| According to a report in Netimperative, online gaming company Betinternet on Tuesday reported improved half-year results thanks to a 500% increase in the number of wagers placed over the Internet.|
The value of Internet bets leaped by over 500% to £14m, and the company said it has significant new funding in place. Betinternet said it gained around 1,500 new Internet accounts per month of the half year and that the number of bets placed online in December 2001 grew to 136,000, compared with 60,000 in May 2001. This accounts for roughly three quarters of its turnover.
Betinternet derives 76% of its online betting transactions from football wagers with 62% of those emanating from the Far East. Accordingly, the company believes it is very well positioned to benefit from the FIFA World Cup, due to be played in South Korea and Japan this summer.
The company said it expects to complete the “third pillar” of its gaming strategy if awarded an online casino license from the Isle of Man and added that it is in discussions with “a number of established casino operators”.
For the half-year ended 30 November 2001, the company narrowed its loss to £596,000 against £1.45m in the year earlier period, while turnover fell to £22.6m from £23.7m. Overall gross profit margin leapt six-fold to 6.84%, contributing to a 474% increase in gross profit. It expects to improve gross margins even further. Bookmakers often work to a betting margin of around 3%.