|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.