Fears of Irish default grow over tax row

first_img THE cost of Ireland’s debt continued to rise to all-time Eurozone highs yesterday, putting pressure on new Prime Minister Enda Kenny to secure less punitive rates on its €85bn (£73.5bn) bailout despite demands that the country raise its low 12.5 per cent corporate tax rate in return for any relief.The corporate tax issue moved centre-stage over the weekend when French President Nicolas Sarkozy demanded that Ireland put up the tax in return for a one per cent cut in the 5.8 per cent interest rate it pays on its bailout.But Kenny refused, prompting Eurozone leaders to keep Irish interest unchanged while lowering Greece’s rate by one per cent. Following the move, the yield on five-year Irish debt spiked above 9.9 per cent, with rates on ten-year debt similarly jumping briefly above 9.69 per cent.This was in sharp contrast to Greek yields, which dropped slightly to 14.3 per cent on five-year and 12.4 per cent on ten-year bonds. Greece’s debt was effectively restructured as a reward for its progress on reducing its deficit, with bond maturities extended from four years to 7.5.The Eurozone pact also agreed to move forwards with a “common corporate tax base” policy for the entire EU, to be drawn up by the European Commission.However, the proposals, which will be announced tomorrow by EU commissioner Algirdas ?emeta, will not mandate uniform tax rates. Instead, they will attempt to standardise the way corporate taxes are levied, for example, regarding the offset of losses from past years.But Pinsent Masons tax partner Eloise Walker told City A.M.: “Ireland fears that the common corporate tax policy could be a precursor to an EU-wide corporate tax rate.” Overall, the Eurozone pact brokered on Saturday has received a conditional welcome from markets. Fitch Ratings said the deal was progress but “will not resolve market concerns over the ‘solvency’ of some highly indebted euro area member states”. And the House of Lords EU Committee said it had “strong reservations” about how it would be enforced.In a sign that bond investors are still nervous, Portuguese yields spiked above 7.8 per cent on five-year debt yesterday. Spanish yields, however, were down. Fears of Irish default grow over tax row whatsapp Share whatsapp Show Comments ▼center_img Monday 14 March 2011 8:58 pm KCS-content Tags: NULLlast_img read more

Arabian unrest hits fever pitch

first_img More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Share KCS-content VIOLENT anti-government protests in several Middle Eastern countries accompanied a third day of air strikes in Libya yesterday, as the ten-country military coalition squabbled over the next move. As Gaddafi’s compound in Tripoli was damaged by the strikes yesterday, David Cameron told Parliament enforcing a no-fly zone had come “just in the nick of time” to prevent a massacre, and that the intervention was “necessary, legal and right”. He added in a near seven-hour Commons debate that the UN-endorsed action has destroyed almost all of Libya’s air defences, paving the way for an effective no-fly zone. MPs last night backed the military action by 557 votes to 13. Confusion remained about whether Gaddafi himself could be directly targeted, with Downing Street last night claiming he could legitimately be targeted if he is a threat to civilians.The government attempted to distance itself from the chief of the defence staff, General Sir David Richards, who repeated his stance that Gaddafi would “absolutely not” be a legitimate target under the UN resolution. The US government aims to transfer control of the air assault on Libya within days, President Barack Obama said at a press conference yesterday. Obama hinted that other nations should take charge of the UN-backed campaign. Russia and China, which both abstained from Thursday night’s UN Security Council vote authorising “all necessary measures” to protect Libyan civilians, both criticised the bombings yesterday. But the head of the 22-nation Arab League, Amr Moussa, insisted that the group still respects the UN resolution following reports of dissent. Elsewhere, at least 18 senior military staff and seven ambassadors from Yemen defected to the opposition movement yesterday, on a day when tanks patrolled the capital Sana’a to quell increasingly violent protests. The Syrian army was also deployed to the city of Deraa yesterday after a day of riots.Israel’s air strikes in the Gaza Strip yesterday wounded at least 19 people in response to mortar fire at the weekend, for which Hamas claimed responsibility. Global stock indices rose yesterday as fears of further catastrophe in Japan subsided, but oil prices were squeezed up once more by the Middle East unrest. Brent crude spot prices jumped one per cent to $115.36 a barrel, adding to a 22 per cent gain in the past three months. whatsapp Arabian unrest hits fever pitch center_img Show Comments ▼ Monday 21 March 2011 9:36 pm whatsapp Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldlast_img read more

