RNS Number:1829P
Leisure & Gaming plc
09 January 2007


9 January 2007

                              Leisure & Gaming Plc
                     ('Leisure & Gaming' or the 'Company')

                       Trading update and licence awards

Trading update

Leisure & Gaming, the online sports betting and gaming group, is pleased to
provide a trading update for the year ended 31 December 2006.

Ahead of the signing into US law of the Unlawful Internet Gambling Enforcement
Act on 13 October 2006, the Company was forced to materially restructure its
operations and dispose of all its US-facing businesses.  The main continuing
businesses in the Company following the restructure comprise:


  * BetShop Italia, a franchised network of over 1000 branded shops and
    networked retail gaming outlets offering sports betting across Italy;



  * BetShop.com, a pan-European online sports betting and casino gaming
    business operating in eight languages; and



  * GoalsLive.com, a soccer information and results portal service for
    Internet and mobile phone users.


Trading for Leisure & Gaming, including the discontinued businesses, for the
year ended 31 December 2006 is expected to be in line with market expectations.

Revenues from Betshop and the continuing businesses in the second half of 2006
substantially exceeded management expectations.  Sports betting margins were
lower than expected due to adverse sports results, but net win still exceeded
management forecasts, although gross profit is expected to fall short as Italian
betting tax (at 8.5%) is charged on revenue rather than on net win.

Licence awards

The Company is pleased to announce that it has been awarded 47 further licences
in Italy (27 for horse racing and 20 for sports betting) to complement its
existing Betshop Italia network.  The Company is also pleased to announce that
its existing network now incorporates more than 1000 retail sites.



Henry Birch, Chief Executive of Leisure & Gaming said:

"2006 was a challenging year for Leisure & Gaming with US legislative change
materially impacting our business and the industry as a whole.  We now enter
2007 with a successfully restructured group and a fast-growing, dynamic company,
Betshop, at its centre.  Revenues in our Italian business were substantially
ahead of expectations in the latter half of 2006, and we are encouraged by our
award of new licences and the growth opportunities that exist in the Italian
market."


For further information please contact:

Henry Birch, Chief Executive, Leisure & Gaming plc        T: +44 (0)20 7248 6343

Jonathon Brill/Billy Clegg/Caroline Stewart,              T: +44 (0)20 7831 3113
Financial Dynamics

John Prior/David Seal, Corporate Synergy Plc              T: +44 (0)20 7448 4400




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

TSTZGGGMRRGGNZM
Leisure & Gaming (LSE:LNG)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Leisure & Gaming Charts.
Leisure & Gaming (LSE:LNG)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Leisure & Gaming Charts.