Link2Bet Sportsbook

The Company intends to further develop its pari-mutuel website, www.link2bet.com to provide for a much improved user experience with enhanced features to take advantage of the restrictions on fixed-odds betting brought about by the UIGEA. This will be in addition to seeking more content for both thoroughbred and greyhound racing.

Link2bet sportsbook

The Board of betinternet.com plc (“betinternet.com”), the global on-line gaming group, is pleased to provide a trading update in relation to the Company’s unaudited results for its financial year ended 27 May 2007.

The Company has achieved profitability at an EBITDA level for the full year. This represents an overall improvement in performance and shows a considerable advance on the previous year.

The Company’s pari-mutuel operation, European Wagering Services (EWS) has continued to progress well and has a growing customer base utilising various technologies to place wagers through its Isle of Man based hub, directly into race-track betting pools. The withdrawal of Neteller’s services from the United States gaming market had an adverse impact on the operation in January and February of this year, whilst alternative payment solutions were sought. In light of this, the board is keen to discover the United States Treasury’s proposals for the enforcement of the United States Unlawful Internet Gaming Enforcement Act (UIGEA) and how it intends to protect legal operations, such as EWS, from being disadvantaged.

The sportsbook continues to benefit from the new website portal, launched in June 2006, which has been regularly updated to reflect the specific requirements of betinternet’s customer base, the majority of which remains based in the Far East. As a result of a number of enhancements to internal management systems, the amount of football leagues and markets that are offered, especially Asian Handicaps, has greatly increased and the Company’s traders are now considerably better-placed to manage the risk of this increased offering.

The two casinos and fixed-odds games remain very popular and account for just over half of the sportsbook’s overall Gross Margin.

The second half of the year has presented some challenges as the Company has dealt with issues following the introduction of the UIGEA. Although the board believes that the Company remains fully compliant with this Act, the banks and other service providers have taken a risk-averse stance and this has had a greater effect on our business than previously anticipated.

As part of the sportsbook enhancement process and to widen its appeal within the British Isles, the Company intends to offer betting on UK horseracing within the next two months. Initially, this will be a soft-launch, but it is expected that a full service will be offered shortly thereafter and that marketing activity will increase at this time.

The Company intends to further develop its pari-mutuel website, www.link2bet.com to provide for a much improved user experience with enhanced features to take advantage of the restrictions on fixed-odds betting brought about by the UIGEA. This will be in addition to seeking more content for both thoroughbred and greyhound racing.

Due to legislative changes in the proposed launch country (Russia), we have been unable to advance our white-label service, although this offering is now fully developed and we will continue to seek appropriate business partners.

As previously announced, the Company will continue to seek complementary acquisitions and is currently pursuing potential opportunities.

Managing Director, Garry Knowles said “I am pleased that we have been able to achieve an EBITDA profit for the full year, despite it being a challenging time for the gaming industry. We continue to make good progress and I fully expect that the changes that the Company has introduced during this period, combined with the continual customer-focused development of both the sportsbook and pari-mutuel websites, will see the Company make further improvement in the forthcoming year.”

So far this year EWS’ trading has performed in line with management expectations, with a 31% increase in active customers using the link2bet service and online turnover up by 26% during the first quarter. The company’s Board is optimistic about the outlook for EWS for the rest of the year.

Webis Shares Soar on Profitable Year

Benefiting from a number of advances within its European Wagering Services pari-mutuel business, as well as strong growth from its betinternet.com sportsbook operation, Webis Holdings plc has reported a 20% increase in group turnover to £140 million for the year ended May 31st 2009, helping the company achieve an operating profit of £475,000, its best result to date.

Webis’ European Wagering Services business remained the company’s prime source of earnings during the year, with turnover increasing by 6% to £32.3 million, as developments to the upgraded link2bet.com website generated a better balance of revenues across its three routes to market, call centre, website and direct hub access. The pari-mutuel business earned a profit before tax of £531,000 during the year.

Turnover from the betinternet.com sports book rose by 24% to £107.9 million during the year, as a result of increased marketing spend, the launch of a new affiliates’ scheme last year, and the introduction of an enhanced ‘In-Running’ football offering. Overall margin was impacted however by a series of poor football results and a reduction in casino contributions, leading to a loss before tax of £41,000.

Overall the company achieved a gross profit of £3.4 million for the year, up 23% year-on-year.

Operating expenses rose marginally during the year to £2.6 million as the company continued its commitment to invest in sportsbook marketing, while also improving its technical systems by investing in hardware upgrades for both EWS and betinternet. As a result the company’s profit for the period amounted to £452,000, versus a loss of £347,000 last year.

Webis continues to be heavily reliant on the Far Eastern markets, accounting for 58% of total turnover, while the UK and Europe contributed 7% and 8% respectively. The company’s pari-mutuel operations in the U.S accounted for 23% of the total, while the rest of the world contributed the remaining 4%.

