The online bookmaker based in Douglas, on the Isle of Man, announced preliminary results for the year ended 30 May 2004.
The results show increases in customers accounts and total turnover (17% to £68m), but the bookmaker low margins led the group to a loss of £1.89m.
“The period ended 30 May 2004 has been one of significant change. The company now has a clear strategy for profitable growth,” Denham Eke, chairman of Betinternet, commented. As a matter of fact the company intends to focus its future efforts on its pari mutuel business, expanding the range of totes offered to customers to bet on, with plans to launch soccer pools in 2005. “The board believes this operation, which provides a risk-free return to us as the promoter, has enormous potential,†Eke added.
At the same time there are no plans to close the bookmaker side of the business, but we believe the company will progressively scale down its bookmaking operations. “We will continue to operate our sportsbook in a manner that minimizes our risk as much as possible,†Eke said.
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