Bad results for Betbull

Sportsbetting company Betbull Holding SE's results for the quarter ended March 31st 2009 have showed a disappointing decline of 67 percent of EBITDA, which dipped to Euro 100 000 (Q1 2008: Euro 300 000). Taking the positives from the results, EBITDA excluding the joint venture in Madrid was Euro 500 000 for the quarter.

Financials for the quarter included:

* Betting stakes of Euro 21.1 million for the quarter were down 20 percent compared to Euro 26.4 million in Q4 2008 and down 5 percent compared to Euro 22.2 million in QI 2008.

* Net gaming revenue of Euro 4 million for the quarter was down 10 percent compared to Euro 4.4 million in Q4 2008 and up 5 percent compared to Euro 3.8 million in QI 2008.

* EBITDA (including the joint venture in Madrid) was Euro 100 000 for the quarter, up Euro 2.8 million compared to a loss of Euro 2.9 million in Q4 2008 and down 67 percent compared to Euro 300 000 in QI 2008.

* EBITDA (excluding the joint venture in Madrid) was Euro 500 000 for the quarter and cash position as at 31 March 2009 - also excluding the joint venture in Madrid - was Euro 6.9 million.

* Cash position as at 31 March 2009 (including the joint venture in Madrid) was Euro 7.6 million compared to Euro 8.2 million as at 31 December 2008.

In Germany, the business continues to provide consistent and solid results despite the challenging legislative conditions, management reported. While turnover for Q1 2009 was down 5 percent on the same period last year, NGR was 5 percent higher at Euro 4 million and in line with forecasts. Management is confident that the long term prospects for retail betting in Germany are good.

In Spain, the development of Betbull Bwin Espana SA has accelerated during the quarter, with the first 3rd party premises opening in February 2009 and one 'own' premises under the brand 'w1nners' added, with two further premises under development.

The group's Internet activities are limited to providing a complimentary product for retail clients. Betting exchange activities have been curtailed and at present there are no plans to increase online product offers.

Simon Bold, a director of Betbull Holding SE, said: "Our energy and funds are very clearly focused in the sector of retail betting in our core market in Germany and the very quickly growing and fully licensed retail market in Madrid. We will compete for licences in other Spanish autonomous communities as and when they become available. Betbull Holding SE is continuing and close to completing the process of relocation from London to Vienna, part of the overall plan to reduce costs and streamline central and operational activities. Second quarter hold margins have been disappointing to date, with football results particularly favouring clients."

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