Name change and working capital gives Isle of Man’s Webis Holdings a boost.
Monday 31st December 2007
Isle of Man online casino operator Webis Holdings has announced that its trading for the first six months of the financial year have been ‘in line with expectations’.
The operator of the popular BetInternet.com online casino, Webis stated that it had also received an additional $847,829 from majority shareholder Burnbrae to be used for working capital, marketing and website development purposes.
Formerly known as BetInternet until a name change in November, Webis said that overheads had been chopped by five percent with profits being achieved at an operational level and its parimutuel European Wagering Services business returning to previous levels of revenue and turnover for the past six weeks.
The Douglas based firm stated that casino and fixed-odds products made up around 60 percent of its total sportsbook revenue with new software installed in October improving efficiency and being marketed through an odds comparison website.
However, the company stated that its ill-fated investment in Global Coresports, which had to be written down following a halt in trading due to lack of funds, would result in a one-off charge of around $626,000.