Acquisitive Betinternet Seeks to Strengthen Sports Book

5 November 2007

After Friday's AGM, Betinternet, recently recovered from a 52-week low in share value, said trading for the quarter is proceeding according to expectations, driven by "good" revenue from casino and fixed odds games.

Denham Eke, board chairman of the London-listed company, noted that its sports book underwent a recent upgrade -- including the addition of Starting Price betting -- which it plans to begin marketing later this month. Eke added that the pursuit of a strategic acquisition for the sports book remains "an area of focus for the forthcoming year."

With regard to its pool betting business, European Wagering Services (EWS), Eke said it had "secured a robust payment solution, which is already assisting with the reactivating of accounts from those customers who were unable to deposit following our recently documented banking issues."

Eke said the impact of deposit-related issues has been limited "due to the nature of pari-mutuel betting and the composition of EWS' customer base," adding: "I now expect that we will see a return to previous levels of revenue and anticipate further growth thereafter."

Subject to regulatory approval, the company will change its name to Webis Holdings plc reorganize the sports book portal and the EWS pari-mutuel business, it said.

Shares in the company were up 0.50p, or 10.53 percent, to 5.25.