Connect with us
SIS

Australia

Tabcorp to Sell its 11.6% Stake in Jumbo Interactive

Niji Narayan

Published

on

Tabcorp to Sell its 11.6% Stake in Jumbo Interactive
Reading Time: < 1 minute

 

Tabcorp Holdings Limited has entered into an agreement with Stockbroker UBS to sell its 11.6% stake in lottery company Jumbo Interactive.

Tabcorp will sell 7,234,178 shares in Jumbo at a price of AU$13.52 (US$9.69) per share for gross proceeds of approximately AU$98m (US$70.24m). Profits after taxes are expected to reach AU$69m (US$49.46m).

“Following the recent extension of our long-standing commercial distribution relationship with Jumbo for a ten-year term to August 2030, there is no longer a strategic rationale for Tabcorp’s shareholding in Jumbo,” David Attenborough, MD and CEO of Tabcorp, said in a release to the Australian Securities Exchange.

She said the company had decided to monetise its participation in the online lottery operator and use the profits to boost financial results in the first half of 2021 and strengthen its balance sheet.

Proceeds will also support Tabcorp’s move towards a “recently revised target gearing range.”

Australia

Tabcorp Revenue Declines 5.7% During Three Months to September 2020

Niji Narayan

Published

on

Tabcorp Revenue Declines 5.7% During Three Months to September 2020
Reading Time: < 1 minute

 

Australia’s Tabcorp has reported a 5.7% decline in revenue for the three months to September 2020.

The trading update formed part of an investor presentation at the company’s AGM, with Managing Director and CEO David Attenborough revealing the slight 5.7% decline was mainly felt in its Gaming Services segment which fell 55.2% on the closure of licensed venues. Lotteries and Keno revenue was down 6.9% year-on-year with Wagering and Media down 2.9%.

“The duration and severity of COVID-19 is unclear, however Tabcorp remains well placed with our resilient, diversified earnings base and strengthened balance sheet,” Attenborough said.

Continue Reading

Australia

AUSTRAC Launches Formal Investigation into Crown Melbourne Over AML Concerns

Niji Narayan

Published

on

AUSTRAC Launches Formal Investigation into Crown Melbourne Over AML Concerns
Reading Time: < 1 minute

 

AUSTRAC, Australia’s financial crime watchdog, has launched a formal investigation into potential infringements of the country’s anti-money laundering laws by Crown Resorts.

In a Monday morning filing with the Australian Securities Exchange, Crown revealed that it had been informed of the investigation by AUSTRAC after the authority’s Regulatory Operations branch identified potential non-compliance by Crown Melbourne of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 and the Anti-Money Laundering and Counter Terrorism Financing Rules 2007.

The potential non-compliance relates to “ongoing customer due diligence, and adopting, maintain and complying with an anti-money laundering/counter terrorism financing program,” Crown said.

It added that the concerns were identified “in the course of a compliance assessment that commenced in September 2019 and focused on Crown Melbourne’s management of customers identified as high risk and politically exposed persons.”

Continue Reading

Australia

ACMA Moves to Block Two More Illegal Gambling Websites

Niji Narayan

Published

on

ACMA Moves to Block Two More Illegal Gambling Websites
Reading Time: < 1 minute

 

The Australian Communications and Media Authority (ACMA) is set to request the Australian internet service providers (ISPs) to block two more illegal offshore gambling websites.

The sites to be blocked are Dinkum Pokies and Fortune Clock Casino. Following numerous complaints about these services, including complaints about withholding winnings and poor player treatment, ACMA undertook investigations that found them to be operating in breach of the Interactive Gambling Act 2001.

Website blocking is one of a range of enforcement options to protect Australians against illegal online gambling. Since the ACMA made its first blocking request in November 2019, 150 illegal gambling websites have been blocked.

Continue Reading
Advertisement
NSoft

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.

Kasynos.Online