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Gambling.co.uk: Gambling News Archive

Redbet Holding boosted by online casino revenues

Operator is back in the black after posting a profit of over $30,000 for the second quarter of the year.

Wednesday 29th August 2012



Swedish online gambling provider Redbet Holding AB has released its interim financial results for the second quarter of 2012 showing a 59 percent year-on-year increase in operating income to SEK24.5 million ($3.7 million). Stockholm-based Redbet operates the Redbet.com, OptiBet.lv, HeyPoker.com, WhiteBet.com, GoldClubCasino.com and TotalPoker.com domains and revealed that the three-month period saw it post a profit of SEK 200,000 ($30,287) compared to a deficit of SEK1.8 million ($272,603) for the same three months in 2011. Player deposits over the second quarter of 2012 rose by 42 percent year-on-year to reach SEK95 million ($14.3 million) while it almost doubled the number of registered customers when compared with the same three-month period in 2011 to 346,069 with active accounts now numbering 43,376, which is considerably up on the 20,953 it had this time last year. Claes Hallen replaced Jorgen Andersson as the firm’s Chief Executive Officer in May with the latter taking up a seat on the firm’s board of directors as Chairman while Alexis Wicen was promoted a month later to the post of Acting Managing Director for the Redbet Malta (Holding) Limited and Licenses subsidiary. “In comparison with the first quarter of 2012, revenues were almost unchanged,” said Hallen. “Revenues from casino increased thanks to our focus and expanded product range but we saw decreased revenues from betting and poker. Income from operations in Malta decreased by one percent while income from operations in Latvia increased by three percent. Casino represented 45.3 percent of the group's total gaming revenues during the period while betting accounted for 29.4 percent and 25.3 percent poker. Casino revenues have increased by 138 percent compared to the same period last year while we saw an increase for betting and poker at 47 percent and six percent respectively. “The company's focus is now on organic growth and operating results with increased intake that guarantee a positive future for the company. Our product range has been strengthened and we have a strong customer offering, which makes us very competitive.”




Source: OnlineCasinoNews

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