|The chief executive of Betcorp, Richard Barker, has said he has put recent losses behind him and is confident of a profitable future. Referring to the quarter ended March 31, which saw a net loss of $1.9 million dollars resulting in a 20 per cent fall in stock prices, Barker said: 'The first-quarter loss is very disappointing but we've rooted out the problem and now expect to revert to normal win ratios,' adding that new risk management procedures would prevent any problem reoccurring. |
‘The problem’, it seems, was the result of three weeks in February when Betcorp agents in Asia allowed US betting syndicates better odds and higher limits in order to place the type of bets usually restricted by the company. Betcorp has since cut limits on Asian agents by 70 per cent.
April figures were promising and Barker added that profit will be improved with the acquisition of two Internet casinos and a betting exchange in January.