Australian Market Drives CentreBet Growth

Online gaming and wagering provider CentreBet International Limited has announced that it expects to report total revenues of $52.02 million from its most recent financial year, a rise of some six percent over 2008.

The Alexandria-based firm revealed that online revenues from its Australian business would rise 23 percent to $25.85 million, representing half of its total business.

It stated that Australian on-course revenues should be $2.59 million, which represents a decrease of 31 percent and only five percent of total revenues.

CentreBet revealed that its European revenues excluding poker would be $20.51 million, which is flat compared to its previous financial year and represents 39 percent of its total business. The Australian firm announced that its European wagering revenues declined due to a lower win rate particularly in non-core markets offset by growth in its casino revenues. Its revenues from European poker are expected to decline 17 percent to $2.98 million to represent six percent of its total business.

“I am pleased with how quickly CentreBet has been able to respond to recent developments in the industry to protect and build longer-term shareholder value,” said Graham Kelly, Chairman for CentreBet.

However, the firm announced the successful launch in late-May of fixed-odds management contracts with the Western Australian, Australian Capital Territory and Tasmanian TABs while stating that its cost base for the upcoming financial year had been stabilised through sustainable cost rationalisation.

“While deregulation of the industry has presented some short-term cost challenges, it has created an attractive outlook for CentreBet to continue to grow market share,” said Con Kafataris, Managing Director for CentreBet.

“We expect the overall industry to show strong growth over the medium-term and CentreBet is well positioned to maximise our share of that growth through customer-focused product offerings, targeted marketing investment and disciplined risk and cost management.”