Redbet Poker Revenues Soar

July 12 - Another sign that online poker is alive and kicking was seen in the Q2 results posted by Redbet, the European facing gambling group.

According to the numbers published, Redbet achieved month on month revenue growth of 5.37 million Euros, or SEK 50.71 million. Compared to last year's figures, this indicated a phenomenal growth of nearly 500% in revenue.

The main contributor to these numbers was undoubtedly Redbet's poker product which reported a sharp increase in players and revenue in the month of June.

Redbet noted that this proved that its online poker brand was particularly appealing as the summer months are usually when the industry experiences a downturn. The hot period, combined with the Euro 2008, should have been a time when numbers at the online poker and gaming sites dropped.

"June is traditionally seen as one of the toughest months of the year in online gaming," said the Chief Executive Officer of Redbet, Jonas Sundvall, "with the summer weather and events such as the Euro 2008 football championship drawing customers away."

"In view of this," said Sundvall, "the company is extremely pleased with these results, particularly the growth of our poker product during the month of June."

Redbet shares reacted positively to the revenue report this week, with shares rising to SEK 128 - a jump of 10%. These numbers dipped slightly yesterday.

A number of Redbet ventures had performed remarkably well during the second quarter, according to the company. The soft launch of the new brand Goalwin.com went well and it is expected that its full launch next month will go even better. Pullman Gaming, the Latvian-facing brand, performed very well in its first month and a venture into Ireland with a white label product was progressing as planned.