Global Financial Crisis Does NOT Affect Betting Sports

Global Financial Crisis Does NOT Affect Betting Sports

Blair Speedy | February 25, 2009
Article from: The Australian
Northern Territory-based gambling company, Centrebet, expects a 10 percent rise in annual profit as the global financial crisis fails to quench the desire to bet.
Centrebet, which recently launched a hostile takeover bid for rival International All Sports, reported a net profit of $5.3 million after tax for the first half of the financial year, down 11 per cent from the previous first half.
However, the bottom-line result was reduced by $1.2 million in unrealized foreign exchange losses and an extra $2.5 million in marketing costs, which helped to boost revenue by 11 per cent to $34.6 million.
Chairman Graham Kelly was pleased with Centrebet's outlook for solid growth despite declining economic conditions.
Managing director Con Kafataris affirmed forecasts for full-year profit to rise by at least 10 per cent.
Revenue from Australian online gambling was up 23 per cent while the Europe rose 11 per cent.
Wagering revenue was up 15 per cent to $25.9 million while sports betting revenue was up 14 per cent to $15.8 million, including a 30 per cent rise in online racing revenue to $8 million.

Global Financial Crisis Does NOT Affect Betting Sports