The Swedish betting exchange operator has signed a letter of intent for the delivery of a betting exchange platform to a US company which operates a number of ecommerce sites and plans to distribute the betting exchange service to its existing customers.
At the end of May, Betbull announced record revenues of £2.7m and a loss before tax of £0.4 m for the first quarter 2006. While net gaming revenue and stakes for the Leip group are up respectively 90% and 67% on Q1 2005, exchange betting costs were further reduced. Since the end of the period, Betbull has begun the introduction of pilot kiosks bringing the exchange product directly into retail outlets. While still in their early days, the new betting terminals are proving successful and popular.
The company also announced the opening of additional betting shops under the Leip Group banner in Germany and the first move into the Spanish retail market with the opening of one licensed betting shop in Andalucia, with two more shops due to open in August.
“We identified Spain as a country ready for retail expansion and resolved to have a presence there in 2006 which we have now done. We are also currently reviewing other opportunities for expansion in other European countries. The results from our German shops show that now is the right time for expansion of retail betting in Europe and we have the experience, resources and management to succeed in this,” said Günter Schmid, CEO of Betbull.
Calculators