Profits fall at Restaurant Group

first_imgMonday 4 April 2011 7:46 pm Profits fall at Restaurant Group whatsapp Show Comments ▼ KCS-content Individual Restaurants has posted a 3.9 per cent drop in revenue to £51.3m in the year ending last December. Similarly restaurant earnings before interest, tax, depreciation and amortisation fell by £1.1m to £7.7m. Net debt however, was reduced by £0.7m to £4.3m at the company, which runs 33 casual dining restaurants under the Piccolino and Restaurant Bar & Grill brands. Read This NextWATCH: Shohei Ohtani continues home run tear, Los Angeles Angels winSportsnautYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proofcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Share Tags: NULLlast_img read more

Metric’s $10m boost to drive US growth

first_imgFinance Metric’s $10m boost to drive US growth Metric Gaming has sealed a $10m (€8.5m/£7.6m) funding round that will “accelerate” its ambition of becoming a leading tech provider in its home US market.The sportsbook platform and data services provider, which was founded in Las Vegas, said its Series A Funding Round was led by RDA Ventures LLC, with additional funds coming from existing investors. As part of its investment, RDA Ventures will join Metric Gaming’s board of directors.With plans already under way for a recruitment drive at its Las Vegas base, the funds will be used to help establish Metric Gaming as a leading services provider in the fledgling US market.Martin de Knijff (pictured), Metric Gaming CEO, said: “This investment will accelerate Metric Gaming’s plans to capitalise on the substantial market opportunities arising as states across the U.S. continue to legalize sports betting.“Metric’s B2B value proposition – a turnkey, mobile-optimised solution that includes the transaction platform, front-end, trading, operations, risk management, product and unique content – is backed by pedigree and expertise built on both sides of the Atlantic, and will enable operators to quickly and efficiently capture market share.”Since the repeal of PASPA in May, Metric has begun an internal restructure with industry veteran Jim Supple becoming global managing director and Keith Hayes taking over his COO role, with a US commercial function being defined in addition to the already established UK and European commercial function.The company in May announced a partnership with Nektan that will see the pair provide a fully integrated complete race and sports book offering to the US market.De Knijff told iGamingBusiness.com that the company’s commercial arm has been busy progressing other partnerships since the US market was effectively opened by the repeal of PASPA.He said: “The emerging sports betting market in the US has presented Metric Gaming with numerous opportunities to explore and progress.“It’s a little too early to announce anything specific but discussions are well underway with some leading names within the industry.” US-founded sportsbook specialist in Las Vegas recruitment drive Subscribe to the iGaming newsletter Regions: UScenter_img Topics: Finance Sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address 25th September 2018 | By contenteditorlast_img read more

Fire Dozen by Casino Technology Interactive

first_img With the falling winter temperatures, Casino Technology Interactive is coming up with hot winning offers of its latest games proposals. Filled with cool features, entertaining graphics and radiant visuals FIRE DOZEN is appealing to players preferences. Subscribe to the iGaming newsletter Casino & games Email Address Topics: Casino & games Slots Fire Dozen by Casino Technology Interactive AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 27th November 2018 | By Aaron Noy With the falling winter temperatures, Casino Technology Interactive is coming up with hot winning offers of its latest games proposals. Filled with cool features, entertaining graphics and radiant visuals FIRE DOZEN is appealing to players preferences.FIRE DOZEN gets players immediately into the game. The ageless fruit theme here works quite well along with the attractive design that makes the game stand out even in crowded fields. With five reels and 40 pay lines, the game is expected to be an ultimate hit with old school players and newcomers alike. It has bonus features such as special WILD symbol on 1 and 3 reels and Scatter symbol on 1,3 and 5 reels. When all Jokers are hit at the same time, an animation of the WILD is displayed and a mini-animation of all the winning characters is also played. The top rewards are 750x bet.The RTP is pretty good, as it is in the majority of the games released by Casino Technology Interactive.You can play a demo of this and many other Casino Technology games here!last_img read more

