Total Revenue Up; Poker Down at CentrebetCentrebet's Half-Year Results Show Overall Growth But Poker Suffers |
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Australian gaming company Centrebet today released its results for the first half of FY09. The results for the six months ending Dec. 31, 2008 reveal that total online wagering turnover was up 18 percent on the same period the year previous. This according to chairman, Graham Kelly, is because of the deregulation of the Australian wagering market which Centrebet is capitalising on.
Despite this, poker has actually declined by a massive 20 percent. The company insist that this is just consistent with international online gaming industry trends. This comes after its previous results revealed a small drop in poker revenue from $4.7 million (AUD) at year-end June 2007 to $4.5 million at year-end June 2008. The recent statement issued reads, “Poker is an important retention tool for wagering and casino clients and Centrebet will continue to promote its Poker products in order to maximise customer loyalty and retention.”
Although total revenue results show an increase of 11 percent, net profit has decreased by 10.8 percent year-on-year. However, both these figures reflect expenditure on marketing initiatives. Marketing expenses saw an increase of 63 percent on the six months ending in December 2007. This increase translates to the figure of $2.5 million.
Centrebet CEO, Con Kafataris said, “De-regulation of wagering market is now well underway in Australia and we are broadening our product and customer service offer to take advantage of that while keeping a close eye on selective market opportunities in Europe too... Taking into account the current economic environment and the company’s known growth opportunities, we remain on track for a stronger second half performance with further earnings benefits from our marketing initiatives beginning to flow through... Our current expectation is to deliver around 10 percent plus earnings growth.”
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