The Board of the publicly traded Swedish gambling company announced that by restructuring into three operational branches, their development could proceed more rapidly than as one single entity.
The three branches have been proposed as:
• Betsson – presently Cherry Online with online gaming via Betsson.com and online casinos.
• Net Entertainment – development and sales/licensing of games and gaming systems.
• Cherry Casino – traditional casino games and gaming machines, mainly in Sweden, Denmark and on cruise ships.
Pontus Lindwall, CEO of Cherry, soon to be known as Betsson, said the internet-based operations will grow more quickly and with a higher profitability in their own companies.
“I also believe that the market will appreciate having three clear investment alternatives”, he added.
Betsson reported net sales of SEK 101.4 million and profits of SEK 8.8 million for the first nine months of the year. Business is growing strongly and the company expects to at least double its turnover during 2006 and have more than 400,000 members by the end of the year.
Net Entertainment, which develops gaming software for companies such as Unibet, Gamebookers, Ongame, Bet24, and 24hpoker, reported net sales of SEK 36.2 million and operating profits of SEK 26.6 million for the first nine months of the year.
Calculators