Three more operators join race for Buenos Aires licences

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Three more operators join race for Buenos Aires licences Subscribe to the iGaming newsletter Three more high-profile gaming operators have entered the race to secure online gambling licences in Argentina’s capital province of Buenos Aires.Bet365, Betway and Codere LatAm, a subsidiary of the Madrid-listed operator, have all entered into joint ventures with local operators, and registered to file a licence application.Via its Hillside (New Media Malta) subsidiary, bet365 has partnered bingo hall operator Pasteko, while Betway has paired up with Bingo King. Codere LatAm, meanwhile, will work with slot and bingo hall operator Iberargen.With the June 25 deadline for interested parties to register their intention to apply for a licence fast approaching, there are now 10 companies that will compete for the province’s seven igaming licences.Of this number, the majority involve joint ventures between international operators and local partners. It was previously announced that the Stars Group had partnered Atlantica de Juegos, with William Hill sealing a deal with ArgenBingo, and Flutter Entertainment with Bingo Pilar. Each of these local partners are bingo operators.Intralot, meanwhile, will work with casino operator BinBaires and Playtech has paired off with Hotel Casino Tandil. Two local operators, Biyemas and Slots Machines SA, look set to go it alone.The winning bidders will be granted a 15-year operating licence, for which they must pay AR$65m  (£1.3m/€1.3m/$1.4m). They will be able to offer online casino games including slots, sports betting, poker and betting on horse racing, and will pay a 25% tax on gross revenue.Lawmakers Buenos Aires province passed gambling regulations in December last year, which were then signed into law by Governor María Eugenia Vidal in April this year. The market will be regulated by the Buenos Aires Provincial Institute of Lottery and Casinos (IPLyC). 7th June 2019 | By contenteditor Tags: Card Rooms and Poker Mobile Online Gambling Slot Machines Topics: Casino & games Legal & compliance Sports betting Bingo Poker Slots Regions: LATAM Argentina Bingo A trio of international gaming operators have entered the race to secure online gambling licences in Argentina’s capital province of Buenos Aires. There are now 10 companies competing to secure one of seven operating licences. Email Addresslast_img read more

