Online sportsbetting company Betbull has reported a 9 percent increase to $5.8 million in NGR in the first quarter, compared to the last quarter of 2007, but has only managed to equal the numbers from Q1 2007.
The London-based company revealed that losses after tax increased to $361 524 from last year’s $146 393. Earnings before tax dropped 40 percent to $462 668 despite a nine percent increase in betting stakes to $34.2 million quarter-on-quarter and an increase of 13 percent compared to the previous year.
In a statement this week the Betbull management revealed that an online casino operation would be launched during Q3 2008. The statement did not elaborate further on the software selected. The company also announced that its joint venture with Bwin would soon receive a retail betting license for the autonomous community of Madrid in Spain.
"Our German operation has exceeded expectations during what promised to be a very difficult first quarter,” said Simon Bold, Director of Betbull. “We find this very encouraging. In Spain, we continue to develop a structure to support not only retail units in Madrid when that licence is granted but also for the other major provinces where Betbull will compete for licenses in the near future. We see the Spanish market as an opportunity to extending our client base beyond the traditional betting shop customer profile."