Gigamedia Limited has a banner 2008 year with full-year revenues reaching a record $190.4 million which is up by an astounding 25%. Net income hit a new high of $44.4 million for 14% growth while earning per share are impressive at $0.82 (basic) and $ 0.74 (fully diluted).

Nasdaq-listed Gigamedia cheered investors with fourth quarter revenues of $44.6 million, a net income of $9.1 million in a difficult economic environment and earnings per share of $0.17 (basic) and $0.15 (when fully diluted). CEO Arthur Wang reported that these solid results indicate the correctness of their business model. He expects 2009 to be a great year also but admits they have to do some cost cutting measures to protect long-term profitability.

Company president Thomas Hui believes they can still deliver strong growth but worries that online poker and online casinos will face new pressures from an increasingly tough global economy. He thinks past investments and a fully implemented cost reduction and increased efficiency plans will help them weather the financial and economic storms besetting the region. He says the on-line gaming and entertainment industries have good fundamentals and will still grow but at a slower pace this year.

GigaMedia Limited, through its subsidiaries, is an online gaming software developer. Its gaming software products comprise Online Gaming Management and Online Gaming Modules that run on Microsoft Windows 2000/ME/XP/VISTA, and features a realistic 3-D environment, selectable background music, and local language interface.. GigaMedia Limited provides online games and services,such as MahJong and various card, chess, and table games. It operates in Taiwan, Macau, Hong Kong, Canada, and the United States. The company was founded in 1997 and is headquartered in Taipei, Taiwan.

The state House in Illinois approved a plan to expand horse race betting to the Internet, allowing state residents access to online gambling.

State residents of Illinois USA are now able to gambling online. Lawmakers in the State legislature decided that it was a good idea to let people in Illinois place there bets from the comfort of their own homes. Approving a bill which had already advanced through the Senate will let participants bet on horse races at online web sites.

Video gambling machines were legalized throughout the state just a few days previous to the passing of the new bill. The large majority of 87 to 27 passed the new rules and at the same time voted down another proposed piece of legislation, for expansion of existing casinos in Illinois.

State legislators were still not sure as to how the UIGEA Federal ban might affect this online gambling move in the State. New Hampshire and North Dakota have experienced difficulty with the Federal law, when those states online conducted lotteries were curtailed when in fact they were supposed to be exempt from any prohibition.

In the state new online accounts can be established and real money betting can be placed from your own home computer. Losses and gains are enabled from your online gambling account, just as with other online prohibited casinos and card rooms. Those who supported the bill said it will receive significant tax revenues from the new online rules for gambling on the horse races.  It is expected the horse racing industry will also benefit from the move with an increase in interest and participation in the sport. $1.5 million doesn’t sound like a lot of money these days but that’s how much the state thinks it will make in revenue.

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