egaming review magazine
Australian sportsbook International All Sports (IAS) has warned of a full-year loss of AUS$500,000 (US$380,000), but insisted it remains in a good position with margins improved and its Canbet subsidiary back to profitability.
Operating loss for the year ended 30 June 2005 is expected to be AUS$500,000, as a result of losses incurred by restructuring of its UK business Capital Sports and the writing off of bad debts.
But the firm said both turnover and margins were up on the first half of the year, which saw a gross win of just AUS$12,000 at a margin of 5%.
It also reported a major turnaround in the fortunes of sportsbook and casino operator Canbet, which had posted annual losses of AUS$10m prior to its acquisition by IAS.
IAS said it had achieved a significant increase in client sign-ups and registrations due to brand exposure and brand recognition since the takeover.
IAS said Canbet was now back to profitability and the sale of its Fareham premises had raised an additional AUS$2.95m for IAS.
Canbet’s UK staff will relocate to the London office.
Canbet has also recently been awarded a licence by the Northern Territory that will allow it to advertise freely within Australia.
