Leisure And Gaming Frustrated By Winning Teams

Leisure And Gaming reported that amounts wagered on sportsbetting for the three-month period came in at €16.8 million, a six percent year-on-year drop from €18 million last year, and generated net win of three million Euro, which was 37 percent lower than the €4.8 million for same period in 2008.

The firm revealed a sportsbetting net win percentage of 17.9 percent, which was down from 26.7 percent for the same period in 2008 as title contending teams maintained their form to the end of their league campaigns.

In total, the amount wagered on all of the firm’s products for the three months hit €38.5 million, which was a 26 percent year-on-year rise, while net win came in static compared with last year at €5.2 million. Overall net win margin was reported at 13.5 percent, which was down from 18.3 percent for the same period in 2008.

Leisure And Gaming reported gross profits for the quarter of €1.2 million, which was down by €100,000 from the same period of last year, while overheads grew by €100,000 to hit one million Euro. This saw overall earnings for the quarter drop by €200,000 year-on-year to €200,000.

“Sports margins for the quarter were disappointing because of predictable results in the last few weeks of the season,” said Richard Creed, Chief Executive Officer for Leisure And Gaming.

“However, the overall volume of business increased significantly in the quarter over the previous year reflecting the growth of poker in Italy and business activity in both Cyprus and Greek markets.

“The continued growth of poker is encouraging and the recent approval of SuperEnalotto games by the Italian regulators further demonstrates their commitment to regulate more products.”

Leisure And Gaming also revealed that it has started discussions with the US Department Of Justice regarding a possible resolution to historical issues associated with the firm’s former US-facing business.