|Isle of Man based online gaming group betinternet.com has reported a pre-tax profit for the first time since it listed on the AIM market in 2000 and the company is now may now consider an acquisition deal.|
For the six months leading up to November 2006, the group posted pre-tax profits of £182,000, compared with a loss of £599,000 for the corresponding period in 2005. The groupís turnover also grew by 53 percent to £43.6m compared to a figure of £28.5 million in 2005 alongside growth itís sportsbook revenue which was up by 27 percent to £31.8 million.
Denham Eke, chairman of betinternet, said, ďThis is a significant improvement on the same period last year and shows that the strategies put in place by the new management team are working well.Ē
Betinternet.com has little contact with the US market and the passing of the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006, so far hasnít had a negative impact on itís new success, putting the group in a favourable position to purchase non-US business from those companies crippled by the legislation, according to Eke.