eBet rakes in revenue

Operating revenue for the six months to the end of December 2000 reached A$2.5 million, up 307% on the previous year and a hike of 58% on the first six months.

Managing director, Keith Cullen, says revenue growth has been achieved over all areas of the business but gaming systems in particular have provided a strong boost.

"In NSW alone eBet's products are now installed in more than 120 venues and the company is achieving international sales in New Zealand, Singapore and Greece through both direct sales and through distribution arrangements.

"We expect a strong upward trend in sales to continue through the opening of new markets and our successful acquisition strategy, including the recently completed acquisition of City Index, which is overall in the black with revenues of around $560,000 for the half year."

eBet's gaming systems products include magnetic strip and smartcard cashless gaming solutions and player loyalty and tracking systems.

Mr Cullen says the company ended the year with around A$2.5 million dollars in cash or equivalents.

"Costs are now very stable, with a structure that provides a strong foundation for continued and improved growth, which will come in the short-to-mid term from the introduction of our cashless gaming systems in NSW and further international sales from our Gaming Systems division," he says.

eBet's increased earnings percentage increase mirrors the recent announcement by another Australian-based online betting company, Canbet, whose turnover for the second half of 2000 rose more than $100 million on the previous year to A$139 million.

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