The parent company of BetWWTS reported a profit after tax of A$3.3m for the first nine months of 2005, compared to a loss of A$13.7m for the same period last year, from a gross revenue of A$26.2m, up 36 per cent from the year before.
Betcorp announced a significantly improved sports trading percentage, with a 69 per cent increase in sportsbook margin to 4.54%, due to the solid contribution from the recreational player base acquired from Sinsational and to the strong growth in both casino and poker revenue, which reduced the risks that have been historically associated with the group sports betting revenue.
The company has confirmed that it intends to follow the “Fast Track” procedures established by the London Stock Exchange to allow companies already listed on certain designated markets, such as the Australian Stock Exchange, to apply for admission to the Alternative Investment Market without having to publish a prospectus.
Betcorp, which has a market capitalization of about £30m, will list on AIM shortly after publication of its full-year results in February.
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