SPORTING INDEX APPOINTS NEW CHAIRMAN


SPORTING INDEX has announced the appointment of former senior Thomson Reuters executive, Mark Redwood, to the post of Non-Executive Chairman.
The company revealed that 50-year-old Redwood headed Thomson Reuters' sales and trading activities until stepping down at the end of December and he will now replace Richard Glynn who left last year to take up the post of Chief Executive Officer for Ladbrokes.

"We believe the sportsbetting landscape is rapidly changing and is mirroring the way the financial data services industry has evolved," said Warren Murphy, Chief Executive Officer for Sporting Index.

"We deliberately sought to bring in someone with a strong financial technology background. From that perspective, Mark coming on board is a real coup for us. His unrivalled expertise in developing and commercialising financial trading data and transactional systems will further strengthen our business as we continue to position Sporting Index at the forefront of the sportsbetting industry."

Sporting Index is backed by leading European private equity investor, HgCapital, and stated that the appointment of Redwood was "further evidence" of its "ambitions in the wholesale data services space".

Redwood continued, "I can see so many parallels between the financial and regulated sportsbetting markets. If Betfair is the exchange of the sportsbetting world, Sporting Index is the market maker and data provider. I am genuinely excited by the prospect of working with the management team to help them further leverage their renowned trading skills and world-class technologies, pioneering a range of services for modern sports books."
 
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GAMING VC FORECASTS POSITIVE 2010 FINANCIALS


GAMING VC HOLDINGS SA has released a trading update stating that it expects its financial results for the whole of 2010 to be "in line with market expectations".

The Isle of Man-based firm revealed that it anticipates being able to declare a final dividend "in-line with the ten cents dividend paid in October of 2010". The company declared that its core German¬facing and roulette-dominated casino business is proving to be "resilient" over the final quarter of 2010 with daily net gaming revenues of €78,000 against €81,000 for the same period in 2009.

"CasinoClub.com has had a particularly strong December where daily net gaming revenues have averaged €83,000," read the update from Gaming VC.

The firm announced that sports wagers have increased by 41 percent year-on-year over the fourth quarter to €205,000 while margins over the twelve months have averaged 12.6 percent compared with 16.8 percent for the same period in 2009. However, it stated that its results in this sector have "been soft" over the final quarter of 2010 at six percent "following a run of unfavourable sports results".
 
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IGAMING IN NEW JERSEY JUST ONE SIGNATURE AWAY


THE IMEGA-BACKED Intra-State Internet Gambling bill has finally found its way to the desk of New Jersey Governor Chris Christie, who has until March 10 (approximately) to sign it into law. Either way it would give the green light for New Jersey to officially become the first state in the US to regulate Internet gambling, allowing casinos in Atlantic City to provide online versions of their games to state residents.

Bearing the co-sponsorship of Senators Ray Lesniak (D) and Joe Kryillos (R), the bill was approved in the New Jersey Senate by a majority of 34-2 - the vote in the assembly was approved by 63-11-3 margin. iMEGA, the major force in getting the bill this far released this statement through Chairman, Joe Brennan Jr.
"Congratulations to New Jersey's legislators on their overwhelming vote in favour of the Intra-State Internet Gambling bill. It's clear that New Jersey's representatives want their state to be at the forefront of the online gaming industry, both in the US and globally.

"With the combination of the top regulators in gaming, great information technology infrastructure, a highly-educated workforce, and the strong foundation and leadership of the Atlantic City casino industry, New Jersey is certain to lead this industry's growth in the US, while creating high-paying, skilled jobs in the technology sector and also attracting investment to the state."

Writing in his article, "New Jersey: the Land of (iGaming) Opportunity?", Brennan lays out the reasons why New Jersey would be "the best state in the entire US for establishing a permanent base of operations for existing firms to eventually extend their reach into the next states to permit online games.

"New Jersey, which is the second largest casino market in the US after Nevada, has arguably the toughest regulators in the gaming industry," he explained. "The value of NJ licensure to an iGaming firm is the regulatory surety it demonstrates not only to players, but also to subsequent state governments that may permit the activity, as well as to the financial markets, which would likely place a higher valuation on NJ-licensed firms.
"New Jersey also has the highest IT infrastructure density of any jurisdiction in the world. This is due to the massive post-9/11 build up of capacity to support the financial centre on Wall Street, creating surpluses of bandwidth, storage and servicing firms."

California has previously hogged much of the limelight from European-based operators seeking a state solution in the US, largely because it boasts the largest population. However, the 36 million inhabitants of 'The Golden State' represent an 11 percent shortfall on the potential 40.8 million people that New Jersey (8.7m), in combination with New York (19.5m) and Philadelphia (12.6m) would provide for a regulated iGaming market, should both latter states follow in New Jersey's regulatory model and create compacts allowing inter-state gaming.
 
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