Norwegian govt wins partial victory in payment blocking suit

first_imgLegal & compliance Regions: Europe Nordics Norway 20th August 2019 | By Daniel O’Boyle AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Online Gambling Payments Subscribe to the iGaming newsletter Topics: Legal & compliance Norwegian govt wins partial victory in payment blocking suit The Oslo District Court has ruled that the Norwegian Ministry of Culture, Agriculture and Food does have the right to block payments to offshore igaming operators, and that the move does not contravene EU law.However the plaintiffs in the case, Entercash and the European Betting and Gaming Association (EGBA), could still prevail in a second hearing. This will examine whether the blocking measures constitute an illegal restriction on the provision of services within the European Economic Area (EEA).The case was split into two, with the first hearing examining two elements: whether payment blocking violates the European Union Payment Services Directive and whether the government lacks the legal authority to implement the ban.The court ruled that the block does not violate the EU Payment Services Directive, as member states may still apply national laws that “may affect the functioning of the common [payment] market.”“The State […] is acquitted in so far as the allegations are based on the assertion that the decisions are invalid because they lack internal legal authority and contravene the Payment Services Directive,”  District Court Judge Anne Cathrine Haug-Hustad said.The court also ruled that the Ministry did have the legal authority to block the payment services.“There is no doubt that the regulations, and thus the decision, are based on law,” Haug-Hustad continued. “The regulations are laid down on the basis of Section 2 of the Gambling Act, Section 11 of the Lottery Act and Section 3 of the Totalizator Act.”However, she added, the Norwegian government could not claim victory in the case due to the second hearing, which is yet to be scheduled. This will see the court ultimately rule on whether the payment blocking measures are suitable, necessary and consistent with rules governing the free movement of services within the EEA. As such EGBA and Entercash could still secure a significant victory through their legal action.“As a result, it is not possible now to determine whether any of the parties have ‘won the case’ or ‘been granted a significant claim’,” Haug-Hustad said.EGBA and Entercash filed the lawsuit against the Ministry in June this year, after efforts to block transactions between Norwegian banks and financial institutions and offshore gaming operators were stepped up. This comes as part of a wider enforcement drive by the Norwegian authorities to stamp out offshore activity to preserve the state-owned operator Norsk Tipping’s gambling monopoly. “In today’s digital age it is virtually impossible to enforce national borders on the internet but that’s what the Norwegian authorities are trying to do by introducing payment blockings for online betting,” EGBA secretary general Maarten Haijer said at the time. “Rather than being a tool to benefit consumers, such restrictive measures are aimed at protecting the revenues of the state-owned monopoly by cutting off outside competition from reputable EU-licensed operators.“This is not only in breach of the EU’s internal market principles but out of step with the reality of a consumer-driven betting market, where players will inevitably search around the internet for value and choice in the games they play,” he added.Recent reports conducted by Oslo Economics have suggested that implementing a blanket ban on offshore operator advertising could cut broadcasters’ ad revenue by as much as NOK500m per year. However a report into the risks of opening up the market to foreign operators then concluded there was not enough evidence that such a move would benefit player protection efforts or raise additional funds for social causes through taxation. The Oslo District Court has ruled that the Norwegian government does have the right to block payments to offshore igaming operators, and that the move does not contravene EU law. However the plaintiffs in the case could still prevail in a second hearing dealing with the issue of whether the blocking measures constitute an illegal restriction on the provision of services within the European Economic Area. Email Addresslast_img read more

