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Internet Casinos report mixed earnings
Betinternet.com disclosed it’s financial earnings today. According to the operator, a winning streak by leading European football teams and specialist football focus left it vulnerable to a run of success by leading clubs such as Manchester United and European champions AC Milan leading to weak and disappointing its half-year figures.
The six-year old company reported pre-tax losses of £1.1 million for the six months to November 30, compared with losses of £135,000 in the same period last year. Turnover increased 65 percent to £40.8 million over the six months, and staff headcount was reduced by 23 percent as part of a cost cutting.
Managing director Paul Doona of BetInternet.com said the online enterprise was likely to do better in the second half of the season when the big teams tended to drop more points.
On the other hand Sportingbet.com, the AIM-listed online bookmaker, disclosed better-than-expected third-quarter figures. The group reported 61 per cent jump in pre-tax profits in the three months to the end of December, from turnover up 20 per cent to £360 million.
The turnaround is considerable since for the first six months of 2003 the company reported a pre-tax loss of £5.7 million after seeing a poor run of American football and European soccer results. Customer numbers during the quarter shot up by 8 per cent to 1.1 million, with actual sports bets touching the 10 million mark.
