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Swedish betting exchange profits from focus on eastern Europe
Investors in the Swedish online betting group Redbet.com will be pleased with quarter 1 results just released which show an encouraging turnaround from the SEK 650 000 loss in quarter 1 of 2006.
Redbet has recorded a 284 percent recovery in revenues, yielding a net profit of SEK 270 000 (US$39 500) in quarter 1 of 2007. Managing Director Lars Ekstedt said that the company's focus on central and eastern European markets was paying off.
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Redbet is a poker room, betting exchange, casino and bingo room powered by Redbet Ltd, Boss Media and Net Entertainment software, and is licensed in the United Kingdom. It is one of 2 no-download gaming sites owned by Redbet Ltd.
The company is operated by a tightly knit group of Swedish entrepreneurs, computer programmers and sports betting professionals all with lengthy experience in the sports betting industry, and was founded in May 2002, although the internet service only went online in August 2004.
The company is registered as a limited liability company in England and holds a bookmaker's permit in England and Wales.
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