Snaitech boosts Playtech revenue but hits profit in H1

first_img Tags: Card Rooms and Poker Mobile Online Gambling OTB and Betting Shops Increased B2C revenue resulting from Playtech’s 2018 acquisition of Italy’s Snaitech offset a decline in B2B revenue for the gaming solutions giant in H1, though the deal also resulted in increased depreciation and amortisation and financial costs, which hit profits.Group revenue for the six months to 30 June 2019 amounted to €736.1m, a 69% year-on-year increase from H1 2018, when the supplier reported revenue of €436.5m. Growth was largely down to increased B2C revenue, which soared 345% to €438.2m.This was driven by the Snaitech acquisition, which was agreed in April last year, and completed in August. The operator contributed €395.8m in revenue for H1, a significant increase on the €61.3m generated from Playtech’s stake in the business in 2018.However on a pro forma basis, comparing Snaitech’s figures as if it had been part of the group for the first six months of 2018, revenue was down 11% year-on-year. This was caused by an 18% drop in gaming machine revenue, something Playtech credited to increased gaming taxes, offset by strong online growth. Total online revenue for the period was up 22%.Elsewhere in Playtech’s B2C division, white label revenue, including Sun Bingo, fell 2% year-on-year to €24.3m. Sun Bingo was the unit’s standout performer, though not by enough to stop other white label brands’ declines hitting revenue. However many of these brands have been consolidated or ceased operating, as part of a ‘housekeeping exercise’ to thin out the number of white label sites.Financials division TradeTech group also struggled in H1, with revenue falling 25%, while casual gaming remained flat with no improvement in revenue for the period.However the B2C retail division grew strongly, albeit from a low base. Revenue was up 114% to €9.9m, as a result of the expansion of the Germany-facing HPYBET betting shop franchise.The Snaitech-driven B2C growth was not matched by Playtech’s core B2B operations, with revenue down 9% year-on-year at €265.5m. The decline was due in part to a 24% drop in casino revenue to €129.8m, offset by growth in B2B sports revenue, which rose 27% to €60.6m.Casino struggled in H1 as a result of a 42% year-on-year decline in revenue from Asia, though its impact was mitigated slightly by a 9% increase in revenue from regulated markets. Regulated market revenue grew to represent 49% of total casino income, compared to 40% in H1 2018.Services revenue, meanwhile, grew 12% to €46.2m, aided by the continued growth of OPAP in Greece and Caliente in Mexico and underpinned by increased machine hardware sales. Bingo, on the other hand, was down 10% at €11.8m, with poker declining to €4.3m. As with casino, poker has seen unregulated market revenue fall, dropping 18% in H1, and the regulated market contribution increase. Revenue from licensed jurisdictions now accounts for 71% of the vertical’s total.Playtech’s significant growth in size and scale prompted by the Snaitech deal contributed to a sharp increase in distribution costs, which almost doubled to €492.8m, and administrative expenses, which grew to €78.9m.A further charge of €4.6m relating to the impairment of other receivables, which left earnings before interest, tax, depreciation and amortisation of €159.8m, up 32.7% year-on-year.However Playtech was then hit by significantly increased depreciation and amortisation, as a result of the acquisition of Snaitech. Depreciation increased by 52% to €24.9m, of which €8.8m was incurred through Snaitech. Excluding acquired assets, underlying depreciation increased by 6%.Amortisation shot up 89% to €83.6m, due to the acquisition of Snaitech and a €10.5m impact from adopting the International Financial Reporting Standard 16. Excluding the amortisation within acquisitions, amortisation increased by 32% to €25.7 million.Finance costs, meanwhile, increased 36% to €27.4m on a reported basis. On an adjusted basis this rise was even steeper, up 237% from the prior year, driven by a €12.5m rise in interest related to bond loans, including €10.5m on the €530.0m bond raised in October 2018.Though a 43% increase in finance income to €8.9m offset this in part, it saw Playtech’s operating profit for the half plummet to €28.0m, compared to €124.2m for the prior year. After income taxes, Playtech’s net profit for the period stood at €18.0m, down from €118.0m, though the business did record a foreign exchange gain of €2.2m, taking total income for the period to €20.2m.Had numbers been adjusted to strip out non-cash and one-off items such as amortisation of intangibles, professional and finance costs, deferred tax and unrealised fair value changes, profit for the quarter would have been €72.0m.Playtech’s directors noted that this figure, representing a 19.0% year-on-year decline, more closely represented Playtech’s trading performance for the period.In current trading, regulated B2B revenue, excluding acquisitions and the impact of increased Remote Gaming Duty in the UK, was up 4% for the first 51 days of H2 2019. Snaitech, it said, had shown strong underlying growth, and had not yet been impacted by the Italian advertising ban.As a result, and based on the H1 figures, Playtech has reiterated its adjusted EBITDA projection for the year of between €390m and €415m, and expected B2B and Snaitech to perform well for the remainder of 2019. However, it added, Asia would continue to struggle – at the current run rate, the region is expected to contribute €115m in annual revenue, down from the €150m projection issued earlier in the year. Bingo AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Increased B2C revenue resulting from Playtech’s 2018 acquisition of Italy’s Snaitech offset a decline in B2B revenue for the gaming solutions giant in H1, though the deal also resulted in increased depreciation and amortisation, and financial costs, which hit profits. Snaitech boosts Playtech revenue but hits profit in H1center_img Email Address 22nd August 2019 | By contenteditor Subscribe to the iGaming newsletter Topics: Casino & games Finance Sports betting Tech & innovation Bingo Pokerlast_img read more

Scientific Games extends digital supply deal with BCLC

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Sports betting Tech & innovation Scientific Games extends digital supply deal with BCLC Scientific Games has signed a five-year extension to its digital sports betting and online gaming agreement with Canadian provincial lottery operator  British Columbia Lottery Corporation (BCLC). Tags: Online Gambling Subscribe to the iGaming newsletter Scientific Games has signed a five-year extension to its digital sports betting and online gaming agreement with Canadian provincial lottery operator  British Columbia Lottery Corporation (BCLC).Under the deal, which runs through to 2024, Scientific Games will provide a fully upgraded suite of digital sports betting and igaming solutions, including player account management services.BCLC will also have access to Scientific Games’ full range of OpenSports products, the solutions range based around its OpenBet platform, including promotional tools, scoreboards and a bespoke user interface.“Scientific Games has helped power significant growth for BCLC’s PlayNow.com digital gaming site over the past several years, and this will help us to continue to grow and evolve our customer experiences into the future,” BCLC’s interim vice president, digital and enterprise services Cameron Adams said.Read the full story on iGB North America. Regions: Canada British Columbia 28th October 2019 | By contenteditor Email Address Sports bettinglast_img read more

