BIG TURNAROUND IN Q1 REVENUES FOR REDBET

25 May 2007

Swedish betting exchange profits from focus on eastern Europe

Investors in the Swedish online betting group Redbet.com will be pleased with quarter 1 results just released which show an encouraging turnaround from the SEK 650 000 loss in quarter 1 of 2006.

Redbet has recorded a 284 percent recovery in revenues, yielding a net profit of SEK 270 000 (US$39 500) in quarter 1 of 2007. Managing Director Lars Ekstedt said that the company's focus on central and eastern European markets was paying off. A statement from Redbet said that its focus during the period has been on acquisitions in order to expand operations in Central and Eastern Europe, thereby reducing the company’s dependence on the saturated Scandinavian market. It added that the recent acquisition of Latvian gaming operator Teletoto was an 'important step in this development'.

Redbet is a poker room, betting exchange, casino and bingo room powered by Redbet Ltd, Boss Media and Net Entertainment software, and is licensed in the United Kingdom. It is one of 2 no-download gaming sites owned by Redbet Ltd.

The company is operated by a tightly knit group of Swedish entrepreneurs, computer programmers and sports betting professionals – all with lengthy experience in the sports betting industry, and was founded in May 2002, although the internet service only went online in August 2004.

The company is registered as a limited liability company in England and holds a bookmaker's permit in England and Wales.

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