Betcorp Announces 50% Profit Increase for Q1 2006
By Andrew B
After announcing record profits, Betcorp are aiming to boost its growing sports business by offering customers the chance to bet on this summer's World Cup.

Until now, the company has concentrated on US sporting fixtures and poker and casino betting, which culminated in the announcement of strong growth in all these areas achieving record first quarter profits of $3.6 million, an increase of 140%.

Despite this strong showing, Betcorp’s shares have drifted back since trading began on AIM in March at 271p but following the Q1 announcement they moved 15p higher to 261p.

Betcorp is incorporated in Australia, where its shares are also listed, and holds a gaming licence in Antigua and a bookmaker's permit in the UK.

Sports betting revenue rose 76% to $9.7 million; casino revenues were up 138% to $3.1 million, while the poker rake increased by $1.9 million to $2.1 million.

Broker KBC Peel Hunt is forecasting full year earnings of between $10-$10.5 million.

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