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REDBET POSTS Q2 LOSS

Wednesday August 31,2011 :  SEK1.6 loss for Swedish online gambling group
 
Swedish online gambling operator Redbet Holding AB has posted second quarter losses of SEK1.6 million for the period ended June 30 2011
 
• Operating revenues amounted to SEK15.4 million (SEK16.5 million in Q2-2010), a decrease of 6.7 percent compared with the same period last year, and a decline of 10.4 percent compared with Q1-2011.
 
• Operating loss of SEK1.6 million.
 
• Registered player accounts at the end of the quarter showed an increase to 198 274 (Q2-2010: 128 900), with the number of active player accounts up at 20 9531 (Q2-2010: 17 267).
 
Operational achievements in the quarter included:
 
• New Whitebet.com launched as part of the Ongame Network. The product range has been updated with sports betting and a new online casino built on the same technology platform as Redbet.com.
 
• The range of live betting available was augmented with hockey through Redbet.com and Whitebet.com.
 
• i4poker.com and DoubleCardrooms.com, acquired in March 2011, were integrated with Redbet.com.
 
Subsequent to the quarter ending, Redbet reported the following:
 
• Redbet Gaming Ltd acquired Heypoker, a gaming-focused operation in Scandinavia and Eastern Europe. The deal includes free games and a customer base by about 37 000. Heypoker.com is also part of the Ongame Network.
 
Chief executive Jörgen Andersson reported a loss over the quarter of SEK1.6 million.
 
"The loss is mainly due to a natural seasonal variation with lower activity during the summer," Andersson explained. "The result includes non-recurring costs of about SEK 600 000 and the result was affected also by a reduced margin of games in the Gold Club Casino."
 
He added that the decrease in revenues was the result of lower activity levels during the summer among the poker and betting customers, as well as lower margins in the game Gold Club Casino.
 
Poker represented 38 percent of total group gaming revenue in the period, while betting and casino accounted for 32 and 30 percent respectively.
 
Increased staff costs pushed up operating expenses by SEK500 000, Andersson revealed.
 
"With a strong organization and expanded marketing budget, the company is well positioned to grow in autumn and beyond," Andersson concluded. "To accelerate growth, we have implemented another acquisition during the summer. In July, we acquired Heypoker, with 37 000 registered customers, mainly in Scandinavia and Eastern Europe. The acquisition of Heypoker will enable Redbet to increase revenues and improve profitability."



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Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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