October 10, 2008

Redbet to Transfer Gaming Operations to Malta

Sweden's Redbet says it will transfer its gaming operations to Malta now that it has received the necessary licensing approval. The company's Maltese subsidiary, Redbet Gaming Ltd, will take over its sportsbook, casino and poker operations, although certain brands will continue to operate under the existing UK licence.

Jonas Sundvall, CEO of Redbet Holding AB, said the Maltese business would be operational before the end of the year and that the company would benefit from a reduced tax liability going forward.

The company also this week announced revenue figures for the month of September, with total revenues increasing 14.8% month-on-month to SEK20.2 million (€2.1 million). Revenues for the third quarter improved 4.12% versus Q2 to SEK54.9 million (€5.7 million).

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