SWEDISH BETTING EXCHANGE SEES TURNOVER DROP

31 October 2008

Management fine-tunes the gaming model

 

The Swedish online betting exchange Betting Promotions Sweden A.B., has posted a net turnover loss for the period January to September 2008, showing turnover of SEK 50.5 million over the same period in 2007 declining to SEK 31 million this year.

The interim report reveals that operating income stood at SEK 14.9 million Swedish kronas at end September this year, with an operating margin of 48 percent. In 2007, operating income was SEK 38 million and the operating margin was at 75 percent.

Managing director John Moazed commented: “The trials to find optimal parameters for our existing gaming models produced positive results. Based on these findings, changes were implemented gradually during the second and third quarters, and I am now looking forward to tracking the results in the important fourth quarter.”

Betting Promotion Sweden AB is engaged in the gambling industry, and operates an automated trading system, specialising in 23 disciplines in the sport betting area, with its main customers the Internet-based betting exchanges. The company has two subsidiaries: Permac Ltd, which is incorporated in Cyprus and is a purely administrative entity which owns the intellectual capital of the company, and Betting Promotion Teknik Malmo AB, which is incorporated in Sweden and is responsible for the development of the company’s technology.

The company also holds a fifty percent share in GameVillage, a soft gaming company. During Q2 2008 Betting Promotion extended an additional SEK 1,7 million to GameVillage, bring the aggregated total investment on 30 June 2008 to SEK 18 million. Betting Promotion has also extended a loan of SEK 5,3 million.

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