SUBDUED Q1 2011 AT REDBET

Posted 5/20/11 :

Swedish online gambling company makes acquisitions
 
Redbet Holdings AB has published its Q1 2011 numbers, showcasing a subdued quarter spiced with new acquisitions.
 
Operating revenues amounted to SEK17.2 million (Q1/2010: SEK19.1 million), a decrease of ten percent, although revenues did increase 1 percent on Q4-2010 numbers.
 
Operating profit improved to SEK800 000, and profit after tax reached SEK 600 000
 
Significant events during the quarter include:
 
–  The acquisition by subsidiary Redbet Gaming Ltd of i4poker which will strengthen its position in Poland, Hungary and Bulgaria and DoubleCardrooms focused on the Scandinavian market.
 
–  The merging of Redbet Holding AB and Redbet Technology Corporation will result in cost savings and a more streamlined organisation.
 
Looking forward, Whitebet.com, part of the Ongame Network has launched and now offers sports betting and a new online casino.  New sites are planned for brands Optibet, Gold Club Casino and Total Poker.
 
Jorgen Andersson, CEO Redbet Holding AB comments:
 
"Our expansion efforts consist of both organic growth and acquisitions. We made ​​two acquisitions during the first quarter and we are actively seeking further acquisition opportunities opened up by consolidation of the gaming market."