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Webis develops sportsbook business

By BFN News | 12:27 PM | Wednesday 20 July, 2011

Webis Holdings, the global on-line gaming group, has provided a trading update on the performance of, the Group's sportsbook operation and European Wagering Services ("EWS"), the Group's pari-mutuel operation, for the financial year ended 29 May 2011. betinternet's fixed odds business continued its positive trading performance during the first half into the second half of the year. The 'In-Running' product offering was further enhanced during the year and this, along with last summer's World Cup finals, was key to generating increased turnover at a much improved margin for this area of the business. Better bonus control and the improved fixed-odds margin impacted on betinternet's casino and games activities during the second half. As a result, casino and games' annual turnover fell and the overall contribution of this activity for the year reduced. The sportsbook business has shown sufficient signs of progress for the Board to continue with its support of betinternet. In particular, the Board believes that further growth in the fixed odds business is achievable, especially from 'In-Running' betting, where additional website enhancements to improve the user experience are expected to be delivered prior to the start of the forthcoming European football season. EWS experienced issues during the second half in establishing a long-term payment solution for its online and telephone operations. Most payment processors and banks have been cautious with regards to the provision of services and the few that have done so have proven to be inconsistent and expensive. Although EWS' turnover was similar to the previous year, a combination of these additional payment processing costs and an adverse movement in the US dollar against sterling meant that this business' margin reduced significantly for the period. The Board continues to seek a permanent solution to the payment processing issue and believes that EWS' acquisition of, which holds a pari-mutuel licence issued by the state of North Dakota, will be of considerable help in this respect. At 12:27pm: (LON:WEB) share price was -0.12p at 1.13p Story provided by

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