EWS-owner Webis dragged into half-year loss by BetInternet 05/02/2010
WEBIS Holdings, the company behind businesses including BetInternet.com and European Wagering Services (EWS), reported a loss for the first six months ended 29 November 2009, due mainly to a fall-off in turnover at BetInternet of a third.
Group turnover was down more than fifth in the period, falling 21% to £56.4m, from £71.5m in 2008; after revenue from its Europe and east Asia-focussed
BetInternet brand fell 33% to £37.9m (2008: £56.4m), due to a decline in casino activity and high-roller bets.
The company was saved from worse results by a 22% rise in turnover at its EWS pari-mutuel betting subsidiary, which focuses on the US and Caribbean to £18.4m
(2008: £15.1m). EWS could see further growth if its November deal with the Breeders’ Cup to offer bets directly
into Breeder’s Cup tote pools is repeated in 2010.
Webis chairman Denham Eke said: " Despite the challenging and competitive trading environment for both businesses, we continue to seek ways of further enhancing
our customers' experience, in particular through the harnessing of appropriate technologies to our product offering. The Board's overall view of the Group's prospects remains
positive."
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Posted: 05/02/2010
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