European betting and leisure group Betbull has released its results for the third quarter and nine-month period to the end of September. Highlights include a 56% reduction of Betbull losses to €0.8m during the period, compared with €1.8m in 2006. Net gaming revenue for the nine-month period fell 9% to €9.8m, compared to €10.8m last year, while EBITDA shot up 200% to €0.6m for the period, compared with a loss of €0.6m during the same period in 2006.
Betbull has continued to reduce operating expenses during the quarter, producing savings of €1.5m to bring the costs down to €10.8m, compared with €12.3m in 2006.
The company announced the creation of a joint-venture company with Bwin in October to offer retail betting in the Spanish province of Madrid. The licensing process has been initiated and the new company will operate under the Bwin brand.
Simon Bold, executive director of Betbull, said: “The forthcoming year will see the fruition of many months of planning and fine tuning of our betting products and systems for the Spanish market. We are confident we have the knowledge, product, resources and now brand awareness to become a major retail presence in the province of Madrid and eventually across Spain as further liberalization of the gaming market unfolds.”