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Betbull Good Third Quarter
Betbull Holding SE, (formerly Betbull plc) has announced the unaudited financial statements for the 9 months ended 30 September 2008, with a steady trading report.
Financial highlights for the period included:
* Betting stakes of Euro 74.0 million for the nine months - up 28 percent over the same period last year.
* Net gaming revenue of Euro 11.7 million for the nine months - up 19 percent.
* EBITDA (including the joint venture with bwin in Madrid) of Euro 100 000 for the nine months - down Euro 600 000.
* Cash position as at 30 September 2008 (including the joint venture in Madrid) of Euro 9.2 million - up Euro 1.2 million.
* EBITDA excluding the joint venture in Madrid of Euro1.3 million for the nine months and cash position as at 30 September 2008 also excluding the joint venture in Madrid of Euro 8.1 million.
Business highlights for the period included:
In Germany, turnover for the 9 months was Euro 74 million which continues to exceed that of last year at a consistent rate of 28 percent. Gross hold of Euro 14.0 million for the nine months is 25 percent up on the same period last year and Net Gaming Revenue of Euro 11.7 million is 19 percent up on last year. Management report overall an excellent result from the German operations, where the group has managed to achieve steady growth and stable trading results despite the unfavourable legislative environment in that country.
In Spain, Betbull Bwin Espana (BBE) was awarded a retail betting licence by the autonomous Community of Madrid on 23 September, in line with forecasts stated in the last quarterly release. BBE is now one of only 4 licensed operators in the Province of Madrid. A roll out of approximately 100 betting premises, including agencies and own shops is planned within the next 4 years in the Province. It is widely believed that other Provinces will follow Madrid in licensing retail betting and BBE intends to extend operations to those Provinces when possible. The central office operations and management already established will be capable of supporting retail activities in further Provinces, producing future economies of scale.
Management reports that online betting continues to be a complementary product for retail clients.
Betbull's focus is now concentrated fully on Germany and Spain, with other activities being gradually curtailed. Management feels that the two regions offer such immense opportunities that it is essential to apply all available resources to those regions.
Simon Bold, director of Betbull said: "Betbull achieved a solid trading result in the 9 months to 30 September; this has been distorted somewhat by the group's investment in the Spanish market through the Joint Venture company BBE, whose financial results are fully consolidated into the foregoing accounts.
"Betbull has identified itself as a strong and credible betting retailer by its presence in the Spanish market, being one of only four licensed betting operators to date in the Province of Madrid. Early signs in the Spanish market are very promising and we see this market as the most exciting opportunity in Europe at the moment. The first shops will open in the next one or two months and Q1 will see the first trading reports from Madrid activities.
"The company continues to operate a tight financial control and closely monitor costs. The concentration of resources on just 2 regions, Germany and Spain will help to streamline the company and we will curtail
operations not associated with these core areas during the coming months."
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.
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