1. Follow Casinomeister on Twitter | Facebook | YouTube | Casinomeister.us US Residents Click here! |  Svenska Svenska | 
  2. By continuing to use the site, you agree to the use of cookies. You can find out more by following.Find out more.
    Dismiss Notice
  3. Sister site to Casino Max launches

    Roaring 21 has just launched - sister casino to Casino Max, and they have a special promotion for you!! .They are in the Baptism by Fire - you can check them out here: Roaring 21 BBF and special promo.

    Dismiss Notice
Dismiss Notice

BGO Exclusive Promo: 25 free spins with No Wagering on Archangels Salvation

Get Up to 25 free spins on Archangels: Salvation
No wagering requirements and No Max Win cap!

New Depositing players ONLY.
Dismiss Notice
REGISTER NOW!! Why? Because you can't do diddly squat without having been registered!

At the moment you have limited access to view most discussions: you can't make contact with thousands of fellow players, affiliates, casino reps, and all sorts of other riff-raff.

Registration is fast, simple and absolutely free so please, join Casinomeister here!

FireOne feels the heat

Discussion in 'Casino Industry Discussion' started by jetset, Nov 7, 2006.

    Nov 7, 2006
  1. jetset

    jetset Ueber Meister CAG

    Senior Partner, InfoPowa News Service

    e-Cash company reports serious losses

    Sharecast reports that FireOne slumped to an all time low this week as the online payment processing firm reported a massive
    pre-tax loss after recording a non-cash impairment charge of $78.4 million due to the new US Unlawful Internet Gambling Enforcement Act.

    The group reported a loss before tax for the three months to 30 September of $71.78 million versus a profit of $5.60 million a year ago on revenue up 31 percent to $26.2 million due to revenue growth from its FirePay e-wallet offering.

    This follows the enactment of the American anti-online gambling legislation on 13 October, after which the company ceased to process settlement transactions originating from US consumers that could be viewed as related to online gambling.

    "This event will have a significant negative impact on the business and results of operations of the company as approximately 85 percent of our revenues originated from United States consumers" a group spokesman said.

    FireOne also incurred exceptional provisions of $4 million during the quarter relating to the increased risk associated with customer losses resulting from the enactment of the Act, a foreign exchange loss of $0.1million and stock-based compensation of $0.4 million.

    Restructuring costs are currently reckoned to be $1.5 million and will be recorded in the fourth quarter.
    1 person likes this.

Share This Page