hit counter for tumblr
Your browser (Internet Explorer 6) is out of date. It has known security flaws and may not display all features of this and other websites. Learn how to update your browser.

Greek Financial Crisis May Impact IGT

Prime Minister Alexis Tsipras says that Greece remains prepared to negotiate with European leaders within the nation’s debts.

Greece’s ongoing monetary crisis and standoff with European leaders might have repercussions that impact the economy that is global.

That effect extends even to your gaming industry, as Greece’s tries to avoid defaulting further on its debts may prove costly to companies like Global Game Technology (IGT) and Scientific Games.

Those manufacturers were hoping to provide movie lottery terminals throughout Greece, with the games simply times far from a launch that is planned. Nevertheless, the Hellenic Gaming Commission announced lottery that is new in the wake of the country’s financial crisis, making much uncertainty regarding the short-term future for the industry.

New Regulations Limit Play, Jackpot Size

Each day under the new regulations, daily loss limits were to be added to the machines, and gamblers would be limited as to how much time they would be allowed to play on a machine. Jackpot levels would additionally be lower underneath the new regulations.

That didn’t sit well with OPAP, the Greek company that operates the video lottery terminal network. The company said that the new regulation would make operating the terminals ‘no longer viable,’ and immediately stopped the deployment of 16,500 machines throughout the country in a statement.

Looking at the situation realistically, the timing of this regulations that are new OPAP’s decision may just be coincidental, and it is difficult to observe how it will be directly pertaining to the battle over Greek financial obligation. But it doesn’t imply that the crisis that is ongoingn’t be a factor in how a lottery terminal battle is resolved.

‘The wait does not have any such thing regarding the present debt crises apart from possibly OPAP playing hardball with the regulators hoping that they can cave since they need the brand new tax revenue,’ stated Todd Eilers of Eilers Research.

IGT, Scientific Games Could Lose Revenue

If this might be simply a negotiating tactic on the part of OPAP, it could be an expensive one for slot machine manufacturers like IGT and Scientific Games. Both of those companies were producing terminals for the Geek market, as well as the delays may potentially cost those two firms millions in revenue.

IGT was awarded a vendor contract to offer 5,500 lottery devices, while Scientific Games ended up being slated to create 5,000 machines for the market. Two European manufacturers, Inspired Gaming and Synot, had been also awarded vendor that is first-phase.

IGT had been anticipated to make as much as $30 million in annual revenues from the machines provided to Greece, while Scientific Games could bring in around $27 million.

The delays and the financial crisis have certainly brought some uncertainty to the Greek video lottery terminal market, but Eilers says that in the long run, Greece should still be a profitable market for manufacturers.

‘We nevertheless believe the VLT market will go forward and represents a sizable development possibility for vendors,’ he stated.

The negotiations over the continuing future of Greece’s lottery terminals comes at a right time whenever much bigger battles are now being waged over the nation’s monetary future.

Greeks voted ‘no’ on the lending that is strict made available from international creditors on Sunday, with more than 61 percent of voters being released contrary to the terms.

But that vote does not mean that Greece isn’t willing to negotiate. Prime Minister Alexis Tsipras states that the Greek government remains willing to make some changes in order to get assistance from Europe, and requested a loan that is three-year the eurozone’s bailout fund on Wednesday.

Bwin.party Confirms GVC Bid

Bwin.party board says it can ‘see the potential benefits’ of the GVC /Amaya deal, as it files another disappointing monetary report. (Image: pokergruond.com)

GVC’s Amaya-backed bid for bwin.party had been confirmed by the board today.

Yesterday, The Financial Times broke the tale that GVC had made a $1.4 billion offer to obtain the entire share money of the online gambling firm; today, the bwin.party board said it was considering the offer and could see the ‘potential benefits’ to shareholders that are bwin.party.

It had been presently committed to resolving amount of ‘transaction-related issues,’ it added.

Its unclear whether 888 Holdings, which made an offer for bwin.party in March aristocrat indian dreaming slot machine download, is still during the settlement table.

‘Any offer made by GVC for bwin.party Today would include part of the consideration in new GVC shares,’ said Kenneth Alexander, Chief Executive of GVC Holdings. ‘Based on our experience utilizing the successful Sportingbet acquisition and restructuring, we think that the potential mixture of GVC and bwin.party would result in substantial economic and operating synergies and represent an opportunity that is excellent both GVC and bwin.party shareholders.’

