Better news from Gaming VC

06.12.2007

Primarily German-facing online gambling firm Gaming VC has delivered improved third quarter results, and expects to end the full year slightly ahead of management forecasts.

The company owns and operates the Casino Club, Betaland and Casino Club Poker online gambling operations.

Q3 numbers included a gross win to end November of Euro 39 million (2006: Euro 37.3 million) New accounts increased by 24 percent, with sportsbook operations generating Euro 6.5 million, although there were few fireworks from the casino and poker divisions which remained stable.

CEO Kenny Alexander commented: “We continue to believe that our year-end profits will be slightly ahead of market expectations and are confident that the business will continue to grow and diversify away from its core German business during 2008.”

The remark about diversification was prompted by uncertainty regarding German state legislative intentions on Internet and other gambling. Gaming VC now has a Malta online gambling license and hopes to have all German customers playing in the Maltese-licensed casino by the end of this (2007) year, reducing the risk profile for the company.