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Losses for Online Casino Gambling Group

Nearly all of the internet gambling companies all over the world have now reported their half-year earnings and revenues report – and for the Australia facing Lasseters, it’s been a rough year on many fronts. The company has reported a steep decline in revenues for the first half of the year and apparently predicts that the full-year results will show a more than A$6 million loss. These costs are related to the company’s online casinos and as well as the startup costs of operating the new Lasseters Sportbook. Lasseters is a growing name in the international online gambling industry and the company is stretching its funding in order to expand into new markets and offer new products and services.

Lasseters is also one of the many online casinos and internet gambling groups that was negatively affected by the US ban of offshore gambling companies accessing the US market. The withdrawal from the US has put a strain on the company’s finances and Lasseters has also been forced to pay for restructuring costs as the company attempts to really begin to penetrate the potential within the European gambling market as well as lay groundwork in the Asian online casino gambling industry.

Lasseters reported that as far as the company’s online casino gambling operations went the revenue was lower than anticipated because of some issues implementing new games and software onto the site. Couple those losses with the losses associated with starting up the Sportsbook operation and the continued expansion into the European market, and Lasseters has accounted for the loss. On the up side though the problems with the company’s online casino have been resolved and the Sportsbook operation is primed to bring in revenue in the new year and Lasseters is optimistic about turning a profit in 2009.