"Discrepancies" in accounts cause hold on first quarter results and cancellation of AGM

Unspecified discrepancies in its 2008 published accounts have been cited as the reason for further delays in the release of the Redbet Holding AB first quarter 2009 results.

Several business news outlets have reported that the Swedish and Malta based online gambling group has postponed its annual general meeting and delayed the publication of its first quarter results.

Redbet operates GoldClubCasino.com, TotalPoker.com and OptiBet.com, and has seen its share price fall dramatically due to the present uncertainty. Last year, the group announced that it intended to move its online casino, poker and sportsbook operations to Malta (see previous InfoPowa report) after receiving the the island's license approvals.

The group has a number of divisions; Redbet Limited and Redbet Finance Limited, are both based in London, Redbet Technology AB is in Stockholm, Pullmangaming NV in the Netherlands Antilles and SIA Teletoto based in Latvia.

Within the scope of Redbet Ltd’s gaming operations is the offering of poker, casino and sports betting via Redbet.com and online bingo via Mingelbingo.com. Redbet Ltd also offers a sports betting service presented via Redbet Ltd’s proprietary betting exchange. Also within Redbet Ltd is a licensing operation through which the company offers total solutions for companies wishing to set up online gaming services.

Reuters news service reported this week that the group has decided to prepare a new Annual Report for the fiscal year 2008, due to 'discovered discrepancies'.

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