April 22 - Continued growth in all of its operations contributed to a thirty
five percent increase in revenues for Redbet Holding AB, a successful
multinational gaming company.
Redbet Holding released revenue figures for the time period incorporating the
first quarter of 2008, to show revenues of SEK 11.46 million, equivalent to 1.22
million Euros. As mentioned, this was thirty five percent more than the first
quarter of the previous year. All in all, Redbet Holding's net profits rose to
687,000 Euros (SEK 6.46 million).
As a result of these favorable statistics, share prices for the company rose
by 2.2% on the Stockholm stock exchange over the weekend.
Despite a negative growth margin of 19.1%, attributed to a run of bad
sporting results in the three months of the year, Redbet Holding still managed
to produce a turnover of SEK 43.96 million - an increase of a massive 351%.
Redbet Holding's operations include poker, casino and sportsbetting sites
within the gaming industry. Players can bet at several poker sites using one
betting account, and enjoy other games such as bingo through this company's
offerings. Redbet also offers a proprietary betting exchange, as well as
licensing operations that present total solutions to companies wishing to set up
online gaming services. The company's customer base currently stands on 110,000.
The Redbet-owned Pullman Gaming is expected to expand at a faster rate than
the rest of the company's operations this year, while the GoldClubCasino is also
expected to provide excellent revenue. An internet gaming platform, that was due
to be launched at the beginning of this year, has been delayed due to the
Latvian government's 'dragging of the feet' when it comes to issuing the
necessary permits. Redbet Holding AB hopes that these permits will be provided
in the second quarter of this year.
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