Blue Square, the UK-based online sportsbook, has posted a disappointing annual operating profit of £2.9m following a year when internet betting turnover fell by 10.5%.
The Rank-owned betting firm said this was a result of a decrease in high roller punters, and gross win actually rose 5% as a result.
But it was only strong growth in its casino and poker divisions that propped up the poor showing from the sportsbook, with revenue climbing 61% to £216m in its games division.
“The new products more than compensated for a decline in internet and telebet stakes,” a Rank spokesman said.
“The introduction of a new on-line Blue Square casino in August 2004 and a poker room in September 2004 helped to lift total stakes wagered during the year.”
Overall revenue for Blue Square, including telephone betting, was £439.6m for the year ending December 2004.
Blue Square is an increasingly important component of the Rank Group, which is selling off its Deluxe subsidiary to concentrate on gaming.
It is also branching out into the high street, with betting shops set to open near to Rank’s existing land-based casinos.
Its first betting shop, located next to the Group's Victoria Casino in London, is scheduled to open later this year.
source : egaming review magazine
