Worldspreads looks overseas

IRISH spreadbetting operation Worldspreads is expecting its British division to make a profit this year after losing €1.6 million in 2006.

Accounts just filed for Worldspreads, which owns the Sport Spreads and Supreme Odds betting sites, show the group lost €1m in the year to end March 2006.

The group loss for the year is down from €1.6m in the 2005 financial year which is solely down to starting up its British operations which will make a profit in the 12 months to the end of March.

The company said its Irish spreadbetting division showed exceptional growth and made a profit before tax of €536,082.

“Since the year end the Irish operations have begun a joint venture in South Africa with the largest gaming group in that country.”

“The joint venture will initially offer sports spread betting but may expand to financial spread betting once regulation issues have been resolved,” the company said.

The joint venture is with the South African stock exchange listed horseracing and betting group Phumelela Gaming & Leisure. Worldspreads owns just 1% of the venture but will split the profits evenly with Phumelela.

The company is also expanding into Europe with betting underway in Greece, Spain and Hungary and it also plans to launch in Austria and Germany.

According to accounts the company had 30 employees at the end of the year, four more than in 2005.

Tags: spreadbetting, worldspreads

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