Betbull Holding SE
Betbull Holding SE (‘Betbull’) announces the release of group consolidated unaudited financial statements for the half year ended 30th June 2011

Betbull Holding SE / Key word(s): Half Year Results

31.08.2011 / 17:00

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Betbull Holding SE ('Betbull') announces the release of group consolidated
unaudited financial statements for the half year ended 30th June 2011 

 1. Financial highlights for the half year to 30th June 2011

  - Betting stakes of EUR 37.3m for the half year down 6.5% compared to EUR
    39.9m in HY1 2010.

  - Net gaming revenue of EUR 6.8m for the half year down 11.7% compared to
    EUR 7.7m in HY1 2010.

  - EBITDA of EUR 0.4m for the half year down EUR 0.6m compared to EUR 1.0m
    in HY1 2010.

  - Profit for the half year of EUR 0.4m up EUR 1.5m compared to EUR (1.1)m
    in HY1 2010. Extraordinary loss of EUR 1.0m in HY1 2010 include loss in
    connection with discontinued operations and share benefit charge.

  - Cash position as at 30 June 2011 of EUR 8.6m compared to EUR 5.5m as at
    30 June 2010.

  - Business highlights for the half year to 30th June 2011

During the first six months of 2011 Betbull's business performance was
stable even though it is operating in a still vague and inconsistent
legislative environment. In the notification process of the future German
State Gaming Treaty ('Glückspielstaatsvertrag') the European Commission
criticised major parts of the proposed terms presenting a so called
'detailed opinion'. In the light of the above mentioned detailed opinion
the federal state Schleswig-Holstein emphasized to adopt its own Gambling
Law which has passed the notification process without appreciable
objections. The legislative body in Germany faces the challenge to
establish adequate and fair regulations on gaming which will not lead
directly to a new treaty violation proceeding and to further years of legal
uncertainties.

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

'We are happy with the performance of our retail betting chain and our
gaming halls. The reduction in Betting Stakes and Net Gaming Revenue is due
to reduced online betting and mainly the result of the renewed actions of
the authorities against betting shops as well as the prohibition of the
live betting product. In the light of the foreseen liberalization of the
German betting market and the ruling of the Federal Administrative Court
('Bundesverwaltungsgericht') the latest actions of the German authorities
against our branch is acceptable.
Nevertheless 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 Holding SE
Consolidated Profit and Loss account

For the half year ended 30 June 2011
                                                         2011         2010
                                                   (6 months)   (6 months)
Continuing operations                                     EUR          EUR

Betting stakes                                     37,306,230   39,921,745
Customer winnings                                 (29,801,601) (30,765,586)

Gross hold                                          7,504,629    9,156,159
Other gaming income                                 1,055,355      796,870
Commissions to third party agents and bonuses      (1,795,102)  (2,261,548)

Net gaming revenue                                  6,764,882    7,691,481
Other operating income                                 75,241       58,160

Total income                                        6,840,123    7,749,641
Direct costs and betting taxes                     (1,291,922)  (1,324,858)

Gross profit                                        5,548,201    6,424,783
Personnel costs                                    (2,709,428)   2,743,476)
Cost of premises                                   (1,706,519)  (1,598,257)
Mobility and distribution costs                     (239,943)     (281,508)
Other operating costs                               (468,100)     (818,982)

EBITDA and before share benefit charge                424,211      982,560
Share benefit charge                                 (24,014)      (54,460)

EBITDA                                                400,197      928,100
Depreciation & amortisation of investments          (235,799)     (293,633)

EBIT                                                  164,398      634,467
Financial result                                       18,442      (46,686)

Profit before tax                                     182,840      587,781
Taxation                                              248,185     (620,946)

Profit/(loss) for the half year from continuing       431,025      (33,165)
operations

Discontinued operations

Loss for the half year from discontinued                    -     (995,470)
operations

Profit/(loss) for the half year                       431,025   (1,028,635)




Betbull Holding SE
Consolidated balance sheet
As at 30 June 2011

                                                      2011           2010
                                                       EUR            EUR

Goodwill, intangible assets and investments     15,752,681     16,257,881
Fixed assets                                       928,262      2,047,332
Non-current assets                                  70,614        334,475
Current assets                                   2,429,847      3,746,017
Cash and cash equivalents                        8,552,025      5,522,828
Total assets                                    27,733,429     27,908,533

Equity                                          11,714,624     34,058,130
Losses                                         (12,663,983)   (16,612,668)
Reserves                                        26,375,391      5,558,089
Current liabilities                              2,307,397      4,904,982
Total equity and liabilities                    27,733,429     27,908,533




- 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.


End of Corporate News

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Language:    English                                                     
Company:     Betbull Holding SE                                          
             15 Fetter Lane                                              
             EC4A 1JP London                                             
             United Kingdom                                              
Phone:       +356 21480131                                               
Fax:         +356 21480132                                               
E-mail:      info@betbull.com                                            
Internet:    www.betbullplc.com                                          
ISIN:        AT0000615331                                                
WKN:         A0DKM0                                                      
Listed:      Freiverkehr in Berlin, Stuttgart; Open Market in            
             Frankfurt; Wien (Dritter Markt (MTF) / Third Market (MTF))  
 
 
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137734 31.08.2011