WEBIS HOLDINGS RESURGENT

28 December 2007

Name change and some welcome working capital give Isle of Man sports firm a boost


BetInternet, now known as Webis Holdings following a November 2nd identity change (see previous InfoPowa report) has revealed that its trading for the first six months of the financial year has been “in line with expectations”. A company statement from chairman Denham Eke said that Webis has received an additional GBP 425 000 from majority shareholder Burnbrae to be used for working capital, marketing and website development purposes.

The trading statement released this week said that overheads had been chopped by 5 percent and profit had been achieved at an operational level. The Webis pari-mutuel business European Wagering Services had returned to previous levels of revenue and turnover in the past six weeks.

New software installed in October had improved efficiency and that it was being marketed through an odds comparison website. Casino and fixed odds products counted for around 60 percent of the total sportsbook revenue.

Things were not so positive on the Webis investment in Global Coresports which has been written down following a halt in trading due to a lack of funds. The statement said this would “...result in an exceptional charge of GBP 314 000 in interim results for the period to 25 November 2007”.

Webis Holdings plc is a holding company with subsidiaries operating in the gaming and technology sectors. The company is listed on the AIM in London and operates from offices based in the Isle of Man.

The company has two separate operational divisions:

Betinternet.com is a full-featured sportsbook portal, with fixed-odds betting available on all of the major global sports including Football, US Sports, Golf, Tennis, Motor Racing amongst others. Through this portal, customers can also access an instant, download and live dealer casino as well as a suite of fixed-odds games, www.betinternet.com

European Wagering Services (EWS) owns a totalisator hub, located in the Isle of Man, through which it is able to pass wagers directly into global racetrack betting pools, in real time. As a result of operating its own hub, the company is able to provide advanced technical solutions for third party pari-mutuel operators and outlets. In addition, EWS operates a website, www.link2bet.com, as well as a telephone call centre, providing end user customers with the opportunity to bet on thoroughbred, greyhound, harness and Jai Alai at tracks around the world.

Online Casino News courtesy of InfoPowa