London-based retail and online betting provider Betbull has reported a net profit for the first half of 2008 of $41.59 million after it posted a loss of $813,709 for the same period last year.
The operators of the PrimeBet.com online fixed-odds betting service, Betbull revealed that net gaming revenues increased by 25 percent for the first half of 2008 to $12.19 million compared to last year’s $9.72 million. The firm also reported a 28 percent year-on-year rise in betting stakes of $73.88 million, which was also a 30 percent increase on the previous quarter despite difficult trading conditions in Germany.
“I am pleased to announce a positive net result for the half-year with earnings before tax amounting to $725,380, a turnaround on the same period last year of $1.01 million, said Simon Bold, Director for Betbull.
“In view of the investment Betbull has made in the Madrid JV with Bwin, this is a pleasing result and demonstrates that we are operating a policy of strong financial control.
”Betbull is continuing to cautiously fulfil its targets in a solid and steady manner, maintaining position as a leading player in Germany at the same time maximising revenues from those operations. We are investing in the most exciting, fully licensed retail opportunity in central Europe, together with our partner Bwin, we are building a valuable company poised to become a leading brand in Spanish retail betting.
”We have managed our funds wisely, maintaining a healthy overall cash
position of $13.78 million at the end of the first half of 2008. We will continue to review costs and strive for greater efficiency as the company grows, ensuring that we build a solid foundation that will support long-term development.”