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Profits Holding Steady

The third quarter of the fiscal year has come to a close and a number of online casinos and betting sites are doing surprisingly well despite the slumping global economy. Betbull turned in the company’s financial statements for the third quarter and nearly every part of the statement had something positive to show. Net gaming revenues are up, betting stakes have increased and the company is one of a handful of online casino industry companies still doing well. The company has really only recently launched into the Spanish market, in partnership with the formidable Bwin (a very popular and profitable online betting group).

With the Spain deal and interests in Germany paying off Betbull’s expansion and growth strategy seems to be paying off nicely. The expansion phase though seems to be put on hiatus for now as Betbull takes the new licensing in Spain and really begins to focus efforts on making Betbull Bwin Espana (BBE) a frontrunner in the land and online betting industry. BBE was awarded one of Spain’s retail betting licenses – the revenue from that sector of the land and online casino gambling market will nicely compliment Betbull’s land and internet interests within Germany.

As for the specific stats and figures, net gaming revenue for the quarter rose 19 percent – coming in at Euro 11.7 million. EBITDA is down a welcomed Euro 600,000 and the company is very cash positive right now – Euro 9.2 million in the kitty is enough to surely make investors happy with the Q3 results report.