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Annual Report & Accounts 2009 - Report of the Chief Executive
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8 prohibited". Similar provisions exist in Italy. It remains unclear from a legal perspective as to whether national or EU law applies with continued conflicting messages. The board remains confident that a satisfactory resolution will be found but believes it is unlikely that will happen during 2010. Outlook The first three months of 2010 have been broadly in line with budget. Group Revenues were c14.8 million compared to c14.9 million in Q1 2009. The following table illustrates revenues per business unit compared to the previous four quarters and the relevant sports margin % for comparison: d000's Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Betaland - number of bets (in 000's) 1,289 1,017 722 1,167 1,621 ------- -------- -------- -------- -------- - average bet size c12.6 c15.2 c13.9 c10.5 c9.9 - value of bets 16,299 15,475 10,006 12,271 16,018 - betting margin % 23.40% 8.80% 14.38% 23.69% 15.03% - sports revenues net of taxes and duties 3,645 1,220 1,355 2,837 2,392 - gaming revenues 2,968 3,061 2,279 3.461 3,932 ------- -------- -------- -------- -------- - total revenues 6,613 4,281 3,634 6,298 6,324 CasinoClub 8,021 7,038 7,124 7,443 7,093 Betboo - - 1,126 1,054 1,027 Winzingo 242 314 378 392 325 ------- -------- -------- -------- -------- 14,876 11,633 12,262 15,187 14,769 ------- -------- -------- -------- -------- CasinoClub is running in line with management's expectations with NGR around 5% lower than in Q4 2009. Betaland's sports margin percentage for Q1 2009 was favourably affected by a large number of shock results in Serie A in Italy. In Q1 2010, the margin of 15% is closer to the long-term running margin. The board is encouraged that the number of bets has increased by around one third since Q1 2009. Gaming revenues from Betaland have also increased by just under c1million since Q1 2009. Betboo is trading in line with our expectations, which are broadly to increase the customer base whilst remaining at break-even level. The number of new funded customer accounts grew by 66% to 2,462 compared with 1,480 in Q1 2009. The number of active players was 5,440 compared to 3,622 in Q1 2009. Kenneth Alexander Chief Executive 16 April 2010