12-11-2007 Portlandbet to launch spread betting product in Australia

The Canberra-based bookmaker, which listed on the Australian Securities Exchange following the completion of a $2 million capital raising program, plans to launch spread betting as part of a number of innovative betting products to develop customer acquisition and retention strategies.

Portlandbet reported a wagering turnover to 30 June 2007 in excess of $7.6m with clients in more than 60 countries. The operating loss before income tax of $3.0m reflected the costs involved in growing the Portlandbet from start-up as well as to corporate advisory fees.

"We continue to see rising levels of client turnover. It is our intention to continue the various initiatives to drive turnover as we work towards developing a world class sports bookmaking business. The principal activity of the consolidated group during the year was to prepare for and commence business as an internet and telephone sports bookmaker operating under a Sports Bookmakers Licence issued in the Australian Capital Territory," the company said at the end of October in a statement to the stock exchange.