Isle of Man-based Webis Holdings plc announced preliminary annual results showing total operating losses of £315K, a stark turnaround from 2009’s £475K profit. Poor performance at the company’s sportsbook, betinternet.com, offset a good showing by the company’s pari-mutuel operation, European Wagering Services (EWS).
Betinternet turnover fell 26.6% to £79.2M, despite claims of having had a ‘successful’ World Cup. A misguided affiliate referral program and a drop in high rollers playing casino games were cited as contributing to the negative turnaround. A review of the company’s sportsbook strategy is currently underway. Webis also recently signed with CTXM to add its XCasino software to their line-up, and a poker product will soon be made available.
Payment processing is another concern at Webis, with bankers having recently withdrawn services. Temporary alternate methods are in place, but the company is still seeking a permanent solution.
The sun’s a little brighter on the EWS side, with turnover increasing 8% to £35M. The company expects good future results from its recent acquisition of Nevada-based/North Dakota-licensed online wagering site WatchandWager, and the US license may aid their quest to establish a new payment method.