Betbull Holding SE
Betbull Holding SE (‘Betbull’) announces the release of group consolidated unaudited financial statements for the quarter ended 31st March 2011

Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the quarter ended
31^st March 2011

1. Financial highlights for the quarter

– Betting stakes of EUR 18.5m for the quarter up 1.1% compared to EUR 18.3m in QIV 2010 and down 8.4% compared to EUR 20.2m in QI 2010.

– Net gaming revenue of EUR 3.6m for the quarter up 28.6% compared to EUR 2.8m in QIV 2010 and down 7.7% compared to EUR 3.9m in QI 2010.

– EBITDA of EUR 0.5m for the quarter down EUR 1.0m compared to EUR 1.5m in QIV 2010 and equal to EUR 0.5m in QI 2010.

– Profit for the quarter of EUR 0.2m down EUR 2.3m compared to EUR 2.5m in QIV 2010 and up EUR 0.7m compared to

EUR (0.5)m in QI 2010. Extraordinary profit of EUR 2.8m in QIV 2010 and loss of EUR 0.5m in QI 2010 include profit/loss in connection with discontinued operations and share benefit charge.

– Cash position as at 31 March 2011 of EUR 8.9m compared to EUR 8.8m as at 31 December 2010 and EUR 4.7m as at 31 March 2010.

– Business highlights for the quarter

During the first three months of 2011 Betbull's core business in Germany has performed well and stable even though it is operating in a still vague legislative environment with a steadily increasing grey market offering. The good results obtained can be attributed to the strengthening of the group's team while having reduced the total overhead costs and well considered investments in fully licensed retail betting outlets and gaming halls.

Commenting on today's press release Alexander Leip, Managing Director of Betbull Holding SE, said:

'Now with the clear focus on the German market we are confident to meet all challenges of a regulated and liberalised gambling and sports betting market. We are hopeful that the legislative body in Germany will establish adequate and fair regulations on gaming which will abandon the years of legal uncertainty in the sector of sports betting. Betbull is currently evaluating various strategic partnering options. Thanks to our expertise and good reputation we are looking forward facing the challenges ahead.'

Betbull Holding SE
Consolidated Income Statement

Betbull Holding SE
Consolidated Balance Sheet
As at 31 March 2011

– ENDS –

Contact

David De Marco.

d.demarco@betbull.com
Phone +356 21494443
Fax +356 21480132

Betbull Holding SE
Mariahilfer Straße 116
1070 Vienna
Austria

Betbull Holding SE is registered at the Commercial Court of Vienna under the Company register Number FN 353397b (formerly registered in England & Wales under the Registration Number SE12).

This communication can be downloaded from the website www.betbullse.com.

About Betbull:

Betbull is an established provider of gaming centred retail entertainment, based in Vienna, Austria. Betbull offers its customers principally horse and sport betting at licensed betting shops, complemented by slot machines, internet betting and sport bars. Betbull accepts bets based on licences in Malta and Germany. In Germany, Betbull products are available above all under the 'Wettenleip' brand. Betbull itself has been quoted on the Third Market of the Vienna Stock Exchange ('Other Securities') since October 2004 (ISIN AT0000A0KPX9, formerly AT0000615331) and was established as a joint venture between Fun Technologies Plc and bwin Interactive Entertainment AG. For detailed information on Betbull, visit www.betbullse.com.