Betting Promotion FY turnover falls despite Q4 recovery
Sports betting provider sees operating loss fall by 95% year-on-year.
A strong fourth-quarter performance saw Betting Promotion cut its operating loss by 95% year-on-year, the service provider has revealed in its report for the year ended 31 December.
The 57,000 loss followed a Q4 operating profit of 550,000, though betting turnover was down 5.1% for the quarter and 7.2% for the year.
This represented the second successive year of betting turnover decline, however 2011’s slide in net turnover after trading fees was arrested. Indeed the total was up 84.7% to 3.6m, albeit still lower than the 2010 total.
Chief executive Jonas Ornstein, who took on the role in December, initially on a temporary basis, said: “It is satisfactory to see the improvement in results during quarter four, following a slow start of the year.
“I am also glad to see the growth we have with our bookmaker clients,” added Ornstein, after Betting Promotion saw betting turnover from its bookmaker offering almost double to 6.8m while net turnover from the product came in at 164,000.