Betinternet in profit as web bets rise
- Added:
- Jul 31, 2003
Like other operators, including Sky Bet, the company has been moving away from a telephone-based betting model in favour of the web, which is a more cost effective way of processing bets.
A 30% rise in the amount of bets channelled through its web platform helped increase group turnover by almost 10% to £58.1m, with only £6.7m of that amount generated through its telephone unit, about half as much as last year.
The strong growth in internet betting allowed the company to turn in its first operating profit of £100,000, compared with a loss at the same level of £1.7m last year. Betinternet retained £1.7m in cash and is known to be on the lookout for further acquisitions to strengthen its business, following the purchase of Oddsalive in April.
The company added 24,000 new accounts during the year, boosting customer numbers to 57,000. It said betting revenues exceeded $2m last week for the first time.
Betinternet noted that duty changes that will kick in from 1 September on the Isle of Man will allow it to advertise in the UK and is "excited at the prospect of being able to actively participate in one of the largest gaming markets in the world".
1 May:
"www.betinternet.com ":http://www.betinternet.com
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