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Sydney, Nov 13, 2006 (ABN Newswire) - The board of Global Approach have just recently decided to stop taking bets from US players (in states where gaming is prescribed as unlawful). What this has meant for Global Approach is that we’re going to have to redesign our business, restructure our business.
However, we’ve got in place a strategy of not only cutting costs, but also a strategy of moving into Asia further with our Japanese casino, and also moving into the UK with our UK casino, and also with our poker initiative.
One market where we’re going to increase our activity is obviously the Japanese market.
The Japanese gaming market is about $40 billion.
We’ve had ibigcasino launched since June this year, and we’re lucky in the sense that we’re actually in the marketplace and trading now.
The Japanese site’s been specifically designed with the Japanese psyche in mind. It’s got the glitz and glamour of the Ginza and it really has been designed with the help of our Japanese partner to attract long-term, high-value players.
It’s a market where we can ideally launch a mobile gaming initiative that we’ve been looking at for a while. We are really going to try and increase our presence in the Japanese market and take full advantage of what we’ve already set up.
The UK market’s another exciting market for us. We’ve had the UK casino club for the past couple of years. We’ve got a number of affiliates already sending players to the UK market, and we’re now just going to concentrate on servicing that market to increase player base.
A good example of what the business is able to do is that from a standing start in poker last year of taking zero bets, within 12 months we were doing US$110 million in bets per month. This is an achievement that I believe that we could mirror for the next initiative we decide to take up.
I believe that the next 6 months are going to be very important for the industry. There’s going to be a number of consolidations and mergers and acquisitions with the loss of the U.S.
We would be able to maximise the synergies of any merger because of the fact that we do all the services in-house ourselves, which is fairly unique among the industry.
Global Approach is ideally placed now that we haven’t put all our eggs in the one basket. We’re haven’t relied on the US in the past. We can now focus on Europe and Asia. We believe that we have got the team in place to go forward and grow the business.
