Online gambling group betinternet has lapsed back into the red following 'abnormal' results at the start of the Eurpoean soccer season. After reporting an operating profit of £100,443 for the year to June, the interim to November pulled in a loss before tax and goodwill amortisation of £1.1m. Turnover increased 65% to £40.8m comparatively, but this was largely due to joint venture Euro Off-Track, which saw turnover leap an incredible 4,550% to £14.6m and created a first time profit of £338,000. However, the low margin Asian handicap proposition, which eliminated the posibility of a draw in football matches, contributed significantly to margins dropping from 7.9% to 4.3%. In the words of chairman Denham Eke, the results 'can only be described as very disappointing.' House broker William de Broe admitted the results were lower than expected and has revised its forecast for the company to make a loss of £750,000 for the year from a previous prediction of break-even. Meanwhile, cost cutting measures continue with a reduction of 23% of staff. Despite the plethora of bad news, the company was pleased to report in the last three months, gross margin percentage has returned to levels previously maintained. Following Euro Off-Track's success it is also actively looking to enter into more joint ventures. While profit may be elusive this year, it may be worth a wager that the company will get back on track and in the black.