“I am pleased to be in the position of reporting a strong improvement in the figures for the last financial year, which covered a period of uncertainty throughout the global economy,” said Denham Eke, Chairman of Webis Holdings plc.

“Webis Holdings has strengthened its position within its target markets through an increased marketing spend, which has enhanced revenue streams in the group”.

So far this year EWS’ trading has performed in line with management expectations, with a 31% increase in active customers using the link2bet service and online turnover up by 26% during the first quarter. The company’s Board is optimistic about the outlook for EWS for the rest of the year.

Last month Webis launched a ‘smartphone’ application for betinternet, providing a significantly enhanced user experience for its customers. The company said that the launch has so far been well received by its customers, especially in Asia.

As at May 31st the company held cash and cash equivalents of £1.3 million compare to £1.0 million last year.

Shares in Webis Holdings plc (Co. Profile) (AIM:WEB) have soared 31.18% to trade at 3.45 pence per share in London this morning following the announcement.

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Turnover for the six months to November 28 fell from pounds 38 million the previous year to pounds 36.2m, on the back of a reduction in high-roller casino activity, but better margins elsewhere turned a pre-tax loss of pounds 334,000 last year into a profit of pounds 163,000.

World Cup puts Betinternet into profit

THE World Cup worked wonders for Isle of Man-based online betting and gaming operator Betinternet, according to half-year figures released by parent company Webis Holdings, whose pari-mutuel division European Wagering Services increased turnover but was hit by a withdrawal of payment processing services for part of the period.

Betinternet’s future looked uncertain after recording a pre-tax loss of pounds 778,000 for the financial year 2009-10, and the company remains under review, Webis chairman Denham Eke said. However, the turnaround in fortunes has presented a brighter picture.

Turnover for the six months to November 28 fell from pounds 38 million the previous year to pounds 36.2m, on the back of a reduction in high-roller casino activity, but better margins elsewhere turned a pre-tax loss of pounds 334,000 last year into a profit of pounds 163,000.

Eke said: “The margin for the World Cup was ahead of the board’s expectations and the business also achieved a better margin since the start of the current football season than in the corresponding period last year.

“Encouragingly, weekly turnover on our fixed-odds sports betting has increased as the football season has progressed, in line with an increase in our content.”

Echoing the experience of other online operators, Betinternet have increased their in-play offering and turnover on such markets went up by 138 per cent, attracting a higher profit margin than pre-match betting.

Eke said: “We’ve been working on an upgrade of the ‘look and feel’ of Betinternet’s website, which we plan to launch later this month.

“This will provide a more contemporary appearance and will place greater emphasis on in-play as well as sports events about to ‘go live’.”

Meanwhile, EWS’s pool betting operation recovered from the withdrawal, without notice, of a payment processing facility that affected its link2bet.com website, and is pressing ahead with development of its US division, after picking up a licence in North Dakota through the purchase of WatchandWager.

Eke said: “We acted quickly to establish a temporary payment solution and, following the establishment of a permanent, more robust solution, EWS’s turnover returned to being in line with the board’s expectations towards the end of the period.”

He added: “The board has established a clearly defined business plan for the growth of EWS, which will involve establishing a physical presence within the US, and increasing marketing and development activity as well as the level of horseracing content.

“The pace of regulatory change in the US gaming market is expected to accelerate and initially is likely to be phased in on a state-by-state basis rather than at federal level.”

To meet the change, EWS has opened a sales and marketing office in San Francisco, to where pari-mutuel operations director Ed Comins will relocate during the summer.

Comins, already a regular visitor to San Francisco, said: “We are very encouraged by moves such as Betfair’s acquisition of TVG and Stan James buying Racing2Day.

“With a successful business in US tote betting already, we want to get ourselves in a good position to benefit from likely state regulation of gaming. We’ll be like a start-up business, but with the benefit of huge experience.”

EWS has already formalised its pool-betting business by taking bets from the US through its North Dakota licence and the rest of its international betting through the Isle of Man hub.

The Gambling Act does not cover the National Lottery (managed by the National Lottery Commission) or sports betting (governed by the Financial Services Authority).

UK Betting Laws and Casinos

The United Kingdom (also known as the UK or Britain) is comprised of Great Britain, Northern Ireland, Scotland and Wales. All gambling in the UK is governed by the Gambling Commission, which is part of the Department for Culture, Media and Sport.

The Gambling Act of 2005

The Gambling Act of 2005 repealed the Betting, Gaming and Lotteries Act of 1963, the Gaming Act of 1968 and the Lotteries and Amusements Act of 1976. It implemented a new system to regulate gambling in the UK, with a premium placed on gaming fairness, crime prevention within the industry and keeping vulnerable adults and children safe from the effects. It also addressed the issue of the growing Internet market.

