Online casino and sportsbetting provider Webis Holdings has released a trading update covering the financial performance of its subsidiaries BetInternet.com Limited and WatchAndWager.com Limited for the year to the end of May.
Isle of Man-based Webis Holdings is also the operator of the Link2Bet.com domain and stated that its BetInternet.com sportsbook, casino, games and poker operation showed ‘strong revenue growth compared to the previous year’ due to the extension of its in-play offering to cover an ‘increasing number of sports and events’.
Webis stated that its In Play Tennis service has been ‘especially popular’ since launching in January with up to 20 live markets updated after each point on every match in Grand Slam, ATP and WTA tour events.
“The gross margin for all sports improved and became more consistent following additional investment in data and pricing feeds, enhancing the overall product offering,” read a statement from Webis Holdings.
“Results proved more favourable, especially throughout the second half. Activity within the casino and games achieved revenue growth although the gross margin was slightly impacted by some large wins in the first half.”
The WatchAndWager.com tote betting and racetrack operation has completed its first full season of Cal Expo harness racing in Sacramento, California, with Webis declaring that the service had ‘benefitted revenue growth in the second half’ of its financial year.
“Traditional parimutuel activity recovered from initial payment issues to end the year in a much stronger position,” read the statement from Webis Holdings.
“As with all web-based wagering companies, retaining a consistent and cost-effective credit card payment solution remains a challenge although the introduction of better payment methods has been a strong driver for new business. The new WatchAndWager.com website was launched during the last quarter and now provides for a modem and dynamic platform through which the board anticipates higher-margin player activity to grow.”
Webis Holdings proclaimed that it intends to release its final results for the twelve months to the end of May ‘in the latter half of September’ while stating that it was ‘very pleased by the tangible progress’ made by BetInternet.com and WatchAndWager.com.