Webis back in black as in-play growth continues
Sports betting firm post slim profit as chairman Denham Eke hints at "major partnership" to boost WatchandWager profitability
Webis returned to profit during the six-month period ended 30 November 2013 as its in-play sports betting business continued to grow.
The group posted an overall H1 profit of £0.1m, up on the £0.1m loss it made in H1 2012 on the back of a 34% year-on-year increase in gross profits to £2.6m.
Operating expenses for the period also rose however, rising 25% year-on-year to £2.5m after the firm invested in its data and odds feeds for its betinternet business.
Webis chairman Denham Eke pointed towards a potential “major international partnership” which holds the potential to make a “significant addition” to WatchandWager’s turnover and profitability.
WatchandWager, Webis’ horse racing business recorded turnover growth of 46% to £27.9m for the period after the firm was permitted access to ATG pools by the Swedish Horse Racing Totalisator Board.
US activity declined as some tracks increased hosting fees causing liquidity to fall, however, investments into the firm’s San Francisco office was validated by a 43% year-on-year increase to its harness racing turnover at Cal Expo to £6.3m.
Betinternet turnover remained largely flat year-on-year, falling 2% to £51.3m as the operator bemoaned the absence of a competitive football tournament during the European summer.
Its in-play business continued to perform well and now amounts to 70% of total single bet activity at betinternet, up from the 50% it was responsible for in 2012.
“The board is aware that there will be a number of exciting opportunities, as well as challenges, ahead for both of our operations within the forthcoming year,” Eke said.