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REDBET RELEASES 2010 RESULTS

Posted 2/17/11 : Looking to expand into new markets
 
A return to profitability in the fourth quarter of 2010 follows a year of cost-cutting and restructuring for Swedish online gaming firm Redbet Holding AB.
 
The company reported operating revenues of SEK 17.1 million in Q4/2010, a decrease of 14 percent compared to Q4:2009 but an increase of 19 percent compared to Q3/2010.
 
Over the Full Year period ending 31 December 2010, operating revenues amounted to SEK 67 million (2009: SEK 100.2 million).  Profit after tax was SEK -2.39 million (2009: SEK -5.2 million).
 
Jorgen Andersson, CEO Redbet Holding AB commented on the results:
 
"Operating income for the fourth quarter was a gain of 0.8 million. The improvement was driven by a significant increase in revenues while costs were reduced further.
 
"The company showed heavy losses in early 2010 because of excessive costs and declining revenues. We immediately began an extensive action to reduce costs and reverse the negative revenue trend.
 
"The company has now achieved profitability and has a strong financial position after the capital increase in October. We can now accelerate our expansion efforts in new markets, while we work hard to strengthen our position in existing markets."

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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