February 19 - Australian-listed online sports gambling group Betcorp
this week announced its 2005 results, marking a significant turnaround after it
had posted a loss of US$8m loss in 2004, following some bad sportsbook
results...
Total gross margin was up 42% to US$29.4m from US$20.7m in 2004 and profit
after tax were US$4.3m compared to the loss in 2004. Operating were
significantly down to 65% of gross margin. Net assets are US$1.4m compared to
2004 liabilities of US$2.3m.
The turnaround can be partly attibuted to a 44% growth in active clients and
casino revenues which went up by 86% to US$6.9m from US$3.7m in 2004. Poker
showed exponential growth with rake up to US$3.6m in 2005.
Betcorp plans to raise further funds to aid its growth through a flotation on
London's Alternative Investment Market in March this year. The group says its
cross selling into poker and casino will be a significant area o focus to lessen
its reliance on sports betting. A spokes person said that the group is delighted
with its turnaround and that 2006 has started on a very positive note.
Related Gambling Articles:
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- Online Casino Loyalty Program A Major Drawcard - 02-20-06
- Survivor Panama Betting Odds Now Out At Bodog.com - 02-20-06
- Online Casino Jackpot Nears $1.5 Million Mark - 02-20-06
- Strong 2005 Results For Online Gambling Software Group - 02-19-06
- Excapsa Listing Renews Interest In Online Gambling Stocks - 02-19-06
- Big Online Gambling Jackpot Hit At Slotland Online Casino - 02-18-06
- Online Casino Gambling Software Provider To List - 02-18-06
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