Webis Holdings Updates Q3 earnings

Internet gambling firm Webis Holdings plc, which owns Betinternet.com and European Wagering Services, has issued a trading update for Q3 of its current financial year ending May 31 2009.

Trading has been in line with the board's expectations, the statement advises, with continuing growth within both Betinternet.com and the pari-mutuel operation, European Wagering Services.

In February, Betinternet.com launched the first phase of its enhanced ‘In-Running’ product, which offers live

betting opportunities on an increased number of football matches. The board plans to add further enhancements to this product over the coming months. In the short time that this new product has been operational, the company has seen significant growth in ‘In-Running’ turnover and this product has helped to generate an increase in Betinternet’s aggregate turnover during the period, at an increased gross margin.

EWS’s gross margin has also shown a strong improvement as the level of business completed through the company's higher-margin website at Link2bet.com and its call centre channels has increased.

A company spokesman said that the group now has a better mix of revenues across all available wagering channels. Additional website enhancements and further infrastructure improvements for both Betinternet and EWS are on schedule for implementation during Q4 of the current financial year.

Betinternet will also be raising its profile by sponsoring a number of horse races over the coming months, including the Hunters’ Steeple Chase at Ascot on ‘March Friday’ later this week.

The board remains confident that the Company’s much improved performance over recent months can maintained, and expects to announce a pre-close trading update in early June, following its year-end on 31 May 2009.

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