CentreBet profits from Australian activities

Australian online gaming and wagering provider CentreBet International Limited has released its financial results for its financial year to the end of June showing a 75 percent year-on-year rise in net profits after tax to US$13.09 million.

The suburban Sydney-based firm revealed that its ‘underlying’ net profits after tax for the twelve-month period increased 81 percent year-on-year to $14.26 million while earnings before interest, tax, depreciation and amortisation grew by the same margin to reach $20.63 million.

CentreBet reported ‘significant continued growth in underlying Australian revenues’ as these increased 44 percent year-on-year to $42.78 million while its Australia-only activities contributed 80 percent of its total earnings before interest, tax, depreciation and amortisation at $16.41 million.

“CentreBet has delivered an outstanding financial year result, reaping the rewards from strategic initiatives focused on growing Australian online market share,” said Graham Kelly, Chairman for CentreBet.

“Investing in leading-edge product innovation and demonstrated effective cost controls are paying off. The company is in very strong shape financially and is well positioned to benefit from expected continued growth in the industry.”

“CentreBet is ideally placed within the Australian wagering marketplace to take advantage of positive industry dynamics through our demonstrated ability to develop new and innovative products,” said Con Kafataris, Managing Director for CentreBet.

“New products such as Pick Your Own Line for sports customers and Best Of Best for racing customers, combined with continual improvements in customer experience, will enable us to achieve our goal of increased market share in Australia.

“Our outstanding financial year is indicative of the progress the company has made and continues to make.”