Online sportsbetting group Betbull Holding SE reported on its full year 2008 performance this week, delivering a 21.1 percent increase in NGR to Euro 16.094 million, but a loss for the twelve months of Euro 4.3 million. The dip is the firm's fifth consecutive deficit, and was explained in part as a Euro 1.9 million write-off incurred when it closed the Betpoint SL subsidiary in Andalusia, Spain.

Wagering rose 28.5 percent year-on-year to Euro 100.4 million from Euro 78.1 million, and the company advised that it had increased its annual cash position by 7 percent at December 31, 2008, to Euro 8.2 million.

”Betbull has again achieved handsome growth amid difficult trading conditions in the core German market, increasing turnover to over Euro100 million as compared to Euro 78 million last year,” said Simon Bold, Director for Betbull. “Net gaming revenue of Euro 16 million against Euro 13 million last year showed a consistency in operating margin, which highlights the group's competence in the retail betting sector.

”Group activities in Germany continue to provide solid net results, supporting the significant start-up funding required in Madrid, where the joint venture, Betbull Bwin Espana SA, is in the process of opening the first trading units. We believe our investment in Madrid will provide significant contributions to group profits in the future.

”The concentration of resources on just two regions, Germany and Spain, will help to streamline the company and reduce costs. Non-core activities, including online exchange betting, are being discontinued and will be eliminated during 2009.”

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