BUSINESS

NMi approved in Denmark; Cryptologic first revenue increase in years; Lads hand Glynn substantial bonus

TAGs: Cryptologic, Denmark, Ladbrokes, nmi, Richard Glynn

nmi crypto ladsNMi is the first European-based lab to gain accreditation for Denmark’s online gaming industry. It extends a deal that already saw NMi provide land-based testing and covers all facets from operations to software. NMi signed a similar deal in Canada with Loto-Quebec just days ago, Andew Rosewarne, director at NMi UK, telling eGR: “Thirty years’ experience of gaming in Europe is what drives NMi to continue its momentum in gaining accreditation for online testing in the newly regulated jurisdictions such as Spain and Denmark.”

Cryptologic posted their first revenue increase in five years as results showed a significant profit for 2011. Revenues were up 5% to $27.3 million – the first increase since 2006. Profits of $6.5 million were the first since 2007, in comparison to a $21.6 million loss in 2010. It makes you start to realize just how remarkable a turnaround this is.  David Gavagan, Chairman and Interim Chief Executive Officer, added: “While trading conditions remained challenging throughout the year, our strategy and restructuring and the commitment of our people over the past 18 months have returned the business to profit for the first time since 2007 and delivered the first annual increase in revenues and cash for five years.”

Ladbrokes’ annual report disclosed that CEO Richard Glynn walked away from 2011 with a substantial bonus. Despite the company’s poor results, he was handed £327,000 in cash and £164,000 in deferred share options for his performance. 327 G’s will look like small change if Glynn lives up to his own heady expectations though. The Daily Telegraph reports that if his “Project Galvanize” is successful in raising the share price to 297p by 2015 he’ll get £12 million. We’ll let the Swedes play you out Richie Rich…

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com