Jaxx Profits From Sportsbetting
By Staff
Gaming specialist Jaxx AG announced its first-half results for the year over the weekend showing growth in sports and horse betting as well as lottery operations handled outside Germany.

These areas of the business were not affected by the State Treaty on gaming, which took effect in Germany from the start of the year implementing sales and advertising restrictions, and saw the Altenholz-based firm predict an overall positive future.

Jaxx revealed that it moved yet closer to its goal of becoming economically independent of the German lottery market over the second quarter with the lion’s share of its revenues now generated outside the nation. Overall, revenues were up by 73 percent for the second quarter when compared with the previous year from $26.04 million to $44.84 million. Sportwetten.de, which has been consolidated since the start of the financial year, contributed $10.38 million towards this total.

Compared with the first six months of the previous year, Jaxx stated that revenues were up 86 percent from $47.09 million to $87.41 million with Sportwetten.de adding $21.07 million.

The firm revealed that 56 percent of its total revenues came from the sportsbetting followed by 24 percent from wagering on horse races and 20 percent from lottery activities.

“We expect to see a further clear improvement in our sales and financial performance in the second half,” said Stefan Hanel, Finance Director for Jaxx.

“The various measures designed to boost sales and reduce costs that we implemented in the first half of the year can now take full effect.”

The firm stated that Euro 2008 along with the German Jumping Derby in Hamburg in June pushed sales to a record level and more than compensated for the traditionally weak end-of-season months of April and May.
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