October 24, 2007

Online’s Parent Posts Good Results

Swedish betting and gaming operator Redbet Holdings has announced that its recent acquisitions have begun to produce fruit as has recorded a 416 per cent increase in turnover to $2.8 million.

The Stockholm-based parent company of the Redbet.com sports betting exchange said that turnover for the nine-month period up to the end of September showed a similarly buoyant performance, rising 316 percent to $5.95 million with the company’s net profits standing at $309,000.

The firm’s management said that the recent $2.27 million acquisition of Pullman Gaming alongside the purchase of Latvia’s Teletoto for $2.13 million had started producing results. Redbet acquired Mike Bennet's Pullman along with its Gold Club Casino and Total Poker assets in April and has also recently launched its NextPoker product on three different online networks, Ongame, B2B and IPN.