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UNIBET POSTS STRONG Q1/2011 RESULTS

Written On  5/12/11 By Recentpoker.com staff writer Frank Polliern :

Company performs well across all its major markets
 
Malta-based online gambling and betting company, Unibet Group plc delivered another strong quarter in its interim report for the period January to March 2011.
 
The company's withdrawal from France represented 23 percent of gross winnings revenue in 2010, yet the company still posted a growth of 16 percent in gross winnings revenue during its first quarter 2011 and has shown a gain in market share in the Nordic region.
 
Key performance indicators for first quarter 2011 include:
 
-  Gross winnings revenue amounted to GBP 37.5 million (Q1/2010: 41.8 million)
-  Profit from operations amounted to GBP 11.2 million (Q1/2010: 10.6 million)
-  Profit after tax amounted to GBP 10.0 million (Q1/2010: 9.5 million)
-  Number of active customers at the end of the quarter was 328,054 (Q1/2010: 379,473)
-  Gross winnings revenue for sports betting amounted to GBP 15.4 million (Q1/2010 17.6 million)
-  Gross winnings for other products amounted to GBP 22.1 million (Q1/2010: 24.1 million)
-  Live betting accounted for 57 percent (Q1/2010: 52 percent) of turnover on sports betting, excluding Free Bets
 
Henrik Tjärnström, CEO of Unibet said: "I am pleased to announce that the first quarter of 2011 was another strong quarter for Unibet were we have continued to perform well across all our major markets fully in line with our strategy.
 
“In the Nordics the growth year on year was 24 per cent which shows that we are gaining strong market share. The rest of the business has also grown well especially considering that France represented 23 per cent of the gross winnings revenue last year. "
The company's strategy for the next three years will see it re-focusing on core markets such as the Nordics and delivering a profitable growth even as Europe's markets develop and re-regulate.
 
“I expect consolidation within our industry to develop further, and we continue to evaluate opportunities that enhance shareholder value. Options for controlled growth in new regions are also constantly under review, with Unibet focusing on regions with high potential for long-term profitability,” Tjärnström added.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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