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2012 REDBET FIRST QUARTER RESULTS

Wednesday May 23, 2012 :  REDBET FIRST QUARTER RESULTS
 
Chief executive officer steps down, says restructure is complete
 
Malta-registered online gambling firm Redbet Holding AB released its first quarter 2012 results this week, showing progress towards turning around the company's fortunes, despite higher costs impacting its bottom line.
 
Key performance indicators for the three month period ending March 31 2012 include:
 
-     Operating revenues amounting to SEK 24.5 million (Q1/2011: SEK 17.2 million), an increase of 42 percent.
-     Operating profit amounting to SEK 0.6 million (Q1/2011: SEK 0.8 million).
-     Profit after tax amounting to SEK 0.3 million (Q1/2011: SEK 0.6 million).
-     Casino represented 39 percent of the group's total gaming revenue, while betting accounted for 32 percent and poker 29 percent.
-     Casino revenues grew by 97 percent, betting by 32 percent and poker by 3 percent.
-     Earnings per share amounting to SEK 0.01 (Q1/2011: SEK 0.02).
-     Player deposits amounting to 91.4 million (Q1/2011: 71.1 million), an increase of 29 percent
-     Registered online gaming player accounts for the Group was 315 519 (Q1/2011: 167 618).
-     Active player accounts amounted to 38 384 (Q1/2011: 20 636).
 
Following the appointments of Claes Hallen as acting chairman and Andreas Helsing as chief financial officer during the quarter, Jorgen Andersson Redbet Holding AB's chief executive officer will step down following "completion of the restructuring of the company".  Hallen will take over the position of chief executive officer.
 
Andersson comments:  “Two years have passed since I became President. The company found itself in 2010 in a very difficult situation with falling revenues and heavy losses. The company has since gone through major changes and the group's gaming operations are currently profitable and showing growth.
 
“My mission to restructure the company is now completed and it is time for me to step down as CEO. I welcome Claes Hallen in the role of President and I look forward to continuing my involvement in the company as a board member."
 
Redbet Holding's subsidiaries offer casino, betting and poker on the Internet via redbet.com, optibet.lv, heypoker.com, whitebet.com, goldclubcasino.com and totalpoker.com. Subsidiary SIA Optibet offers odds offline via betting shops in Latvia.

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Gambling News :

Is Gibraltar Out of Luck in US Tax Challenge - Gibraltar's challenge to the UK 15 percent point-of-consumption tax on online gambling operator revenues has already failed in the UK High Court, and it looks as if it may be rejected by the European Court of Justice too.

Quickspin are now available in Denmark - #quickspin The roll-out strengthens the long-standing partnership between the supplier and the operator, with Quickspin games already available on Vera&John’s websites around the world.

UCypher Launches - Indian entertainment and media entrepreneur Ronnie Screwvala has announced the formation of UCypher, an eSports tournament in which ten teams will compete.

Extreme Live Gaming In deal With Betsson - Extreme Live Gaming, a subsidiary of the Novomatic Interactive group, has announced a live dealer product deal with the Betsson online gambling group, with an initial launch planned for Betsson.com, followed by other brands in the Swedish group's portfolio.

Expansion Mode For BoyleSports - The Bambury premises are situated in Kildare, Meath and Dublin and will be refurbished and rebranded after acquisition, with the total of 31 staff remaining in employment..

Safecharge Q4-2016 - Online e-cash processing firm Safecharge, where Playtech's Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.

ASA Most Controversial Ads of 2016 - Paddy Power's penchant for advertisements that cause a stir saw the betting company mentioned twice in the Top Ten most controversial adverts of 2016 released by the Advertising Standards Authority in the UK Thursday.

Yggdrasi To Enter Italian Gambling Market - Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

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