eBay said it is acquiring online payments company PayPal in a deal valued at $1.5 billion.

 

PayPal will continue to offer its service as an independent brand, but there are some changes ahead.

 

eBay Chief Financial Officer Rajiv Dutta said eBay will discontinue PayPal’s online gaming business, which was expected to account for 10 percent to 15 percent of total revenue in fiscal 2003. Dutta said the move is due to the “uncertain legal situation” around online gaming.

 

OddsON Releases VegasPlayersCasino.com

 

TURKS & CAICOS ISLANDS — Trying to find Las Vegas in an online casino has been a gamble for years. Legions of online gamers have learned not to believe the hype and promises of Vegas in a download. Until now, with the launch of the web’s only real Las Vegas experience – Vegas Players Casino!

 

The all-new Vegas Players Casino (http://www.vegasplayerscasino.com/), launched under software by OddsON, debuts with all the popular games including:

 

Progressive Caribbean Stud Poker

Blackjack, Roulette, Craps, and Keno

Two Progressive slot machines, including ‘Deluxe Cherry Cherry’

Two Five-Reel slots – ‘Reels of Fortune’ and ‘Hearts’

Five Video Poker machines, including ‘Jacks or Better’ and ‘Jokers Wild’

Ten Slot machines, including ‘Super 7’, ‘Old Glory’, and ‘Diamonds Forever’

The chance to play up to three slot machines simultaneously!

Fans of the Las Vegas-style rewards that are so hard to find online will be excited by both the 20% deposit bonus and the lucrative ‘Be A Player’ Casino Rewards Program that works just like the real thing – free cash just for playing, win or lose!

 

Vegas Players Casino is brought to you by a team with lots of experience on both sides of the gaming tables. We know what real casino players are looking for and Vegas Players Casino delivers: exciting games backed by reliable and secure software, great Bonus offers, an awesome Player Rewards program and a commitment to making all of our players feel right at home.

 

Nothing can ever beat the feeling of being in Las Vegas, on the Dominoqq Pkv casino floor, with the lights and sounds of the Strip. But when you can’t make it to Vegas, absolutely nothing comes closer than the new Vegas Players Casino, found online at http://www.vegasplayerscasino.com/ Come experience the difference and be a player!

 

Chartwell Reports Continued Growth in 3Q

 

CALGARY, Canada — Chartwell Technology Inc. (TSX-VEN: CWH) a leading provider of gaming and information systems for companies engaged in the Internet gaming industry, announces financial results for the third quarter and the nine months ended July 31, 2002.

 

Total revenue for the third quarter of 2002 increased 20% to $1,117,939 compared to $928,663 in the same period of 2001. For the nine months ended July 31 2002, the Company’s total revenues increased 21% to $2,391,092 compared to $1,973,018 for the corresponding period of the previous year.

 

“Consistent with our business strategy, during the quarter the company has continued to focus on attracting established gaming clients, primarily in Europe”, states Darold H. Parken, President and CEO of Chartwell. ” Steady growth in our market share and the recurring revenue component of our total revenue has resulted in an average 30% quarter on quarter revenue growth since entering the software development business. Our objective is to continue this trend.”

 

Expenses for the third quarter were $1,131,736 compared to $926,911 for the corresponding period of the previous year. Expenses decreased $302,298 from the previous quarter. For the nine months ended July 31 2002 expenses were $3,749,959 compared to $2,833,266 in the corresponding period in the previous year. This increase is reflected in the continued development of our industry-leading choice of gaming options including casino, bingo and poker room games, now available in download, in-browser and wireless options giving an unprecedented level of access flexibility while using a wide range of currencies and languages. Consistent with our proactive expansion into new regulated markets, the Company has increased its compliance expenditures for its certification in these regulated markets.

 

The loss for the quarter was $13,797 or $0.00 per share compared to $568,224 or $0.04 per share in the previous quarter. Working capital at the end of the quarter was $6,159,960.

 

“We are seeing continued growth in Europe with the opportunity to break into new verticals”, states Darold H. Parken, “Poker, Bingo, and Wireless gaming are all new opportunities for revenue growth, both within our existing client base and with new licensees”. “Our unique business model along with our dedication to software development and un-paralleled customer support enables our existing and future clients in Europe and other regulated markets to depend upon us as a truly independent technology partner with no potential conflict of interest”.