09/02/2001
On-line betting play, betinternet.com, posted a mixed set of interim figures for the half year to 30 November. Sales growth continued at a rapid pace, with turnover lifted by 103% to £23.79m. However, pre-tax losses came in at £1.46m, compared with £1.04m for the year to May 2000. These losses reflected 'substantial' investment in technology infrastructure and marketing, a necessity in what is fast becoming an overcrowded sector. The company is 'seeing a significant rise' in new internet customers per month and a strong growth in customers from Asia. In addition, soccer betting has really taken off, and now accounts for 70% of sales. The 2002 World Cup in Japan and Korea 'particularly excites' the board. Recent developments include a joint venture, Euro Off-Track, with The Greyhound Channel Inc of America, which offers a direct betting service into the American totes. This was followed by the signing of an exclusive broadcast and wagering agreement with the Irish Greyhound Board.
| Market cap: | £19.2m |
| PE Forecast: | n/a |
| Share price: | 24.5p |
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