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BET-AT-HOME IMPROVES BUSINESS
Impressive Q3 and 2010 YTD results from German subsidiary of Mangas Gaming
Mangas Gaming's Dusseldorf-based online gambling operation Bet-At-Home.com has published numbers that will make investors happy, recording significant improvements in all key performance areas.
Third quarter financial results show that gross profit is up 57.1 percent to Euro 16.78 million. whilst net profit before tax rose to Euro 7.16 million (Q3 2009: Euro - (negative) 3.14 million).
Betting and gaming turnover in the third quarter rose by 57.9 percent to Euro 356.02 million (Q3 2009: Euro 225.45 million).
Net gaming profit for Q3 2010 rose 57.5 percent to Euro 16.65 million (Q3 2009: Euro 10.57 million).
Remarkably, in view of the very positive results, the company's advertising expenditure for Q3 was reduced to Euro 5.74 million (Q3 2009: Euro 11.96 million). However, in the first three quarters of the year, Bet-At-Home invested Euro 28.66 million in marketing, ramping up from the Euro 22.07 million in 2009.
For the year to September 30 2010, the company reports:
* Gross profit increased by 74.3 percent to Euro 48.14 million (2009: Euro 27.62 million)
* Net profit before tax of Euro 6.58 million (2009: - (negative) Euro 320 000)
* Available assets of Euro 23.07 million (December 2009: Euro 20.68 million)
* Betting and gaming turnover for the first 9 months of 2010 were 71.3 percent higher than the equivalent period in 2009 at Euro 1043.48 million.
* Net gaming profit for Q1 to Q3 YTD 2010 amounts was Euro 47.78 million (2009: Euro 27.15 million).
* The company claims it now has over 2.1 million players on its books.
* YTD EBITDA was Euro 6.61 million (YTD 2009: Euro - (negative) 2.19 million).
Malta-licensed and listed on the Frankfurt and Vienna stock exchanges, Bet-At-Home.com AG is part of the French internet gambling group Mangas Gaming, and is a sister to BetClic and Expekt.
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