The parent company of VIP Sports announced the results for the first half of 2005, showing a 25.3 per cent increase in net win, up to $15.6m, and a pre-tax profit of $2.93m.
The net win margin was 10.6 per cent, up from 8.3 per cent in 2004, with a good performance from the North American facing sportsbook and racebook.
The enlarged group registered 10,453 new customers during the period, bringing the total number of active customers to 22,879. The average customer lifetime is of 17 months and the average sportsbook customer placed 119 bets during the first half.
The company, which recently acquired the domain vip.com, is planning to introduce a new sportsbook software as well as a new casino platform within the first quarter of 2006, but it is also reviewing a number of potential acquisition opportunities, which would provide synergistic benefits or new products to complement the existing portfolio.
Despite the initial investment in the European facing business contributed a loss of $1.22m, the company remains confident it will not only provide support services to the Curacao operations, but will also enable the group to gain a foothold in the key European market in advance of next year\’s soccer World Cup.
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