exchange. The company can be expected to take a more conservative approach to Canadian law than that which was taken by Isle of Man-based Rational Group.
Amaya Gaming also provides gaming software to the Société du jeu virtuel du Québec (SJVQ), a subsidiary of Loto-Québec.
The combination of its location, existing government relationships, and an interpretation of Canadian law have caused players to question if the company may exit the Canadian market.
However, PokerStars’ Director of Poker Room Operations, Steve Day, quickly responded to the suggestion that PokerStars would have to leave the Canadian market.
“We still plan to serve all current markets, including Canada, and to work to grow the game of poker globally,” Day posted publicly on the Two Plus Two forums.
The statement has not allayed all concerns, despite being repeated by other PokerStars staff.
Canadian Law
An interpretation of the Canadian Federal Criminal Code appears to be a barrier to PokerStars continuing in Canada. It contains a number of clauses which may be taken to mean that offering online poker is illegal.
Paragraph 202 of the Canadian Criminal Code states: “Every one commits an offence who … willfully and knowingly sends, transmits, delivers or receives any message that conveys any information relating to book-making, pool-selling, betting or wagering, or that is intended to assist in book-making, pool-selling, betting or wagering.”
A summary of the legal position of internet gambling in Canada by law firm Heydary Hamilton PC states that—except for games “conducted over the Internet by a provincial government”—online gaming “continues to be illegal in Canada.”
Accomplished Lawyers
The Rational Group is now licensed in more jurisdictions than any other poker operator. Paul Telford, General Counsel to the Rational Group, may have many challenges, but to date the company has managed the legal minefield of online gaming with considerable skill.
The Rational Group stayed in the US after the UIGEA, arguing that the Wire Act did not apply to online poker and that the UIGEA did not re-define the legality of internet poker.
The DOJ settled its case against the Rational Group out of court, in a deal in which PokerStars admitted no wrongdoing.
It is unlikely that Steve Day made his statement regarding Canada without prior approval from the General Counsel.
Author: Ekaterina
16 . 06 . 2014 y.
Garden City Group Issues $14 Million in New Round of Payments

 Garden City Group (GCG) released a statement Thursday communicating that it has issues a new round of payments to over 3,200 Full Tilt Poker petitioners in the amount of roughly $14,000,000.

The new round of payments were sent to former US Full Tilt Poker players who confirmed their FTP balances.
Some affiliates who confirmed their account balances also received payments, according to the GCG.
The GCG included a warning in their June 12 statement that Automated Clearing House (ACH) payments may take several business days to arrive.
Those who were notified that their bank account information is incorrect or incomplete have until June 25 to rectify the issue.
Individuals who have an outstanding government debt must complete and submit a Unified Financial Management System Vendor Request Form to the GCG no later than July 5.
As a result of Thursday’s payments, approximately $95 million in remission payments have been made to former US Full Tilt Poker players who were adversely affected following Black Friday.
There are still significant groups of players who have yet to receive any payments from the GCG. Those include players with disputed balances and those deemed Full Tilt Poker Pros.
Garden City Group has previously informed those players that their petitions will be handed over to the US government for potential approval.
However, an official statement on whether those balances will be reimbursed has not surfaced as of yet.
 
Author: Ekaterina
13 . 06 . 2014 y.
iPoker to Roll Out Cash Game Changes on June 16

 Starting June 16, iPoker will incorporate major changes to its cash game structures in an effort to improve liquidity.

