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Thursday 7th December 2006
Online gambling firm betinternet has hit its highest share price (7.62p) since July, after reaching its expected EBITDA profitability for the first six months of the year to November 26.
“This is a considerable turnaround from the same period last year and as a result the company is now in a much stronger position to take advantage of the opportunities that are available in both EWS (European Wagering Services) and the Sportsbook,” declared managing director Garry Knowles.
The company said EWS, the company's pari-mutuel operation, has performed particularly well, with a sustained increase in turnover through its Isle of Man-based hub.
The group is still awaiting final legal advice regarding its acceptance of certain types of pari-mutuel wagers from the US, but the initial advice is that EWS' operations are not affected by the new US anti-gaming laws.
In other news, betinternet said that it intends to appoint a new chief operating officer for EWS with effect from February 2007.
“The Sportsbook has seen the benefit of the enhanced offering that was introduced in June, with strong additional revenue streams coming from the casino and games channels,” a statement said.
“The focus for this business remains in the Far East, where approximately two-thirds of our turnover originates.”
Source: OnlineCasinoNews
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