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BEtinternet Returns to Profits
Posted 12/23/10 :
Webis Holdings Plc presents its six month trading update
Online gaming group, Webis Holdings Plc released its Trading Update of the first six months (31 May 2010 - 30 November 2010) of its current financial year ending 29 May 2011.
Key Highlights in its first six months (31 May 2010 - 30 November 2010):
- Webis' subsidiary and pari-mutuel operation European Wagering Services (EWS) report increased turnover during the period compared to the prior year, however, the withdrawal of payment processing services adversely affected EWS' higher margin business and the divisions trading for the period was below the Board's expectations. An alternative solution towards the end of the period has seen the division once again performing in line with expectations.
- EWS acquired a US pari-mutuel hub operating license with the North Dakota Racing Commission. Following the acquisition, a clearly defined business plan for the growth of EWS is being actively pursued which will involve increasing marketing and development activity to establish a presence in the US market as well as an increase in the level of racing content of which EWS' link2bet.com is core.
- Sportsbook operation Betinternet.com returned to profitability following a successful World Cup.
- Betinternet's casino and games offering has been upgraded with the introduction of a solution from CTXM.
The board expects to release its Interim Report for the period ending 30 November 2010 during February 2011.
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