The company, which provides market making services to internet betting exchanges, said live-betting delivered 15% of the total betting turnover compared to 7% during the whole year 2006. Total betting turnover in the first quarter of 2007 increased by 68% to SEK 2.65 billion, gross margin came in at 0.84% compared to 0.81% in 2006 and operating income doubled to SEK 17.8 million.
Betting Promotion, which is licensed in Malta and has an office in Sweden, also said the numbers for the first quarter were better than expected, thus the forecast for 2007 has been adjusted with betting turnover and profit expected to increase by approximately 50%.
In other news, 360Bet, a betting exchange powered by RedBet, announced its closure. The parent company 360 Online said it will focus on profitable services such as Heypoker.com, which recently migrated to the Ongame Network from the B2B Network, and Finansbet.com, a financial spread betting site.
RedBet continued its expansion with the launch of MingelBingo.com, an online bingo site aimed at the Swedish market. Chief Executive Jonas Sundvall said the launch of MingelBingo will allow Redbet to achieve its ambition of rapidly becoming one of the leading online bingo operators.
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