Despite a stronger turnover and improved margin in the second half of the year, the Australian bookmaker is expecting a pre-tax loss of about A$5.1m.
Chief Executive Robert Edge said IAS outlook had improved since the acquisition of UK-based Canbet, which returned to profitabilty after incurring losses of about A$10m in the year before.
Chairman Barry Coulter announced that the Northern Territory Racing Commission had granted a 10-years Sports Bookmaking License to operate a 24/7 internet and telephone race and sports betting service, allowing the company to advetise freely in Australia.
Directors of IAS have decided to relaunch
and market the service as www.canbet.com.au.“We are excited about the prospect of being able to relaunch this new business from Darwin and utilize a recognized and successful global brand. Since assuming control of the Canbet business in the UK, IAS has been able to achieve a significant increase in client sign ups and registrations due to brand exposure and brand recognition. In addition the Canbet UK subsidiary has a significant international clientele, some of which we would expect would become customers of the Australian licensed business,” said Mr Coulter.
The company intends also to expand its Asian horse racing business through the awarding of a Betting Agent Agreement (Macau horse racing) by the Macau Government and the Macau Jockey Club.
“The Macau based operations are expected to commence shortly. We have invested in the development of a Macau horse racing data base to complement the already extensive and successful Asian systems and information,†added Mr Coulter.