The European Betting Exchange reported an adjusted operating loss of £2.8 million on net gaming revenue of £2.7 million.
While the loss was mainly due to marketing and operating costs for the exchange betting business in Q1-Q3, the relaunch of betbull.com and betbull.de on a new platform, provided by the Global Betting Exchange, enhanced liquidity of the existing offer and reduced considerably the operating costs in Q4.
The successful acquisition of the Leip Group, a major retail betting firm operating over 100 outlets in Germany and the Malta-based Primebet.com, was the starting point in Betbull\’s strategy to build a leading European betting group and capitalize on the emerging retail betting opportunities across Continental Europe.
Betbull also maintains a healthy cash position of £7.3 mill going forward to 2006, enabling the company to continue its dual strategy of growing its retail business while aggressively seeking out complementary acquisitions.
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