In the UK, publicly traded online gaming and sportsbetting firm Leisure and Gaming has announced an operating profit of $2.06 million for the first six months of 2008 after posting a loss of the same amount for the same period last year.
The London-based firm revealed that amounts wagered decreased to $60.82 million from last year’s $96.29 million while net win also dropped to $16.93 from 2007’s $20.46 million.
However, its net win margins increased to 27.8 percent from 21.3 percent driving up gross profits to five million dollars from last year’s $1.76 million. In addition, the gross profit percentage grew from last year’s 1.8 percent to 8.2 percent while overheads decreased to $2.94 million from $3.82 million.
“Results for the first half are marginally ahead of expectations and we are currently on track to meet the full-year forecasts,” said Richard Creed, Chief Executive Officer for Leisure and Gaming.
“We now have a solid base established, which will provide us with a platform to drive profitable growth going forward allowing us to diversify geographically, drive online performance and provide additional products.
“Every market has its own nuances and specific requirements and we have an excellent and experienced management team to cope with these needs. I look forward to the future challenge.”
For the six months ending in June, Leisure and Gaming stated that the amount wagered for sportsbetting came in at $55.07 million, down considerably on last year’s $83.79 million, and generated a net win of $14.72 million, which was also lower than last year’s $16.05 million, at a net win percentage of 26.7 percent. It also revealed that the amount played on its casino products was $27.54 million in plays, also below last year’s $50.52 million, and generated a net win of $883,877, a decrease from last year’s $1.62 million.