<< < > >>
Search:
| Full PDF report | Print this page |
Annual Report & Accounts 2009 - Notes
slide
<< < > >>
59 23. GROUP ENTITIES Significant subsidiaries Country of incorporation Ownership interest 31 Dec 31 Dec 2009 2008 Gaming VC (Cyprus) Limited Cyprus 100% 100% Gaming VC Cyprus 2 Limited Cyprus 100% nil GVC Corporation B.V. Netherland Antilles 100% 100% GVC Corporation II B.V. Netherland Antilles nil 100% Intera N.V. Netherlands Antilles 100% Nil Gaming VC Corporation Limited Malta 100% 100% Intertronic Limited Malta 100% Nil Gaming VC Corporation S.p.A. Italy Nil 100% Gaming VC (Jersey) Limited Jersey 100% 100% GVC Corporation B.V a. also has a registered branch in Israel b. absorbed the assets and liabilities of GVC Corporation II B.V. through a contractual merger during the year Gaming VC Corporation S.p.A was sold to its local management for a nominal sum with effect from 31 August 2009. Gaming VC Cyprus 2 Limited was incorporated to effect the acquisition of "betboo" and did this through the acquisition of Intera N.V and its wholly owned subsidiary, Intertronic Limited. 24. CONTINGENT LIABILTIES The group, through its trading websites, offers progressive jackpots on slot machines. Betaland progressive jackpots The progressive jackpot fund in which the Betaland site participates is part of a network scheme; that is to say, it is built up based on the gaming activity of every player from every operator in the network. At the end of each month, each operator pays into the central fund the amount added into it as calculated from the play of their own customers and receives back from the fund the value of jackpots won by their own customers (less a deduction to re-seed the jackpot to its starting value). If Gaming VC customers never win such a jackpot, Gaming VC still has to pay into the fund, but it has the peace of mind that if one of their customers does win a substantial jackpot then Gaming VC does not have to carry that cost itself; it is basically an insurance policy but one which provides a strong revenuegenerating tool in the jackpot games themselves. CasinoClub progressive jackpots Unlike Betaland, CasinoClub does not participate in the network progressive jackpot scheme; instead,it offers an equivalent system in which only its own customers participate. This means that CasinoClub make no contributions to the central fund as it builds up (since they are the only operator in the scheme, this would serve no purpose) and, should a CasinoClub customer win the progressive jackpot, there is no central fund to cover the payout so the cost of this would be taken directly to the Income Statement in the period in which it would be won. Across 42 games, the total of the available jackpots at 31 December 2009 was c6.5 million. The single largest jackpot amounted to c2.2 million from the slots game "Alladin's Lamp." The total of the available jackpots at the end of December 2008 was c4.0 million (2007: c3.2 million), with the largest available individual jackpot being c1.1 million (2006: c1.6 million).