BAD NEWS FROM LASSETERS ONLINE

22 August 2008

Australian online gambling company expects a A$6.36 million loss for FH 2008


The Australian veteran online casino operator Lasseters Corporation had bad news for investors this week, announcing in a trading update that it expects to make a loss of A$6.36 million when it delivers its results for the full year ended June 30 2008 on August 29th.

The update notes that the results reflect the full year costs of operating the start-up business of Lasseters Sportsbook, include costs of replacing US online revenues with business from Asia and Europe, and reduced revenues from the company's online casino operations due to "delays in the implementation of new games."

Lasseters is powered by Orbis Openbet software.

The statement also refers to "significant" one-off adjustments for the write-off of unspecified historical deferred tax asset balances, and the impairment of the online casino gaming licence and associated product development costs.

Lasseters Online is a wholly owned subsidiary of Lasseters Corporation - a public company listed on the Australian Stock Exchange and licensed and regulated by the Northern Territory Government in Australia. The gaming servers are housed in Lasseters Hotel Casino in central Australia, a gambling venue that has been in operation since 1981.

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