betbull - The European Betting Exchange Plc.

euro adhoc: Betbull plc
quarterly or semiannual financial statement
Betbull plc HY 1 results

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc.   The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------@@end@@


Betbull plc announces its HY I Results Betbull plc announces its HY I Results for the period 1st January 2006 through to 30th June 2006.

Highlights of the period were:

@@start.t2@@•          Period record net stakes totaling £31m
•          Period record net gaming revenue of £4.81m
•          Loss before depreciation, tax and exceptional item of £0.46m
•          Cash position of £5.6m
•          Further legal developments after the ruling of the German Constitutional
•          Business developments in Spain@@end@@

Period record net stakes and net gaming revenue

HY I results have shown record net stakes of £31m and net gaming revenue of £4.81m. FIFA World Cup in particular has been a great success.  Sports betting turnover for June 2006 generated net stakes of over £5.1m yielding net gaming revenue of over £0.8m.

Loss before depreciation, tax and exceptional item

Included in the administrative expenses is a net charge of £0.11m in relation to share benefit charge.

Cash position

Cash held by the group saw a slight increase and amounted to £5.6m (£5.4m as at 31st March 2006).

Legal situation in Germany

Following the ruling of the German Constitutional Court ("Bundesverfassungsgericht"), in March 2006, in which the current sports betting monopoly was declared unconstitutional, the legislative bodies have not yet produced the new regulation required. The legal issues surrounding the provision of sports betting by bookmakers licensed in the EU and their German agents are still the object of numerous cases brought before German courts.  The conference of the Prime Ministers of the federal states of Germany has announced their intention to modify the existing regulative framework to meet the requirements of the Constitutional Court for maintaining a monopoly on sports betting, but this view was not taken unanimously.  In contrast, the point of view of the bookmaking associations and their advisors, in particular, "Verband Europäischer Wettunternehmer", remains unchanged that a monopoly on sports betting is in violation of European law and jurisdiction.  Notably, the German Federal Anti-Trust Authority ("Bundeskartellamt") declared on August 28th various aspects of the co-operation of the state lotteries a violation of German and European anti-trust law and jurisdiction effectively forcing the state monopolies to compete with each other and to accept tickets from independent agents nationwide. Betbull will communicate any changes of the situation directly affecting its business in Germany.


The performance of betbull’s first retail betting shop and sports bar, located in Puerto Banus, Andalucia, has been pleasing and in line with expectations. Second and third units will be added in Andalucia during the next few weeks. In other Provinces of Spain, betbull is well placed, together with a strong local partner, to apply for and win betting licences as legislation allows.

Commenting on today’s results Simon Bold, Executive Director of Betbull said:  ‘We are looking forward to the new football season and the opportunity to continue the growth in turnover we have experienced during the last 6 months. Retail opportunities are becoming available across Europe and betbull possesses all the necessary skills and technology to take advantage of those opportunities. This is an exciting and challenging time for the retail industry.’

Betbull plc Consolidated Profit and Loss account

For the six ended 30 June 2006

@@start.t3@@                         2006
(6 months)         2005
(12 months)
                         £          £
Net Gaming Revenue                      4,801,501          2,686,776
Operating expenses                      (1,331,118)        (2,216,941)
Administrative expenses              (4,366,466)        (4,114,621)
Operating loss
Interest receivable                    (896,083)          (3,644,786)
                         31,667  122,944
Interest payable                         (1,280) (2,008)
LOSS BEFORE TAX              (865,696)          (3,523,850)
Taxation                         (248,346)          (104,574)
LOSS AFTER TAX FOR THE PERIOD/YEAR                      (1,114,042)        (3,628,424)@@end@@

Betbull plc Consolidated Balance Sheet

As at 30 June 2006



                         £          £          £          £
Non-current assets
Property, plant and equipment                 1,634,788                        1,113,145
Goodwill                         14,391,445                      14,244,294
Investments                    15,869                15,912
Deferred tax assets                    39,215                39,321
                                      16,081,317                      15,412,672
Current assets
Inventories                    54,592                1,379
Trade and other receivables                    2,179,816                        1,997,071
Cash and cash equivalents                        5,663,455                        7,255,577
                                      7,897,863                        9,254,027
Total assets                                23,979,180                      24,666,699
Current liabilities
Trade and other payables                         4,594,659                        4,367,240
Corporation tax payable              498,763              844,749
Total current liabilities                                    5,093,422
Non-current liabilities
Financial liabilities                 2,660,819                        2,734,053
Total non-current liabilities                              2,660,819
Total liabilities                                    7,754,241                        7,946,042
TOTAL NET ASSETS                                      16,224,939                      16,720,657
Equity attributable to equity holders of the company
Share capital                 359,625              354,375
Share premium                 18,825,316                      18,323,880
Merger reserve                2,015,008                        2,015,008
Retained earnings                        (6,004,380)
909,161              (4,890,338)@@end@@


Share benefit reserve
Cumulative translation reserve                120,209              120,209
TOTAL EQUITY                                16,224,939                      16,720,657

- ENDS -

Contact David De Marco, Investor Relations Phone 00356 21 480 131 Fax 00 356 21 480 132

Upon request: Günter Schmid, Executive Director Simon Bold, Executive Director Alexander Leip, Executive Director

betbull Plc ("betbull") 1 London Wall London EC2Y5EB

This communication can be downloaded from the website

About betbull Betbull has the goal to establish itself as one of the leading Continental European retail betting players.

The high caliber management team (Simon Bold, David De Marco, Alexander Leip, and Günter Schmid) can resort not only to state of the art bookmaking and operating know how but also relevant M&A expertise and track record.

Betbull was started in 2004 as a joint venture of Interactive Entertainment AG (stock quoted on the Viennese stock exchange) and Fun Technologies Plc (formerly traded as CES-Software Plc, stock quoted on the Alternative Investment Market in London) and is stock quoted since October 2004 on the Viennese stock exchange ("BETB", "BETB.VI").

For further details please refer to the company website

This communication contains statements about the future (prognoses). Those statements are based on the Directors’s opinion, assumptions made by the Directors, and information available to the Directors. One or several factors that the Directors cannot foresee with certainty could result in outcomes and events that deviate from the prognoses.  All prognoses are valid only on the date of their announcement.  Betbull has no intentions to and is not obliged to update prognoses or to adapt prognoses to future events or developments.

@@start.t5@@end of announcement                                                 euro adhoc 31.08.2006 19:00:00

ots Originaltext: betbull - The European Betting Exchange Plc.
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Further inquiry note:
Betbull plc
Catriona Macniven
Investor Relations
Tel.:    +350 77331

Branche: Casinos & Gambling
ISIN:      AT0000615331
WKN:        A0DKM0
Börsen:  Wiener Börse AG / stock market

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