Gambling News by Gambling Headquarters

Brisbane-based online gambling company Global Approach's share price has slid a further 7% today despite assuring investors it is renewing its focus on European and Asian markets. The share price has slipped 60% since September 11 to 4 cents, and a $2.1 million net profit projection for 2007 is "unlikely to be achieved". The company has now announced a major corporate restructure, with directors taking "sizeable salary cuts" to offset new US laws. The laws prohibit the processing of transactions from US customers. Global Approach is also considering merger and acquisition options. According to Global managing director James Canning-Ure, the US market makes up to 50% of net gaming revenues. "We plan to offset any potential revenue loss by continuing our expansion into the European and Asian markets," Canning-Ure says. "Fortunately our company's global approach means we have not relied upon the US market and therefore continue to have excellent growth prospects going forward. The company has recently launched a Japanese-language site, as well as a UK-focused casino brand.