Bookmaker looks to Spanish joint venture and online offering as earnings drop and losses rise.
Friday 6th June 2008
UK-based online and retail bookmaker Betbull has reported that net gaming revenues for the first quarter of the year rose by nine percent compared with the last quarter of 2007 to $5.8 million.
However, this figure was unchanged versus the same period in 2007 with the London-based company also revealing that losses after tax increased to $361,524 from last year’s $146,393. Earnings before tax dropped 40 percent to $462,668 despite a nine percent increase in betting stakes to $34.2 million quarter-on-quarter and an increase of 13 percent compared to the previous year.
The company stated that it would remain focused on its core retail business over the summer but would also launch an online casino and games offering over the third quarter. Betbull also announced that it was confident that its joint venture with Bwin would soon receive a retail betting license for the autonomous community of Madrid.
'Our German operation has exceeded expectations during what promised to be a very difficult first quarter,” said Simon Bold, Director of Betbull.
“We find this very encouraging. In Spain, we continue to develop a structure to support not only retail units in Madrid when that license is granted but also for the other major provinces where Betbull will compete for licenses in the near future. We see the Spanish market as an opportunity to extending our client base beyond the traditional betting shop customer profile.'
UK-based online and retail bookmaker Betbull has reported that net gaming revenues for the first quarter of the year rose by nine percent compared with the last quarter of 2007 to $5.8 million.