Thursday 27th September 2007 Online Casino Reports Profits Increase
German-focused online casino and poker group GamingVC.com has announced that profits have risen after it switched from direct mail to online marketing.
The Antilles-based online gambling firm said that profits rose by 28 percent to $12.05 million in the six months to June with revenues 4 percent higher at $31.06 million. With the addition of pre-share option costs, the profit was 20 percent up at $12.57 million and trading volumes and margins in the third quarter were been in line with the same period last year.
It said that the cost savings generated from a renegotiated Boss Media software contract as well as marketing efficiencies from the termination of direct mail for customer recruitment are expected to enhance profitability in the future.
'The new sportsbook in Italy has seen a positive start with the group now in a position to deliver continued good cash generation from the core German business and profitable growth from other geographic markets in the fourth quarter and beyond,' read a statement from the company.
Source: OnlineCasinoNews
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