The Australian parent company of BetWWTS and CyberSportsBook slashed its profit expectation for 2005 to A$5.5m, down from the A$7m previously forecasted, after a run of winning favourites in the NFL during the fourth quarter offset the substantial growth in the company\’s online casino and poker businesses.
The company generated A$12.4m of gross income during the fourth quarter of 2005, which represents a 43 per cent increase over the previous quarter.
The online casino and poker revenues exceeded the group\’s sports betting revenues for the first time, but the run of poor trading results on American Football, which normally represents 25 per cent of annual sports betting margin, has cost the group in excess of A$4m in gross margin.
Betcorp remains confident that the group is well positioned for further substantial growth in 2006.
Shares in Betcorp fell almost 16 per cen to 27c.
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