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Unibet reports first quarter revenue increase of 16%

Internet gambling operator Unibet plc has posted a positive set of results for the first quarter 2010, reporting that revenues reached £41.8 million, a 16% rise on the same quarter in 2009.

Sports betting revenues were Unibet's strong suit, rising 23% on Q1/2009 to £17.6 million.

Chief executive Petter Nylander described the pre-eminence of sports betting as evidence of a resurrection of the sector as the key to player acquisition, cross marketing and loyalty. Mobile and live betting were particularly strong performers in the sports betting sector, with live betting accounting for 36.5% of sports bet revenues - up from 21.5% from Q1/2009. It also contributed 65% of the more than 350,000 bets placed through the company's mobile channel in the first quarter.

Unibet's core online casino product contributed 34% of the group's total revenues during the quarter.

Despite the improved action, earnings before interest and taxes fell 3% to £10.6 million (Q1/2009: £10.9 million), due mainly to a 19% increase in marketing spend over the quarter to £24.9 million, invested in preparing for football World Cup betting action starting in June.

Chief financial officer Henrik Tjarnstrom revealed that the group intends to pursue a French licence to take advantage of the newly liberalised market in that country this year.

Source: InfoPowa News

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