The European bookmaker and betting exchange reported net gaming revenues of €13.3 million in its 2007 financial results – a drop of 11% on 2006.
Losses dropped to €1.9 million from €2.5 million in 2006, while the EBITDA increased to €0.03 million in 2007 compared to deficits of €0.9 million in the previous year.
Betbull, which maintains a healthy cash balance of €7.7 million as of 31 December 2007, hopes to add casino and games to its Primebet platform during 2008 and expects to supply software and expertise to various partners in European jurisdictions on a revenue-sharing basis.
The company anticipates liberalization of gambling laws in Germany and the pending award of retail betting licenses in Spain will have a positive effect on its revenues. Betbull also continues to explore business development opportunities in Italy.
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