BETonSPORTS first half ahead, share sale

[clevfan]

BETonSPORTS first half ahead, share sale
July 20

LONDON (SHARECAST)
BETonSPORTS announced today that major shareholder Boulder Overseas has sold 23m shares in the company to broker Evolution Securities in order to satisfy institutional demand.

The shares were sold to Evolution at 125p, leaving Boulder with a 15.5% stake that is subject to a lock-in until 15 July next year.

In an update on trading, BETonSPORTS said margins have continued to be strong during the first half of the year, continuing the trend experienced at the close of the last financial year.

“While there are still a number of weeks of trading to occur it is expected that profit before tax for the first half of the year will be ahead of the corresponding period last year,” it said.

“On the basis of the current trends in margin, advertising spend and the successful pre and early football season new customer sign ups, the Directors remain confident of the outturn for the year,” it added.

Advertising and marketing budget for the US facing business is $14.4m this year, of which $10m has already been placed or committed, it said.

The NFL season is the most important trading period for the company and historically over half of all customer sign ups have occurred in this period and 65% of its business in terms of volume and profit occur in the second half of the financial year.

The group also said May’s acquisition of Asian facing online gaming business Easybets is progressing well, while gaming software and development expert Scott Waller becomes chief technical officer.

An announcement regarding the half year to 7 August is planned for early October.