Monday, August 01, 2005

Coral Eurobet float and Foxwoods' wishywashy, Viagra needing selves.

"Well, if your friends jumped off a cliff, you'd follow right along, huh?"
--mom, catching me rattle thru my bedroom window at 6am after a speakerhumping session ay some warehouse rave in la county

Coral Eurobet too? Yeah, float(sam) float(ies) float(syourboat)-- Coral Eurobet is aiming their sites to float on the LSE later this year. It did come of a slight shock to me since they were recently lauded as the UK's "most successful private company" per KPMG just a few months ago and for some reason I thought that they'd stick around for joy. I should have paid more attention to the fact that Eurobet was falling in the Party line (get it? sh!t, as if anyone reads this online poker crap anyway) -- in their use of Captcha bot-prevention technology and popups warning of screen scrapers that can and would detect unauthorized software use (ostensibly Poker Edge and Poker Prophecy, because of the offending nature of shared hand histories).

A few details for those who don't religiously follow my links (and why not? hellsbells but it takes me a long time to compile them in an interesting way for yall...):

The timing of the offer has not been decided and will depend on market conditions, but sources suggest a launch later this year. A straight sale of the business remains a possibility, but a float is the preferred option.

However, smaller online gaming groups could saturate the market over the next 12 months, experts say, and there are fears that aggressive marketing of Olympic Games scratchcards could hurt betting firms. A series of National Lottery games and television shows aim to raise £1.5 billion for the Games.

A float would provide an exit for Charterhouse, the private equity group that bought the business for £860 million, including debt, in a management buyout in September 2002.
Charterhouse has already taken an estimated £560 million out of the business so far, following two refinancings.

Sources said that there was no obvious trade buyer for the business unless an overseas player decided to bid, leaving the most likely alternative to a flotation a sale to another private equity player.

And of course you know me, wanting to know who's cashing in on this stuff...

While the management team is set fair for big profits, the major gainer will be Charterhouse, which paid just £278m for the company's shares and took on its existing £582m debts in September 2003.

The finance group has already taken out an estimated £560m from refinancing deals and still holds shares that could be worth around £685m.

And with no segue to speak of...

Foxwoods has changed its mind again decided to hold off on rereleasing its online gambling game... at least until state hearings on the issue have commenced. Now Foxwoods says that the issue is a matter of appearance. The PlayAway Web site never explained that the fancy blackjack and slot machine graphics were just a facade, a way to heighten the experience of checking for a winning keno ticket. Cmon now, they were advertising slots and poker for online play, and now they're claiming its been mistaken for KENO? Crap, I suck at poker but I don't even think I'd make that mistake. Wimps. (well, lets see where the hearings go at least before i start using even saltier language.)

Holy hell, did you know its 5am? I have more to write about but f it, I'm going to bed. Nite all.


GamesGrid Poker (and Backgammon!)

4:27:50 AM  
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