The Gambling Act does not cover the National Lottery (managed by the National Lottery Commission) or sports betting (governed by the Financial Services Authority).

Fully operational as of September 2007, the Gaming Commission will issue licenses for both land-based and Internet gambling companies. Unless declared otherwise, all remote gaming licenses will remain in effect for an indefinite period of time. As of March 2007, the Remote Online Gaming Tax was set at 15%.

Gambling in the Isle of Man

While the Isle of Man is not part of the United Kingdom, the UK does take on the responsibility of governing and defending the island. Due to legislation passed in the early part of the 21st century, The Isle of Man has become an important base for numerous online gaming companies. These companies include:

– Jack’s Backgammon
– PokerStars
– Link2Bet.com
– The Raffle Club
– GetOffTheRail
– Bowmans Sportsbook
– Bets for Traders
– Ascot Sports
– Boylesports & Lotteries
– betinternet.com
– BetOnMarkets
– Paddy Power

Casinos in the United Kingdom

Prior to the Gaming Act of 1968, casinos in the United Kingdom were required to be members-only, and the number of gaming machines were limited to 10. Enforcement of such laws was difficult, and the implementation of the Gaming Act allowed for more traditional casinos.

The Gambling Act of 2005 paved the way for even larger casinos to be built, although the plan was to build one every few years. Numerous cities throughout the UK placed bids on a Vegas-style super casino, including Blackpool and Manchester. Manchester was eventually selected, and it was expected to bring in 265 million Pounds in investments and create 2,700 new jobs.

However, when new Prime Minister Gordon Brown took office, he essentially killed off the plan, preferring to find other ways to help stimulate Manchester’s economy. Much of this was reportedly due to concerns about the social impact of expanding the gambling sector.

As of this writing, there are numerous casinos throughout the United Kingdom, though most tend to be built on a smaller scale than those found in Las Vegas. Some of these UK casinos include:

– Gala Electric Casino (Cardiff, Wales)
– Les Croupiers (Cardiff, Wales)
– Grosvenor Casinos – Atlantic Wharf (Cardiff, Wales)
– Gala Maybury Casino (Edinburgh, Scotland)
– Stanley Berkeley Casino – Edinburgh (Edinburgh, Scotland)
– Stanley Cascades Leith Casino (Edinburgh, Scotland)
– Gala Casino – Glasgow (Glasgow, Scotland)
– Gala Riverboat Casino (Glasgow, Scotland)
– Aspinalls (London, England)
– Casino at the Empire Colony Club (London, England)
– Ritz Club (London, England)

In addition to land-based casino, the UK also has gambling cruise ships available.

These include:
– P&O Cruises – Arcadia (Southampton)
– P&O Cruises – Artemis (Southampton)
– P&O Cruises – Aurora (Southampton)
– P&O Cruises – Ocean Village (Southampton)
– P&O Cruises – Oceana (Southampton)
– P&O Cruises – Oriana (Southampton)

Horse and Dog Racing in the United Kingdom

With just under 100 tracks, the UK has a wide selection of horse and greyhound tracks. These are located in such cites as Stirling, Ascot, Glasgow, London, Coventry, Brighton and Wolverhampton. The city of Manchester also has a dog track racino, where customers can bet on-site and also enjoy a selection of gaming machines.

Bingo in the United Kingdom

Bingo became popular in the United Kingdom after soldiers brought it back home following the conclusion of World War Two. Commercial bingo halls were established following the Betting and Gaming Act of 1960.

Bingo halls have suffered over the last few years, as an indoor smoking ban has been passed throughout the United Kingdom. Within three months of the ban being implemented, five Scottish bingo halls were forced to close, and an overall decline of 17 to 27% was expected.

Sports Betting in the United Kingdom

Sports betting has been around the United Kingdom for decades, and the Betting and Gaming Act of 1960 legalized off-track bookmakers. Betting on horse and dog racing and football (soccer) is especially popular throughout the UK. Sportsbooks include Ladbrokes, Betfair and William Hill (the largest, with over 72 years of experience).

Lottery in the United Kingdom

The National Lottery is the largest available lottery in the UK. It was established under government license in 1993. Prior to that, lotteries were kept on a much smaller scale (made possible by a 1934 Act).

Popular games include Lotto, Thunderball and EuroMillions. Nine countries participate in the EuroMillions super lottery. The odds of winning the jackpot (getting all 6 numbers) are 1 in 13,983,816.

Twenty-eight percent of the revenues from the lottery go to Good Causes, a program which distributes money to charitable and social programs via grants. So far, billions of pounds have been raised for Good Causes.

An organization named Camelot is the licensed operator of the UK National Lottery. They have 26,000 retailers throughout the UK, and customers can also play online (over 2.7 million are registered online). In fact, the UK lottery is the most lucrative online lottery in the world.

In addition to the traditional lottery, scratchcards are also very popular in the United Kingdom.

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