Among the most significant changes are the complete removal of high-stakes cash games and anonymous tables.
Going forward, the poker site will offer a maximum buy-in of $1,000 to NLHE cash games while also eliminating Shallow and Deep Ante tables for heads-up and full-ring games.
The changes will only affect iPoker.com, not iPoker.FR, iPoker.ES or iPoker.IT.
According to the iPoker, fewer empty tables will appear. The result should be active ring game tables filling up more quickly as players will be able to find the games they are looking for more quickly.
“We expect players to move up/down/sideways from niche games to main games,” an iPoker representative told pokerfuse. “This result in a bigger number of active tables and more enjoyable poker experience.”
Tier 2 iPoker rooms will incorporate the same cash game changes along with the removal of all GBP tables except 6-max normal tables. These games will have a buy-in ranging from 40 to 100 big blinds.
iPoker made a similar move when it removed a number of table types late last year. At the same time it also reduced the range of stakes available “to protect less skilled players that tend to lose their money.”
Other alterations to cash games next week will include the removal of all Speed Omaha games as well as the scrapping of full-ring, high-stakes, Deep Ante and Shallow tables for Pot Limit Omaha and its Hi-Lo version.
Limit Hold’em, Limit Omaha Hi/Lo and all Stud Games will remain the same.
Although iPoker is currently ranked #3 out of 80 online poker networks worldwide, its cash game seat traffic is at an all-time low. Average cash game seats as of June 12 is 1,769 according to PokerScout data as provided to pokerfuse PRO.
That’s down from 2,286 a year ago—a year-on-year decline of 517 seats, or 22.6 percent. Average cash game seat traffic for the network peaked near 4,500 in on April 12, 2012.
Author: Ekaterina
13 . 06 . 2014 y.
Global Poker Index Launches Mid-Stakes Rankings

 The Global Poker Index (GPI) released a statement Thursday announcing that it is launching the GPI Challenger Cup, a live poker tournament leaderboard system which will focus on low to mid-stakes tournaments.

The Challenger Cup will include approximately 100,000 players and award 2015 WSOP Main Event packages to individual winners from North America, Europe and Asia, according to GPI.
The eventual regional champions will also receive recognition at the European Poker Awards and American Poker Awards along with additional prizes to be announced.
Live Tournament Buy-in Limit of $2,000
The Challenger Cup will employ the current GPI Player of the Year formula, with a $2,000 buy-in cutoff with coverage encompassing more than 1,430 casinos throughout the world.
The new leaderboard is aimed at providing low to mid-stakes live poker tournament players a chance at recognition as well as giving casinos plenty of incentive to promote lower buy-in events on a larger stage.
Global Poker Index CEO Alex Dreyfus stated in the company’s press release Thursday that “the GPI Challenger Cup is another new milestone that we wanted to bring poker players. This Cup is designed to reward consistent performance and results in this specific tournament buy-in range with more than just a title, but a real reward as well.”
“We want the whole poker community, players and industry stakeholders, to work together to bring poker to another level. We need to build new avenues for competition, and create more recognition for players at every level, not only just the very top,” he added.
Every tournament venue currently included in the GPI and Hendon Mob database will be covered.
Author: Ekaterina
12 . 06 . 2014 y.
New Jersey Online Poker Revenues Drop Another 12 Percent in May

 New Jersey online poker revenue numbers released by the state’s Division of Gaming Enforcement (DGE) on Thursday show a second consecutive monthly decline in revenue.

Much of the decline can be attributed to seasonal online poker trends in which online poker traffic decreases during warmer months.
Compared to April, total online poker revenues were down 12.28%—or $318,182—to $2,273,657.
Taking into account the extra day in May as compared to April, “Daily” online poker revenues have declined 15.11%—or $13,051. The daily income generated in May for online poker in New Jersey was $73,344, compared to $86,395 in April and $103,570 in March.
Internet gaming overall shed 8.39% from $11.43 million in April to $10.47 million in May. This represents the second straight month of igaming decline in the state of New Jersey.
Revenue and Market Share Breakdown
The May 2014 online poker revenue stream and market share percentages for the three main competitors in New Jersey were relatively in-line with the overall decline for the month.
Borgata/partypoker online poker revenue fell $184,636—or 13.27%—to $1,206,261. The combo lost a modest 0.6 share points but still retains the majority of the revenue with 53.05% of the market.
The partnership of WSOP and 888 lost $124,529 in monthly online poker income—a decline of 10.81% to $1,027,161. However, market share for the duo improved 0.74 points to 45.18%.
Ultimate Poker continued to lose ground with a monthly revenue slide of $9,022—or 18.32%—to $40,230 for May 2014. Market share for the site fell slightly from 1.90% in April to 1.77%.
Online Gaming Accounts
According to the New Jersey DGE, total online gaming accounts for the month of May increased 8.9% to 351,136.
In contrast to the New Jersey revenue dive, Nevada is currently experiencing a boom due to the 2014 World Series of Poker.
 
Author: Ekaterina
12 . 06 . 2014 y.
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