Sportsbetting Boosts Jaxx Profits
By Staff
German-based online gaming provider Jaxx AG has announced that sales, gross profits and new customer registrations hit their highest levels ever for June as a result of the expansion of its sportsbetting business.

Jaxx specialises as an agent for lotteries and betting with offices in Altenholz near Kiel but ventured into the provision of sportsbetting services at the start of 2006.

As a result of the Euro 2008 soccer championships in nearby Austria and Switzerland along with Hamburg’s Deutsches Derby horse race, the nation’s largest flat racing event, the firm posted consolidated sales of almost $16 million for last month.

“We benefited particularly by avoiding one particular dreaded scenario, the favourites did not win either the European Championships or the Derby, and this enabled us to post a healthy profit,” said Stefan Hanel, Finance Director for Jaxx.

The firm revealed that its bookmaking margins were well above the industry average because the overwhelming portion of its betting business is now generated outside of Germany and its restrictive controls under the State Treaty on Gaming. The controversial legislation does not apply to horse betting but Jaxx stated that it is gradually achieving greater independence from the German lottery market by the successful expansion of its betting business.

Net betting incomes were correspondingly good as Jaxx stated that it had never before generated gross profits of more than $3.1 million for a single month from betting products.

In addition, the number of new customers registering for the firm’s services over the course June also easily topped previous records.

“Our carefully targeted advertising had the desired effect,” said Hanel.

“We achieved the best possible output during the European Championships at relatively little cost.”

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