News

betinternet flags interim EBITDA profit

06 December 2006 12:51:00

Online gambling firm betinternet hit its highest since July after reaching EBITDA profitability for the first six months of the year to 26 November, as expected, despite a rocky few months for the gaming industry.

"This is a considerable turnaround from the same period last year and as a result the company is now in a much stronger position to take advantage of the opportunities that are available in both EWS (European Wagering Services) and the Sportsbook," said managing director Garry Knowles.

It said EWS, the company's pari-mutuel operation, has performed particularly well, with a sustained increase in turnover through its Isle of Man-based hub.

The group is still awaiting final legal advice regarding its acceptance of certain types of pari-mutuel wagers from the US, but the initial advice is that EWS' operations are not affected by the new US anti-gaming laws.

In addition, betinternet said it intends to appoint a new chief operating officer for EWS with effect from February 2007.

"The Sportsbook has seen the benefit of the enhanced offering that was introduced in June, with strong additional revenue streams coming from the casino and games channels," it added.

"The focus for this business remains in the Far East, where approximately two-thirds of our turnover originates."

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