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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.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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