Amaya Providing ‘ a few of the Capital’

Alexander was also able to verify that Amaya Inc is supplying ‘some of the money’ in the offer, and would therefore just take ‘some of the assets’ should it proceed.

It is understood that in the event of a takeover, GVC would own almost all of bwin.party, while Amaya would acquire the business’s poker operations, thus providing it a foothold in the New Jersey that is regulated market.

It’s believed Amaya would also be given the option to buy the sportsbook from GVC later on.

The deal is a takeover that is reverse of a combination of new GVC shares and money, although all events have stressed that there can be no certainty that the deal will be accepted.

Poor Sportsbook Results

The news coincided with another disappointing financial report from bwin.party, which stated that unfavorable sports results had led to a decline in gross win margins for the very first half of the year.

The organization’s mobile operations have grown, however, with mobile accounting for 31 percent of total gross gaming revenue in June, up from 23 per cent into the year that is previous.

‘Despite challenging comparatives together with the impact of EU VAT and POC income tax, we are pleased with your company performance in the first half,’ bwin,party CEO Norbert Teufelberger stated. ‘ We have completed our brand new set-up that is organisational streamlined our decision-making procedures, notably improving our functional performance.’

Despite the sports that are poor outcomes Alexander stayed upbeat about the potential of a bwin.party acquisition. ‘It’s been an extremely market that is difficult bwin but it’s also been a really difficult marketplace for everyone,’ he said. ‘ From the GVC viewpoint, the one that excites me the most is bwin’s activities brand that is betting that’s the brand with enormous potential.’

Nj-new Jersey Lawmaker Proposes Student Loan Lottery

Rising student loan debt has turned into a issue that is contentious the usa. (Image: Getty Images)

Education loan financial obligation became a major issue in the usa, as Americans now owe about $1.2 trillion in college debts.

Those debts have actually proven crippling for many former pupils whom are just starting their careers, leading to a lot of calls to find a way to help reduce or forgive at least a number of the debt.

One particularly unusual proposal has come this week from New Jersey State Assemblyman John Burzichelli (D-Gloucester), whom says that individuals with figuratively speaking should have the opportunity to gamble away their debts.

He is proposing that New Jersey become the state that is first begin a lottery that would be solely designed to eliminate student debt.

‘We have actually people graduating from universities with just a lot of on their shoulders,’ Burzichelli stated. ‘ That hampers them from doing other things when the workforce is reached by them.’

New Jersey Students Profoundly With Debt

Nj-new jersey has a rate that is particularly high of debt.

Seventy percent of 2013 graduates in nj had at the least some pupil loan debt, and the average borrower in 2014 had $28,109 in loans.

The education loan lottery would seek to remedy this by awarding prizes that will be just sufficient to pay off each student’s loan debt.

The lottery is operated by way of a personal business and conducted by the nj-new Jersey Lottery Commission.

A current or former student would have to register information about their debt before signing up for the lottery.

They would receive only enough to cover their student loans; any additional money would roll over and additional winners would be chosen until the pool was exhausted if they were chosen as the winner.

Tickets is needed to price three dollars or less, and students would be limited to spending a maximum of 15 percent of the student loan financial obligation on seats. Others may also buy tickets on behalf of a student.

Meanwhile, the ongoing company operating the lottery would take 25 % of the money collected. Other details are nevertheless being resolved, Burzichelli states.

The main appeal, however, would be the limited focus of the lottery.

Whilst the reward pools for these lottery games would certainly be smaller than a game like Powerball ( or even a typical state lottery), the chances of winning would be higher.

Student Loan Specialists Question Lottery Effectiveness

But even though the prospect of suddenly one that is having student loan debts disappear thanks to a winning solution may seem appealing, many activists who are working on the nationwide issue think that a lottery is simply the wrong way to go.

‘Gamble to cover your student loan off? It’s all kinds of wrong,’ said Natalia Abrams of Student Debt Crisis, a Los advocacy group that is angeles-based.

The issues with the lottery could be many. There is the fact for most players, losing within the lottery will include more debt rather than assist solve their issues.

Plus, the taxes a winner would face on their winnings could create a hefty tax debt to replace the loans being now paid off.

And then there is certainly the 25 percent which is kept by the ongoing business operating the lottery.

Because this money is coming out of the prize pool, it ensures that far more education loan debt could be reduced if players just utilized the money for tickets to rather pay those loans than risk it on the lottery.

‘the winner that is only be the company running the lottery who gets 25 cents on every dollar,’ said Lauren Asher, president associated with the Institute for College Access and triumph.

Leave a comment  




Submit comment