Online Casino Transfer: News - CK Racing to Close, says Centrebet

02/27/2010		Online Casino Style: News CK Racing to Close, says Centrebet
Home History Games News Dictionary		One of the leaders in the online gambling world has announced this week the difficult decision to shut down one of the service divisions, as the news spreads that Centrebet has announced their intention to close raving subsidiary company CK Racing. The notice came straight from the top as Con Kafataris, the owner of the Australian internet gambling group, made the statement himself, blaming the disappointing performance of the division on changes within the customer demographics, as well as regulatory reforms for their corporate rivals. Kafataris said that the group had learned some valuable lessons through their work with the subsidiary CK Racing, and the owner said that they would be more focused on the internet gambling sector for 2010, following trends. CK Racing is scheduled to close following the Easter Racing Carnival this year. The 34-year veteran of the industry, Kafataris went on to provide details for Centebet’s current business standing, reporting a first half of their financial year results. Net profits for their fiscal year were up to A$6.3 million, marking an increase of 19 percent over the same period last year. Online turnover alone went up 24 percent, with revenue reflecting a jump of 19 percent. Overall revenues, however, were down 7.6 percent with the blame falling poor performances of the poker division, as well as soon-to-be-closed CK Racing. Kafataris also said that Centrebet was meeting with advisors as to the future for the firm, and that indeed they were considering consolidation and acquisition possibilities. "In the past six to 12 months there has been a lot of talk globally about what consolidation and M&A opportunities there will be," Kafataris said. "We continue to assess what options are available, be that buying opportunities or opportunities to bring businesses together. My job is to do what's best for our shareholders." He didn’t deny that the group could potentially become a takeover target.

02/27/2010

Online Casino Style: News
CK Racing to Close, says Centrebet

One of the leaders in the online gambling world has announced this week the difficult decision to shut down one of the service divisions, as the news spreads that Centrebet has announced their intention to close raving subsidiary company CK Racing. The notice came straight from the top as Con Kafataris, the owner of the Australian internet gambling group, made the statement himself, blaming the disappointing performance of the division on changes within the customer demographics, as well as regulatory reforms for their corporate rivals.

Kafataris said that the group had learned some valuable lessons through their work with the subsidiary CK Racing, and the owner said that they would be more focused on the internet gambling sector for 2010, following trends. CK Racing is scheduled to close following the Easter Racing Carnival this year.

The 34-year veteran of the industry, Kafataris went on to provide details for Centebet’s current business standing, reporting a first half of their financial year results. Net profits for their fiscal year were up to A$6.3 million, marking an increase of 19 percent over the same period last year. Online turnover alone went up 24 percent, with revenue reflecting a jump of 19 percent. Overall revenues, however, were down 7.6 percent with the blame falling poor performances of the poker division, as well as soon-to-be-closed CK Racing.

Kafataris also said that Centrebet was meeting with advisors as to the future for the firm, and that indeed they were considering consolidation and acquisition possibilities. "In the past six to 12 months there has been a lot of talk globally about what consolidation and M&A opportunities there will be," Kafataris said. "We continue to assess what options are available, be that buying opportunities or opportunities to bring businesses together. My job is to do what's best for our shareholders." He didn’t deny that the group could potentially become a takeover target.