Betcorp, the parent company behind online sportsbook BetWWTS, has reported strong growth and a return to profitability in its latest results.
The group reported after tax profits of A$3.3m (US$2.5m) for the nine month period ending 2 October 2005, compared to a loss of A$13.7m (US$10m) for the same period last year. For the three months period, Betcorp announced after tax net profits of A$823, 000 (US$624, 000) compared to a loss of A$11.2m (US$8.5m) for the same period in 2004.
For the nine months period, Betcorp reported gross revenues of A$26.2m (US$20.1m), 36% up on the same period last year.
Colin Walker, Betcorp chief executive, said: “The group has performed above expectations in the first nine months of the year and we are encouraged by the way the business has responded to management initiatives.”
The company saw a substantial increase in the contribution coming from its gaming products with casino contributing US$4m, up 38% on last year, in the first nine months of 2005 and poker generating US$1.75m in the first nine months of 2005, of which US$1.1m was earned in Q3. The average daily gross rake is now approaching US$16,000, equivalent to nearly US$6m a year.
Betcorp believes the improved figures are a clear sign of the success of a number of recent structural improvements. The company is looking towards a possible listing on London’s Alternative Investment Market (AIM) in first quarter of next year.
source : egr magazine
