RedBet Reports a Good First Quarter

RedBet is a betting exchange that is located in England and run by a group of Swedish entrepreneurs. Their stock is publicly traded in Stockholm. In addition to sports betting, RedBet also offers a casino and poker room for its members.  The company, RedBet Holding AB, has reported a profitable first quarter for 2008, with a net profit of €687,000.

The company, which has a strong customer base of more than 110,000, reported first quarter revenues of €1.22 million and strong growth in all areas of its operations.  Its online casino operations have grown and provided a strong contribution to revenues.  Its GoldClub Casino is also expected to continue to perform strongly and to contribute substantially to revenues.

Redbet is in the process of launching its Teletoto gaming platform but has run into problems with permits from the Latvian authorities.  They now expect the launch to occur in the second quarter of 2008, as its problems with the Latvian government are worked out.  The company stock is traded in Stockholm and rose with the report of the first quarter profits.

RedBet casino offers its online players a wide selection of games, including French Roulette and Pai Gow.  They have a variety of table games, slots and video poker as well as other games like Keno and Low Roller Triple Wins.

Posted: April 21, 2008

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