Tag Archives: new york

500.com sells stake in payment processor Sumpay

Issuing a short market update, embattled New York-listed Chinese sports lottery operator 500.com has disclosed the sale of its 63% equity stake in Asian digital payment processor Sumpay.cn ( Sumpay). Payment processor, Sumpay, is licensed to provide third-party payment services in Chin. 500.com revealed that it had invested in Sumpay holding company Zhejiang Shangmeng Technology in December 2015 for a cash consideration …

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DraftKings and FanDuel shut down in New York

Both DraftKings and FanDuel agreed to stop real money contests in New York on Monday after a settlement was agreed with New York Attorney General Eric Schneiderman.  The settlement ensures that should the games be legalised in the state this year then the gambling claims against them will be dropped, though there may still be charges for false advertising and a lack …

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IGT Group optimistic of 2016 outlook following year of synergy creations

IGT sheds Italian weight offloading Lottomatica B2C units to Gamenet SPA

New York-listed gambling and lottery technology supplier, IGT Group closed its full-year 2015 results (period ending 31 December) reporting adjusted revenues of $5.5 billion down 4% on 2014’s (pro-forma) revenues of $5.7 billion.   Declaring its first full-year performance as IGT Group (the combined enterprise of GTECH and IGT), the company would declare adjusted EBITDA earnings of $1.8 billion, down …

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Investors raise ‘Red Alert’ regarding 500.com continued NO revenue performance

New York listed Chinese sports lottery operator 500.com has posted its third consecutive no-revenue quarter for Q4 2015. The troubled lottery operator continues to be impacted by its ‘temporary’ lottery services suspension imposed by China’s Ministry of Finance (first sanctioned in February 2015) As a result of the suspension, the operator posted Q4 revenues of RMB 0.7 million ($0.1 million), …

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DraftKings and FanDuel fight New York DFS injunction

Both DraftKings and FanDuel are asking the New York Supreme Court Appellate Division – First Department to overturn a preliminary injunction which ordered the companies to cease operating in the state from December 11th 2015. In its own appeal DraftKings argued that the court, in siding with state Attorney General Eric Schneiderman, “abused its discretion” and committed several errors of law when …

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Chairman rejects suggestion of fixing at Burnie International

Despite recent allegations around the Australian Open, organisers of the Burnie International are confident their event has not been targeted by match fixers, even though self-confessed ‘tanker’ Nick Lindahl has played there in the past. As reported in The Mercury, two other players allegedly among the 15 former and current professionals said to have played in matches surrounded by unusual …

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PETA asks New York Gaming Commission to change equine doping regulations

The New York State Gaming Commission is reported to be considering new equine drug testing regulations following its fines against race trainer Steve Asmussen. US animal rights organisation PETA had undertaken a probe investigating Asmussen’s training methods. The investigation points the finger at the trainer and his assistant, Scott Blasi, with 14 allegations of equine doping during the 2013 Saratoga …

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New York Supreme Court to deliver DFS verdict ‘soon’

Market leading DFS operators DraftKings and FanDuel have been allowed to temporarily service consumers in New York as state legislators debate the legal futures of the their business services. On Wednesday New York Supreme Court Justice Manuel Mendez heard oral arguments defending and opposing DFS services in the state of New York. Mendez would allow the operators to continue New …

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DraftKings officially challenges New York AG’s injunction

DraftKings today has officially filed its brief with the Supreme Court of New York State, opposing Attorney General Eric T Schneiderman ’Cease & Desist” injunction preventing state-wide players from participating in fantasy sports games. In brief the DFS operator argues that New York laws are the “same today as it has been for more than seven years” of which DFS …

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New York AG adds Yahoo to DFS industry inquiry

Digital media owner Yahoo Inc is reported to have become implicated in the ongoing DFS industry investigation by New York Attorney General Eric T Schneiderman. US news sources report that Yahoo’s DFS operations have been served a subpoena by the AG’s office to terminate services in New York State. The media owner, which had re-released its fantasy sports product in …

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