Betbull Holding SE
Betbull Holding SE (‘Betbull’) announces the release of group consolidated unaudited financial statements for the half year ended 30th June 2012

Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the half year ended 30^th June 2012

1. Financial highlights for the half year to 30^th June 2012

– Betting stakes of EUR 39.0m for the half year up 4.6% compared to EUR 37.3m in HYI 2011.

– Net gaming revenue of EUR 6.7m for the half year down 1.5% compared to EUR 6.8m in HYI 2011.

– EBITDA of EUR (0.1)m for the half year down EUR 0.5m compared to EUR 0.4m in HYI 2011.

– Adjusted EBITDA (before share benefit charges) of EUR (0.1)m for the half year down EUR 0.5m compared to EUR 0.4m in HYI 2011.

– Loss for the half year of EUR 0.3m down EUR 0.7m compared to profit of EUR 0.4m in HYI 2011.

– Cash position as at 30^th June 2012 of EUR 6.6m compared to EUR 7.7m as at 31^st March 2012 and to EUR 8.6m as at 30^th June 2011.

The unaudited financial statements for the half year ended 30^th June 2012 will be published on the corporate website www.betbullse.com.

2. Business highlights for the half year to 30^th June 2012

Betbull's business performed well again within the first six months of 2012.
The sports betting turnover increased considerably but at the same time the gross margin went down due to high winnings paid out. The European Football Championship in June contributed to the higher turnover on the one hand, but overall the results didn't support a high gross gaming revenue. The rating of the European Football Championship is confirmed across the sports betting industry.
Looking at gaming halls and the slot machines business (in licensed betting shops) the turnover continuously increases. Betbull will therefore continue to grow in this business segment by optimizing the gaming product offerings and increasing the number of active slot machines.

In Schleswig-Holstein, so far seven sports betting licenses for online sports betting have been granted under the Gambling Act Schleswig-Holstein ('Glücksspielgesetz Schleswig-Holstein'). Betbull has filed its license application for retail sports betting and is positive to get a license soon. Unfortunately the new coalition still plans to join the New State Treaty on Gambling ('Glücksspieländerungsstaatsvertrag') of the other 15 Federal States, but the necessary legislative procedure appears to be extremely difficult. Due to this plan, the public authorities try to slow down the award procedure, but will fail because of the legal compulsion to execute the existing Gambling Act.

At the same time the legal situation in the other 15 German Federal States has taken a positive turn. The new State Treaty on Gambling came into effect 1^st July 2012. On 8^th August, the Europe-wide tendering procedure for the 20 sports betting licences in Germany started. The application procedure has two levels; deadline for filing the application documents in the first round is 4^th September. At the moment Betbull is preparing the required paperwork and will hand in the documents on time. There is no official time schedule yet for awarding the licences, but we do not expect a final license grant before February or March 2013.

Alexander Leip, Managing Director of Betbull Holding SE, comments on today's press release as follows:

'The legal situation in Schleswig-Holstein as well as in the other 15 Federal States is better than ever before in the history of sports betting in Germany even though there is a need for rectification. However we appreciate the first tendering procedure for a sports betting licence in Germany and are positive to be awarded one of the 20 licences. For more than 20 years we have been successful in the betting business and are convinced to continue our success story within the new legal framework.

Our only criticism about the present situation is that we have 16 different implementation laws ('Ausführungsgesetze') in 16 different federal states ('Länder'). This is a severe handicap for the whole industry since our business works nationwide and does not stop at any state frontier. Unfortunately some of the federal Prime Ministers could not hide their lack of understanding the betting business, probably due to missing experience in a regulated betting market resulting in some of the regulations being way beyond economic reality. At the moment the biggest negative point is administrative actions in Rhineland-Palatinate, where Betbull shops are still barred from selling sports bets.

In view of the current situation of the retail sports betting business Betbull will continue its main strategy and focus on refurbishing existing retail network as well as upgrading core technology. Significant investment in new retail units is our top priority. We are gearing up for the time when we are granted a licence for sports betting, reviewing all our options to find new locations in order to fulfil the quota of betting shops allowed in each Federal State. Talks and negotiations with strong and reliable partners concerning cooperation will therefore be further intensified within the next months.'

Regarding Betbull's expansion strategy, Alexander Leip concludes: 'We are positive that the new State Treaty on Gambling is just the beginning and that within the next 2-3 years a genuine deregulation will no longer be prohibited. As a reliable and transparent company focussing on organic growth, acquisitions and strategic partnerships we will definitely perform well within a regulated market'.

Betbull Holding SE
Consolidated income statement for the six months ended 30^th June 2012
___________________________________________________________________

Betbull Holding SE
Consolidated balance sheet at 30^th June 2012
__________________________________________________________________

– 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.