The US and Asian facing online sportsbook announced that current trading is in-line with analyst consensus expectations for the full year.
During the third quarter of 2005, volume in sportsbook and casino increased 28 per cent to 512.3m, gross margin increased 20 per cent to $20.8m, deposits rose 40 per cent to $50.9m and the number of bets placed increased 40 per cent to 10.9m.
New customers were up 37 per cent to 20,926. The acquisition of Easybets and the focusing on the recreational market in Asia contributed to a better overall gross margin.
For the year-to-date, volume increased 10% to 1,019m, gross margin increased 27% to $49.2m, deposits increased 30% to $90.8m, the number of bets placed increased 24% to 22.6m and new customers rose 37% to 29,227.
Chief Executive David Carruthers was particularly satisfied with poker which has grown ten-fold in the last 12 months.
“A substantial amount of the upside for BetonSports will come from poker and casino going forward, particularly in the year ending February 2007,” he said.
In a statement to the stock market BetonSports said the many achievements over the past 9 months, including revitalized and repositioned marketing, the recruitment and deployment of an experienced management team and the addition of new software technologies have all contributed to progressing the business in line with its stated strategy.
“The Board is confident in its outlook for the future and believes that BetonSports has a strong and proven business model, a highly visible and respected brand name and a significant base to manage the forthcoming challenges and opportunities that lie ahead.”
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