On November 14th, 2006, the CEO and Chairman of Centrebet, Graham Kelly, made a comment in the first annual meeting of their company since Centrebet was listed in July. With the new change in the leadership helm of the House of Congress, Mr. Kelly questioned whether the new laws regarding the Internet Gambling Industry would be enforced after he made known that Centrebet may exceed their financial expectations for the coming year.
The company, which specializes in waging and different gaming activities, finished the last fiscal year with over 8% of their total target. Mr. Kelly further commented that the financial outlook of the company for the coming year will be guided by a “defined strategy” of selling their gaming products to their existing clients, cell phone gambling and other plans for expansion in Spain.
He said that they are right on target at the moment and he sees no reason why they should change it. The company previously flagged their expected profits for the year 2007 after being taxed almost $11.6 million. Graham Kelly said that he is a bit disappointed that their stock is not trading above its $2 price and points to the ruckus surrounding the Unlawful Internet Gambling Enforcement Act (UIGEA) as the culprit.
What is bewildering, according to CEO Kelly, is that although they have not entertained thoughts about entering the United States market, they are being affected by a law that forbids U.S. residents from playing online and restricts the transfer of accounts to online companies by U.S. based financial institutions.
He further added that the UIGEA was proposed by a Republican led congress, so he is wondering if it will push through when the new house opens. The Managing Director of the company, Con Kafataris, is already in the Asian Region discussing business deals with the company’s partners. CEO Graham Kelly said that Centrebet will focus on the cell phone gambling sector, as it is considered to be one of the fastest growing sectors in the gaming industry.