Redbet in fourth-quarter revenue boost
Year-on-year revenue increase of 41% for Swedish operator " significantly cut losses over course of 2011.
Redbet has recorded a 41% year-on-year revenue increase for the fourth quarter, the Swedish operator revealed in its results for the three months ended 31 December.
The company’s losses for the quarter, however totalled SEK1.2m (£114,000) compared to a SEK800 profit for the corresponding period in 2010.
The SEK24.1m revenues in Q4 contributed to full year revenues of SEK77.8m, an increase of 16.1% year-on-year, while losses were cut by 88% over the 12-month period from SEK29.1m to SEK3.5m.
Redbet bought Scandinavian-facing poker site HeyPoker in July and relaunched the Ongame network skin in November. Its flagship poker offering is on the IGT Poker network, formerly known as Entraction.
Meanwhile Claes Hallén has been appointed acting chairman of Redbet, taking up the role last month. He replaces Mats Enquist, who has been named as the new CEO of the Swedish Elite Football Association, and will remain in the role until the company’s AGM in May.
Redbet CEO Jörgen Andersson said: “Looking back over the full year 2011 shows that the company’s expansion efforts started to bear fruit.”
He noted Redbet’s decreased dependence on poker, which now accounts for just one third of group revenues in Q4 2011 compared to half in Q4 2010, and added that “With stronger brands, and improved customer services, the company well placed to show profitable growth in 2012.”