UK Betting gets Euro 2004 boost

Betting on races like the Grand National boosted UK Betting

UK Betting, the online gaming and sports information firm, reduced its losses in the first half of the year.

The company runs the totalbet online betting site and was boosted by wagers on big sporting events like Euro 2004.

It made a £340,000 loss in the six months ending 30 June, compared with a shortfall of £1.6m last year.

The firm, which expanded into Europe with the purchase of GoldBet in March, said a mix of cost control and organic growth also had helped earnings.

UK Betting said turnover increased by 56% to £43.1m with revenues at its gaming division rising 50% to £36m.

The number of registered users of the firm's UK gaming services increased by 46% to more than 225,000.

"The first half of 2004 showed a marked improvement in performance in both the gaming and content divisions, which led to a substantial reduction in losses," said vice chairman Peter Dubens. "The company now has a solid foundation for growth."

Sir David Sieff is to stand down as the firm's non-executive chairman next month and will be succeeded by Mr Dubens.

The firm's shares gained 1.25p to 51.25p in early trading on Friday.