Betcorp books $7.98m profit
By maddy
Betcorp Ltd the sports betting company today reported its financial results stating that it booked a net profit of $7.98 million for the six months to June 30, 2003, compared to a loss of $2.7 million for the same period last year, with its total .

wagering turnover rose 13 per cent to $475.8 million in the half.

Betcorp's Sportsbet division recorded gross turnover of $11.2 million for the half year with gross profit of $386,606, representing a gross margin percentage of 3.5 per cent.

The company has plans to raise $20 million in new equity as part of its acquisition of Anitgua-based World Wide TeleSports (WWTS). The capital will be used to redeem $US15 million in convertible notes held by the vendor of the WWTS business as required under the terms of the acquisition, it said.

Betcorp raised the funds through a private placement to institutional and professional investors at a price of 50 cents per share, said. The WWTS business increased earnings before interest, tax and depreciation (EBITDA) by 136 per cent to $10.5 million for the period.

For the rest of 2003, Betcorp intends increase focus on United States horse racing, European soccer and a greater range of betting options. Betcorp owns Australia's Sportsbet and international online and telephone sports wagering group World TeleSports (WWTS), which it acquired for $58.6 million in January.

 
 
 
 
 
Online Casino News.com provides online gamblers with information on online casino gambling, sports betting tips, wining casino tips, internet casino reviews, sports odds, matchups, results, editorial and much, much more… We also have an industry insider’s section including Internet gaming press releases, a calendar of events and gaming industry news.
Bluff Europe: Europe's leading Poker Magazine brings you the latest Poker News, Player Interviews and all the best Online Poker offers Poker in the Park: Europe's largest Poker Festival.