FROM May 12 to 14, Guyana will be hosting the second edition of the Caribbean Schoolboys and Juniors Boxing Championships, and according to sources, plans for the staging of the event are well on stream.The event will be staged at the National Gymnasium, Mandela Avenue and 12 countries, including Guyana, are expected to participate in the event, which is the brainchild of Guyana Boxing Association (GBA) president Steve Ninvalle.According to Ninvalle, Trinidad and Tobago, Suriname, Jamaica and St Lucia have confirmed their participation for the three-night tournament and he (Ninvalle) is confident that Barbados, Cayman Islands, Grenada and Bahamas will each send a team to Guyana.Ninvalle said the French-speaking nations of Guadeloupe, Martinique and French Guiana have signalled their intentions to also send representative teams.According to Ninvalle, it is expected that the programme will see approximately 100 boxers and officials arrive in Guyana for the tournament.The source said the GBA is expected to encamp a team of boxers in the coming week after the successful staging of the Pepsi Under-16 tournament, which was held at the Andrew `Six Head’ Lewis Gym in Albouystown.The Caribbean Schoolboys and Juniors tournament was first staged here last year.
AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Newgioco cuts first half loss despite revenue decline Online gaming operator and supplier Newgioco Group has reported an 18.5% year-on-year decline in revenue for the first half of 2020, though reduced operating costs saw the business halve its net loss for the period.Turnover for the six months to 30 June fell 11.1% to $210.0m, with a 4.0% rise in online turnover to $182.2m wiped out by a 54.4% drop in retail’s contribution. This period saw Newgioco’s 150 betting shops in its core Italian market closed from 8 March to 4 May as a result of the novel coronavirus (Covid-19) pandemic, and major sporting events cancelled or suspended.It was not until 19 June that all land-based betting shops and kiosks were all back in operation.After payouts of $192.5m, Newgioco’s gross gaming revenue was down 14.6% at $17.6m. Once Italian gaming taxes of $2.6m were paid, and platform revenue of $24,797 (down 85.7%) factored in, Newgioco’s revenue for the first half came to $15.0m, down 18.5% year-on-year.The retail shut-down and suspension of sports did result in a decline in operating costs for the period, which fell 21.5% to $15.9m, resulting in a reduced operating loss of $896,472.However, other costs were significantly reduced, falling from $2.6m in H1 2019 to $881,377. This was down to a $722,500 gain on marketable securities, while interest expenses declined to $173,073 and debt amortisation charges fell 64.3% to $737,074.This resulted in a $1.8m loss before tax, which after income taxes of $590,097 resulted in a net loss of $2.4m, down 51.6%. Once a $93,514 foreign exchange loss was factored in, Newgioco’s comprehensive loss for the half was reduced 50.3% to $2.5m.This followed a second quarter in which revenue was down 47.2% to $4.8m. Turnover for the three months to 30 June only decreased marginally, however, falling 5.2% to $94.1m as growth in online stakes offset retail wagering falling to $4.2m.Costs and expenses declined 29.0% to $6.8m, resulting in an operating loss of $2.0m, up significantly from a $523,703 loss in the prior year. Once again, other expenses fell significantly due to reduced interest expenses, lower debt amortisation charges and a gain on marketable securities.But with revenue for the quarter falling, this still translated to higher losses. Loss before income taxes widened to $2.5m. After $62,059 in income taxes, Newgioco’s net loss grew 42.0% to $2.5m, which after a $18,516 gain from foreign currency translations, resulted in a comprehensive loss of $2.5m for the period, up 46.7%. Subscribe to the iGaming newsletter Regions: Europe Southern Europe Italy Online gaming operator and supplier Newgioco Group has reported an 18.5% year-on-year decline in revenue for the first half of 2020, though reduced operating costs saw the business halve its net loss for the period. 20th August 2020 | By contenteditor Tags: Mobile Online Gambling Finance Email Address Topics: Finance Sports betting Tech & innovation