The Costa Rica-based bookmaker announced a 23% increase in gross profits, up to $28.6m, a 36% rise in the overall gross margin percentage, up to 7.9%, and a 21% increase in operating profit, up to $5.1m.
The company, which attracted over 6,000 new customers during the period, completed the acquisition of Easybets, updated its websites, introduced a new poker software, Tribeca Tables, and strengthened its executive management team.
The sportsbook business achieved a gross margin of 6.4%, despite a 18% decrease in volume to $337m. The number of active customers in the period was 30,207 and they deposited on average $192 per month and placed 16 bets monthly at an average of $116 per bet.
BetonSports progressed well with the strategy of changing from being a US sportsbook into a global entertainment destination for recreational bettors, and while the North American sports season, which peaks in November, is critical to the outcome for the year as a whole, the company remains confident that its new marketing initiatives together with a strong and proven business model will allow it to manage the forthcoming challenges and opportunities.
“During the past six months we have successfully progressed our strategy of changing from a US sports book orientated business into an international on-line gaming company, strengthened our management and executive teams to manage our growth and launched new marketing and advertising initiatives. These actions have placed BETonSPORTS in a position to develop the business over the medium term into a stronger and more sustainable online gaming business,” said the Chief Executive, David Carruthers.
The company, which intends to pursue further opportunities in Latin America while expanding operations in Guatemala and Mexico, is also evaluating the acquisition of a number of businesses that would extend its customer base geographically as well as its product range.
“We have US$44m on the balance sheet and I would be wholly surprised if we didn’t make an acquisition at some time in the future,” said Carruthers.
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