SeanieMac International Ltd (OTCMKTS:BETS) saw an explosive move up in February on some big press from the Company but has fallen back to its triple zero lows since.
BETS operates in the fast growing $2.3 billion dollar Irish online gambling market that is expected to grow to $6.5 billion in 2015 and just under $10 billion in 2020. The Company has been experiencing exponential growth reporting turnover revenue of $10,750,114 in 2014 versus $2,949,471 in 2013, representing an increase of 364% that generated a profit of $643,200 in 2014 versus $222,391 in 2013, representing an increase of 289%.
The Company also registered 9,336 new customers and processed and paid over 172,434 bets in 2014 as well as becoming the official betting partner of The Irish Daily Mirror, Ireland’s leading tabloid newspaper.
It is easy to see why so many Invstors are excited about this one but BETS does suffer from significant debt and its toxic debt conversions that are responsible for the stock trading in double zero land.
SeanieMac International Ltd (OTCMKTS:BETS) is an Irish gaming company that owns and operates seaniemac.com, a well-developed domain that gets big traffic mostly from Ireland. The Company offers wagering for many categories outside of sports but their primary focus is to capture the Irish market by focusing on the Gaelic Athletics Association (GAA) or Gaelic Games as well as Irish horse racing and soccer.
BETS mission is to provide a market-leading, user-friendly website for online gambling, including sports betting and casino gaming (traditional casino, live casino, poker, bingo and interactive skilled games). The Company does not market to U.S. residents and, hereby specifically discourages them from attempting to access its wagering services.
As its national pastime, the Gaelic Games have long been popular in Ireland but they are gaining worldwide appeal, especially in areas with large communities of Irish heritage and their descendants, such as the U.S., Canada, Australia and the United Kingdom, where many communities have their own teams and clubs participating in the Gaelic Leagues locally and internationally.
BETS announced turnover revenue in January was approximately $883,770 and a gross profit for the accounting period was $74,163 which represents the Company’s largest gross profit in any accounting month since they began operations. For all of 2014 turnover revenue was $10,750,114 with a gross profit of $643,200 according to the Company.
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Beginning at the end of February the Company offered four of its convertible debenture holders cash in lieu of conversion. LG declined the offer and issued its final conversion for it’s Debenture on March 11, 2015.
On March 16 BETS announced that LG Capital Funding II, LLC has issued A Final Conversion on its Convertible Debenture issued July 14, 2014. And on March 24 BETS announced WHC LLC issued its Final Conversion on its Convertible Debenture.
The fact that the Company is clearly committed to eliminating the toxic debt that has plagued this stock and decimated the share price is HUGE news for BETS.
BETS has been coming out with some EPIC press in recent weeks; they announced a $5 million dollars non-toxic credit facility that can be repaid in shares but only at the direction of the Company and only at prices approved by the Company and when directed by the Company at 90 percent of market value at the time of conversion.
BETS recently entered the Bitcoin market announcing an exclusive joint venture with Overseas BC Marketing Inc. to market SeanieMac’s online web-based waging services and products.
The Company also signed an agreement to issue a real time Bitcoin debit card with a major international credit card brand. The market for debit card users could become a very large business for the company in its own right independent of their gaming platform! As of today there were 13,922,025 BITCOINS in circulation with a market capitalization of $3.9 billion dollars.
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BETS is a pink sheets stock trading in double zero land with a history of losses and massive dilution who’s filings are unaudited and who’s 10k is late. But this is an exciting story developing in small caps; the numbers coming from BETS are astounding and the stock is highly liquid with a loyal shareholder base that believes this one goes much higher. Once the conversions big things could happen here. We will be updating BETS as events unfold so make sure you are subscribed to Microcapdaily so you know what is going on with BETS.
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Disclosure: we hold no position in BETS either long or short and we have not been compensated for this article.