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WOrst Quarter Ever For Betting Promotion
Monday October 28,2013 : BETTING PROMOTION HAS WORK TO DO (Update)
Swedish sports betting firm Betting Promotion, who recently announced its acquisition of Tain AB, has reported less than satisfactory third quarter results which it attributes to poor margins in trading.
Key performance indicators for the period July - September 2013 include:
- Betting turnover: Euro 132.8 million (Q3/2012: Euro 159.8 million), down 17 percent
- Net turnover after trading fees: - Euro 173 000 (Q3/2012: Euro 802 000)
- Gross margin: - 0.13 percent (Q3/2012: 0.50) - Net Turnover after trading fees as percent of Betting Turnover
- Operating income: Euro - 1.1 million (Q3/2012: Euro - 34 000)
- Net Income: Euro -1.1 million (Q3/2012: Euro -2 000)
- Earnings per share: Euro - 0.12 (Q3/2012: Euro 0.00)
Key performance indicators for the period January - September 2013 include:
- Betting turnover: Euro 415.4 million (9M/2012: Euro 505.6 million)
- Net turnover after trading fees: Euro 603 000 (9M/2012: Euro 1.9 million)
- Gross margin: 0.15 percent (9M/2012: 0.38)
- Operating income: Euro -1.9 million (9M/2012: Euro - 607 000)
- Operating margin: - 318 percent (9M/2012: - 32 percent)
- Net Income: Euro - 2.1 million (9M/2012: Euro - 580 000)
- Earnings per share: Euro - 0.22 (9M/2012: Euro - 0.06)
The company said new regulations in Greece, Germany, Cyprus and Spain along with less sporting events on the 2013 calendar additionally had a negative impact on Betting Promotion's performance.
"I can confirm that the third quarter with a loss of 1,124 KEUR, mainly due to poor margins in trading, is one of the company's worst quarter from a historical perspective. This is a powerful signal that Betting Promotion must take quick action to return to profitability that is in line with expectations. For this reason, which can’t be overstated, it is important to find an operational structure that can help to achieve this. Therefore, I note with satisfaction that the acquisition of Tain AB goes according to plan,” commented Jonas Ornstein, chief executive officer of Betting Promotion.
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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