Profits Slump For Webis
By Staff
The parent company of online sportsbetting site BetInternet.com, Webis Holdings, has announced turnover of over $104 million for the six months ending in November, a rise of 22 percent from 2006’s $85 million.

The Isle of Man-based firm revealed turnover for its European Wagering Services (EWS) parimutuel business increased 19 percent to over $27.5 million while revenues for BetInternet.com totalled $76.6 million, a 23 percent increase on 2006’s $62.3 million.

However, Webis revealed earnings before tax were down to $84,559 compared with $357,901 the year before with overall company losses approaching $763,000 in the 26 weeks prior to November 25, down from a profit of almost $183,000 the year before.

The firm said that its earnings had been impacted by the lack of a major summer football tournament with EWS running into temporary problems with its banking partner relating to the interpretation of America’s Unlawful Internet Gambling Enforcement Act (UIGEA).

“Activity levels increased within our casinos and fixed-odds games, especially the live dealer casino, and the sportsbook has increased its product offering during the period with the introduction of UK horseracing,” said Denham Eke, Chairman for Webis.

“I am pleased to report that EWS has resolved its banking issue and this has enabled the operation to return to previous levels of gross margin.

“Going forward, the board will continue to ensure that both EWS and the sportsbook business are appropriately positioned to capitalise on the opportunities available in the marketplace for sustainable growth.”

 
 
 
 
 
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