Will McEniff’s gamble pay off?

Compliance Systems Corp, the US-listed entity that owns SeanieMac.com, Ireland's newest online gambling venture, officially changed its name this week to Seaniemac International.

The company's chairman is Sean McEniff, son of former Donegal GAA manager Brian McEniff and himself a former intercounty star.

The McEniffs are well known as hoteliers and also for being an all-round canny bunch. So what stock symbol did young Seanie choose for the company, which is listed in New York? Its market shorthand is now BETS.

Seaniemac operates using a white-label offering from Boylesports, and is initially focusing on the GAA betting market. It has been a fairly modest start for the company. The site, which went live in late spring, has so far signed up just 1,700 registered users, so Paddy Power won't be quaking in its boots just yet, although it is early days.

Gross revenues increased by 80 per cent in the second quarter, according to an SEC filing by the parent entity, but it expects revenues to quadruple in the third quarter. I'm not sure I'd bet on that, but the investors, including the daughters of Russian oligarch Michael Chernaya, seem optimistic enough.

Later this year, Seaniemac plans to launch online bingo and poker services. I suppose those Donegal fans need something to take their mind of their recent hiding by Mayo in the All-Ireland Championship.