Remarkable 75 percent rise in after tax profit for Aussie online gambling group

CentreBet International investors will be more than pleased with the Australian online gambling company's latest full year results, which feature a remarkable 75 percent rise in after tax profits to $13.09 million.

The Sydney-based company revealed that full year EBITDA grew by almost 80 percent to reach $20.63 million.

The Australian revenues increased 44 percent year-on-year to $42.78 million while the betting group’s Australian activities contributed 80 percent of its total earnings before interest, tax, depreciation and amortisation at $16.41 million, prompting chairman Graham Kelly to comment: “CentreBet has delivered an outstanding financial year result, reaping the rewards from strategic initiatives focused on growing Australian online market share.

“Investing in leading-edge product innovation and demonstrated effective cost controls are paying off. The company is in very strong shape financially and is well positioned to benefit from expected continued growth in the industry.”