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Betbull Earning results
Sportsbetting company Betbull Holding SE's results for the quarter ended March 31st 2009 have showed a disappointing decline of 67 percent of EBITDA, which dipped to Euro 100 000 (Q1 2008: Euro 300 000). Taking the positives from the results, EBITDA excluding the joint venture in Madrid was Euro 500 000 for the quarter.
Financials for the quarter included:
* Betting stakes of Euro 21.1 million for the quarter were down 20 percent compared to Euro 26.4 million in Q4 2008 and down 5 percent compared to Euro 22.2 million in QI 2008.
* Net gaming revenue of Euro 4 million for the quarter was down 10 percent compared to Euro 4.4 million in Q4 2008 and up 5 percent compared to Euro 3.8 million in QI 2008.
* EBITDA (including the joint venture in Madrid) was Euro 100 000 for the quarter, up Euro 2.8 million compared to a loss of Euro 2.9 million in Q4 2008 and down 67 percent compared to Euro 300 000 in QI 2008.
* EBITDA (excluding the joint venture in Madrid) was Euro 500 000 for the quarter and cash position as at 31 March 2009 - also excluding the joint venture in Madrid - was Euro 6.9 million.
* Cash position as at 31 March 2009 (including the joint venture in Madrid) was Euro 7.6 million compared to Euro 8.2 million as at 31 December 2008.
In Germany, the business continues to provide consistent and solid results despite the challenging legislative conditions, management reported. While turnover for Q1 2009 was down 5 percent on the same period last year, NGR was 5 percent higher at Euro 4 million and in line with forecasts. Management is confident that the long term prospects for retail betting in Germany are good.
In Spain, the development of Betbull Bwin Espana SA has accelerated during the quarter, with the first 3rd party premises opening in February 2009 and one 'own' premises under the brand 'w1nners' added, with two further premises under development.
The group's Internet activities are limited to providing a complimentary product for retail clients. Betting exchange activities have been curtailed and at present there are no plans to increase online product offers.
Simon Bold, a director of Betbull Holding SE, said: "Our energy and funds are very clearly focused in the sector of retail betting in our core market in Germany and the very quickly growing and fully licensed retail market in Madrid. We will compete for licences in other Spanish autonomous communities as and when they become available. Betbull Holding SE is continuing and close to completing the process of relocation from London to Vienna, part of the overall plan to reduce costs and streamline central and operational activities. Second quarter hold margins have been disappointing to date, with football results particularly favouring clients."
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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