Online poker craze lifts ukbetting - Tuesday 12th of April 2005

Online betting specialist ukbetting has recorded its maiden underlying profit after a surge in interest in online poker and other games in the past six months.

Revenues from online poker rose by 376% over the year and helped fuel a 57% in overall sales to 85.6m.

Underlying profits came in at 100,000 in 2004 against a loss of 3.2m, though at the pre-tax level ukbetting still notched up a 6.9m deficit (loss 5.4m) including goodwill write-offs and acquisition impairment charges.

The company says the gross win in its gaming division shot up to 11.1% from 6.7%due to the impact of casino, poker and games.

The trend has continued into the current year, with the gross win percentage up to 11.9% in the first three months and poker, games and casino turnover up by 138%, to lift overall sales by 23% to 27.1m.

"The fact that we now have a complete range of gaming products, shortly to be enhanced with 'instant play' casino and download-able backgammon, should continue to improve gross win," said chairman Peter Dubens.

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