Brokerage pivot hits Zeal Network revenue in 2019

first_img19th February 2020 | By Daniel O’Boyle Regions: Europe Central and Eastern Europe Germany German lottery broker Zeal Network’s revenue and earnings declined in 2019, but the business said the year was still a success despite the acquisition of Lotto24 and move away from lottery betting affecting its financial performance.In May 2019, Zeal completed the acquisition of its former subsidiary Lotto24 and moved its registered office from the UK to Germany. This came as part of a change in business model to focus on lottery brokerage services, rather than lottery betting.The business said its 26.7% revenue decrease to €113.5m was due to a high prize pay-out owed to the old secondary lottery business and revenue dis-synergies resulting from the business model change.The business’s revenue came on billings – comprising all stakes from customers, including brokerage stakes and associated VAT, net of bets – of €466.7m, up 57.5% year-on-year.Other operating revenue came to €8.1m, meaning total operating performance (TOP), or the sum of revenue and other operating income, came to €121.6m, down 23.9% year-on-year.Zeal’s personnel expenses came to €23.0m, down 20.1%. This was largely due to a planned reduction in the number of employees at Zeal from 350 after the takeover, to 190. Absorbed employees from the Lotto24 takeover cost Zeal €22.0m.Other operating expenses decreased 17.0% to €69.5m, of which €22.1m were marketing expenses, up 12.2%. Direct operating expenses fell 33.6% to €29.4m, while indirect operating expenses declined 8.1% to €18.1m.This resulted in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of €28.8m, down 39.6%.The business incurred amortisation and depreciation costs of €8.8m, eight times the cost in 2018, and non-recurring expenses of €11.1m, up 33.7%. These non-recurring expenses were mostly due to the business model change, at €9.1m, plus a further €2.0m from the Lotto24 takeover.Zeal’s earnings before interest and tax came to €8.8m, down 77.0%.Zeal did not disclose its final result after interest and tax.Jonas Mattsson, chief financial officer of ZEAL Network, said that although Zeal’s final result was lower than in 2018, it still represented a success due to the business model change and the costs of integrating Lotto24.“We are aware that we could only reach the latest milestones in the history of ZEAL Group with the support of our customers, employees and shareholders,” Mattsson said. “After leaving behind a long period of legal uncertainties and significantly improving our risk profile with the end of the secondary lottery business as the leading online provider of state lottery products, we can now fully focus on the continuously growing and socially valuable German online lottery business with two strong brands.“Knowing the great value and high loyalty of our customers, we look forward to setting out on this exciting journey.”For the fourth quarter of 2019, revenue came to €20.3m, down 53.5% year-on-year. This came on billings of €134.2mThe operator’s total operating performance fell to €20.4m, down 55.3%.Personnel expenses came to €5.8m, while other operating expenses totalled €14.5m. Marketing expenses came to €6.0m, direct operating expenses €2.6m and indirect costs of operations €5.1m.This resulted in fourth-quarter EBITDA of €500,000, less than one-thirtieth of EBITDA in Q4 of 2018.Zeal’s net result before interest and tax for the fourth quarter came to a net loss of €4.1m, down from a €9.2m profit in 2018.Zeal Network also issued its guidance for 2020, with billings projected in the range of €550-570m. Revenue for the year is expected to come in between €70m and €73m, with EBITDA to fall between €5m and €8m. Topics: Finance Lottery German lottery broker Zeal Network’s revenue and earnings declined in 2019, but the business said the year was still a success despite the acquisition of Lotto24 and move away from secondary lotteries affecting its financial performance. Subscribe to the iGaming newslettercenter_img Finance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Brokerage pivot hits Zeal Network revenue in 2019 Email Addresslast_img read more