On-line betting minnow, betinternet.com, unveiled a mixed set of maiden full-year results. A sevenfold increase in turnover to £11.7m bears testament to the explosive growth in this industry. However, widening losses of £1.04m (£304,000) reflect the hefty technological and marketing costs involved in operating in this fiercely competitive sector, as well as the need to build up a critical mass of punters to support such expenditure. betinternet.com, which, thanks to its Manx licence, cannot take bets from UK-domiciled punters, also announced a joint venture with America's Greyhound Channel. This 'Euro Off-Track' partnership will offer a direct betting service into the American totes. With £3.4m in cash in the bank, betinternet.com is also considering further joint ventures as well as possible acquisitions to complement strong organic growth. In the first four months of the current year, this offshore betting outfit has already exceeded 2000 figures, reporting turnover of £14m. However, neither the company nor the brokers are willing to make any forecasts as to when this bookie will reach profitability.