By Zinnia B. Dela Peña
The Philippine Star 01/23/2007
Information technology and online gaming firm Philweb Corp. said its sports betting contract with RTG Studio Inc. has been cleared by the Philippine Amusement & Gaming Corp. (Pagcor).
In a disclosure to the Philippine Stock Exchange, Philweb said the contract covers all North American sports including basketball, football, baseball, golf, boxing and soccer.
The contract also covers all Las Vegas betting format for straight bets such as over/under, points, spread, and parlay for all sports events including soccer, Philweb said.
RTG is a wholly-owned Philippine subsidiary of Singapore-incorporated RealTime Gaming (Asia) Lte. Ltd. and is affiliated with the Atlanta-based software company Real Time Gaming, a leading provider of Internet casino software currently powering more than 70 Internet casinos worldwide.
Philweb provides access, business solutions, e-commerce platforms, distribution services for Internet appliances and software and invests in promising Internet start-up ventures.
Philweb said it expected a turnaround in its financial performance last year from a net loss of P3.9 million in 2005.
In the first nine months of 2006, Philweb reported a net profit of P42.28 million compared with only P317,708 over the same period a year earlier, mainly driven by higher revenues from its Internet sports betting and casino business.
Revenues reached P91.5 million, 60 percent higher than the previous level's P57.1 million. This was attributed to the growth in revenue from Internet gaming business, gain on sale of investment and income from short-term placements.
Philweb also expected the number of its Internet casinos to reach 100 by the end of 2006. Managed and operated by Pagcor-authorized entities, these gaming outlets are entertainment centers similar to Internet cafes that have at least 10 PC terminals dedicated solely to playing eCasino-Filipino games, open 24 hours daily.
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