BIGGER TURNOVER FOR BETINTERNET

22 February 2008

But profits slump


Releasing its six month numbers to end November 2007, UK sportsbetting company Betinternet owner Webis said turnover rose 22 percent to GBP 53 million, compared with GBP 43.5 million in 2006. But profit at EBITDA level was down at GBP 43 000, compared with GBP 182 000 in 2006.

Turnover for Webis's pari mutuel site European Wagering Services increased 19 percent to GBP 14 million, while revenues for the Betinternet sportsbook rose 23 percent to GBP 39 million, compared with GBP 31.7 million in 2006.

Overall, Webis Holdings group, posted a GBP 388 000 loss in the 26 weeks to 25 November 2007 - down from a profit of GBP 93 000 in the same period last year.

Webis said it had been impacted by the lack of a major summer football tournament and that EWS had hit problems with its banking partner relating to the interpretation of the United States' UIGEA legislation. It said this problem had now been resolved.

Chairman Denham Eke, said: “Going forward, the board will continue to ensure that both EWS and the sportsbook business are appropriately positioned to capitalise on the opportunities available in the marketplace for sustainable growth.”

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