Big turnaround in Q1 for Redbet

Investors in the Swedish online betting group Redbet.com will be pleased with quarter 1 results just released which show an encouraging turnaround from the SEK 650 000 loss in quarter 1 of 2006.

Redbet has recorded a 284 percent recovery in revenues, yielding a net profit of SEK 270 000 (US$39 500) in quarter 1 of 2007. Managing Director Lars Ekstedt said that the company's focus on central and eastern European markets was paying off.

Redbet is a poker room, betting exchange, casino and bingo room powered by Redbet Ltd, Boss Media and Net Entertainment software, and is licensed in the United Kingdom. It is one of 2 no-download gaming sites owned by Redbet Ltd.

The company is operated by a tightly knit group of Swedish entrepreneurs, computer programmers and sports betting professionals - all with lengthy experience in the sports betting industry, and was founded in May 2002, although the internet service only went online in August 2004.

The company is registered as a limited liability company in England and holds a bookmaker's permit in England and Wales.