22-02-2007 Centrebet to exceed its full year forecasts

The Australian sportsbook reported its half year results showing a 74% increase in revenue to $31.6m and a profit after tax of $6.2m, compared to a loss of $1.8m the previous year. The excellent results were driven by a 60% growth in wagering revenue, improved win rate in both sports and racing and an almost tripled revenue in poker and casino.

Chairman Graham Kelly commented: "The fundamentals are in place, as shown by the growth in revenue, improved wagering win rates, better earning margins, solid cash flow and an improving capital structure. Centrebet is well positioned to take advantage of ever present growth opportunities."

Managing Director Con Kafataris added: "I am pleased to say that our targeted marketing strategy to retain and reactivate existing and dormant wagering clients, continued improvements on our risk management, coupled with favourable sport and racing results and efforts to grow profitable turnover are proving successful."

In other news, gaming and lottery operator Tattersall's said that following the acquisition of Queensland wagering company UNiTAB, first half profit rose by 54% to $107.7m, driven by increased cost savings and accelerating betting on horse racing. The company is now bidding for a betting shop permit in its home state of Victoria and is looking to expand in Europe.

Meanwhile, the Virual FormGuide read a document where the Chief Executive of Racing & Wagering WA asked for the Government's commitment to amend the anti-betting exchange legislation if in the future the RWWA establishes a betting exchange. The revealation confirms once again, if necessary, that the purpose of the anti-betting exchange legislation is not to protect the WA public from the corruption allegedly caused by exchanges, but to protect the RWWA from the rigours of competition.