Issue N2, 2007

January 18, 2007

New Report Shows Online Gambling costs UK Businesses Millions a Year

A new report that was released in the industry this week shows that gamblers in the United Kingdom regularly take up their favorite online pastimes during work hours. It is estimated that this costs the British economy an astounding 300-million Pounds each year. The technology consulting company, Morse, commissioned the survey and made the results public.

Among other things, the report claims that 1 in 3 British gamblers wager online during work hours. Four out of ten men (aged between 25-34) admitted that they used hours meant for work related issues to make an online bet. This was in sharp contrast to one in five women who were questioned in the survey.

Further evidence shows that regular gamblers spend an average of 12% of their weekly salaries on online gambling activities, including playing the National Lottery, online poker and backgammon games, as well as football matches, both local and international. Horse racing was another popular pastime with British online gamblers.

A recent report by the British Medical Association says that problem gambling is on the rise and at present there are over 300,000 Britons with compulsive disorders connected to the pastime. It remains to be seen what British firms will do to curb their employees’ zest for online gambling during work hours and thus save the economy hundreds of millions of pounds in loss of productivity.

US Authorities Arrest Neteller Founders

In an incident that has sent shockwaves through the online gambling industry, it was reported that United States authorities arrested the founders of the world’s largest online funds transfer service, Neteller. John Lefebvre and Steve Lawrence were arrested on American soil on Monday January 15^th. It is not clear where the apprehensions took place exactly, but industry sources say that Lefebvre may have been arrested in Southern California (where his wife originates from) and Lawrence in New York. Both men do not work for Neteller anymore, although records show that they were employed with this Isle of Man-based company until the end of 2005.

Neteller is a popular mode of payment for many online casino gamblers, especially those who find it increasingly difficult to pay by credit card due to the rising restrictions against the online casino industry in the United States. With recent annual revenues of over $172-million, Neteller is definitely the top choice for many gamblers seeking an alternative means of funds transfer. It should be noted, however, that Neteller does not only serve the gambling community and millions of people use their services for other, unrelated banking transactions. Calls to Neteller confirmed that Lefebvre and Lawrence had been detained by no charges had been filed as yet.

Crytologic Releases New Games

Canadian software developer, Cryptologic, released no less than 16 new online casino games this week through its subsidiary company, Waterlogic. Players will be happy to note that the new games offer a wide variety of fun, action and thrilling entertaining – welcome news in an industry that has been hard hit by UIGEA laws and the exodus of major gambling companies from the United States’ market.

Some of the more popular new releases include the Frightmare Jackpot Slot series that combines classic horror movies with the fun and excitement of slots. Elektra, Ghostman and Iron Man slots join the popular Marvel Comics slots that have become so sought after by Crytologic fans. Other slots in this series include Thor, Dare Devil and Silver Surfer.

New 25-line slot titles were also introduced in the new game pack, including Thai Surprise, Caesar's Salad and Mystique Club. In addition, the software giant introduced new 50 and 100-hand variations of Bonus Video Poker Games, including the ever-popular Joker Poker (which claims to offer a paytable with the best returns of this game to be found anywhere on the internet).

The Vice President of Cryptologic's Software Development division said in a statement upon the release of the new games: "Players want more choice, more excitement - and more chances to win. Our dynamic new lineup of games offers innovative bonus rounds, powerful graphics and multi-level slots that will keep players spellbound and our licensees' ahead of the competition."