Deregulation Plays into Growth, Centrebet Says

25 February 2009

For the first half of the 2009 financial year, Centrebet International Ltd. said it saw a slight increase in total revenue by 11 percent year-over-year.

The Australian-based online bookmaker also reported a 23 percent growth in online revenue -- with wagering turnover up 18 percent -- when compared to the corresponding period in 2007. During the six months to December 2008, Centrebet brought in $5.3 million in after-tax net profit.

“We are successfully capitalizing on the deregulation of the Australian wagering market and selectively taking opportunities to grow our European operations,” said Graham J. Kelly, Centrebet’s chairman, in a prepared statement.

In addition, Mr. Kelly said that Centrebet is looking to enter a new market before June, but he did not specify the location. Although Mr. Kelly said the group is pleased with the growth, he was careful to take a shorter-term outlook “given the much harsher impact of the global economic crisis there.”

Mr. Kelly also mentioned the takeover bid for International All Sports Ltd. and said that it “makes a lot of sense to shareholder in both companies.”