Good Turnover But Profit Drops At Betbull
Published: Thursday, April 19, 2007 Online-Casinos.com
GOOD TURNOVER BUT PROFIT DROPS AT BETBULL
Legal fees, lobbying, and startup costs for operations in Spanish and Italian markets impact results.
Betbull, an AIM listed online gambling joint venture owned by FUNTech and the Austrian public company Bwin Interactive Entertainment AG. has reported mixed results for 2006, with record revenues on the one hand but high costs on the other which drove profits down.
Gross income increased by a factor of 4 over the 2005 numbers to Euro 89.4 million, and net gaming revenue grew 3.75 times over 2005 to Euro 15 million.
Despite these encouraging improvements, pre-tax profit was down at Euro 1.5 million, and the report cites legal fees, lobbying, and startup costs for operations in Spanish and Italian markets as the main reasons for this.
"Considering the difficult regulatory circumstances under which Betbull operated in the year 2006 I am very pleased with the growth achieved," said Betbull boss, Simon Bold. "I am looking forward to implementing business development objectives in Spain which will help grow Betbull to the next level."
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