26-11-2007 Portlandbet to review its online betting business

Parent company Marginbet announced today that it will change its focus to the mining sector with the acquisition of an interest in the Christmas Bore Project. The company appointed an independent consultant to report on the viability of Portlandbet and provide recommendation to improve the profitability of the online betting business.

The Board of Marginbet said the performance of Portlandbet during the first 12 months of operation was well below expectation, with the sports betting margin below budget and industry averages. "This seems to be due to the fact that clients of the Portlandbet business are, in general, larger or more professional punters," said the company in a statement, accepting the fact that the low sports betting margin appears to be permanent.