Subdued Q1 2011 At Redbet

SUBDUED Q1 2011 AT REDBET

19th May, 2011 at 15:06:07
Source: http://www.azonlinecasinos.com

Swedish online gambling company makes acquisitions

Redbet Holdings AB has published its Q1 2011 numbers, showcasing a subdued quarter spiced with new acquisitions.

Operating revenues amounted to SEK17.2 million (Q1/2010: SEK19.1 million), a decrease of ten percent, although revenues did increase 1% on Q4-2010 numbers.

Operating profit improved to SEK800 000, and profit after tax reached SEK 600 000

Significant events during the quarter include:

- The acquisition by subsidiary Redbet Gaming Ltd of i4poker which will strengthen its position in Poland, Hungary and Bulgaria and DoubleCardrooms focused on the Scandinavian market.

- The merging of Redbet Holding AB and Redbet Technology Corporation will result in cost savings and a more streamlined organisation.

Looking forward, Whitebet.com, part of the Ongame Network has launched and now offers sports betting and a new online casino. New sites are planned for brands Optibet, Gold Club Casino and Total Poker.

Jorgen Andersson, CEO Redbet Holding AB comments:

"Our expansion efforts consist of both organic growth and acquisitions. We made ‚EUR‹‚EUR‹ two acquisitions during the first quarter and we are actively seeking further acquisition opportunities opened up by consolidation of the gaming market."

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