BETBULL REVENUES EASE

7 September 2007

4.3 percent fall reported in six month results


Betbull.com, the Europe-facing online bookie has released its numbers for the six months ended June 30 showing an after tax loss of Euro 500 000 after net revenues declined by 4.3 percent to Euro 6.7million. The betting firm's EBITDA increased significantly to Euro 300 000 against a loss over the same period last year.

Highlights of the report included the positive EBITDA following a Euro 900 000 loss in 2006, and operational costs reduced by Euro 1.3 million to Euro 7 million.

The company reports that it maintains a healthy cash position Euro 8.8 million as at 30th June 2007 - up Euro 800 000 on last year.

Loss after tax fell from Euro 1.6 million in 2006 to Euro 500 000 for the current year despite exceptionally low hold margins in Q2 having a disproportionately negative effect on half year hold levels.

Net stakes in Q2 amounting to Euro 20.2 million were slightly ahead of Q1 at Euro 19.7 million, and group net gaming revenue amounted to Euro 2.7 million (representing 14 percent of net stakes) down compared with Q1 net gaming revenue of Euro 4.0 million
(representing 20 percent of net stakes) but in line with the industry generally which experienced weak margins in the period.

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