So-so first quarter of 2011 for RedBet

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Redbet Holdings AB has published its Q1,2011 numbers, showcasing a subdued quarter spiced with new acquisitions. Operating revenues amounted to SEK17.2 million (Q1/2010: SEK19.1 million), a decrease of ten percent, although revenues did increase 1% on Q4-2010 numbers. Operating profit improved to SEK800,000, and profit after tax reached SEK 600,000.

Significant events during the quarter include:

  • The acquisition by subsidiary Redbet Gaming Ltd of i4poker which will strengthen its position in Poland, Hungary and Bulgaria and DoubleCardrooms focused on the Scandinavian market.

  • The merging of Redbet Holding AB and Redbet Technology Corporation will result in cost savings and a more streamlined organisation.

Looking forward, Whitebet, part of the Ongame Network has launched and now offers sports betting and a new online casino. New sites are planned for brands Optibet , Gold Club Casino and Total Poker .

Jorgen Andersson, CEO Redbet Holding AB comments:

"Our expansion efforts consist of both organic growth and acquisitions. We made ​​ two acquisitions during the first quarter and we are actively seeking further acquisition opportunities opened up by consolidation of the gaming market."

Source: InfoPowa News