Betinternet, the online gambling group, has had a topsy-turvy year where progress was made but losses were still posted. Having undertaken a strategic review of the business, the company is looking to capitalise on its re-branded pari-mutuel business, European Wagering Services (EWS), to provide a global link as hub operator between major track operators, content providers and customers. It also is looking to expand the business and recently launched casino and football game offerings. EWS, which is now fully owned by betinternet, traded strongly during the six months to November with turnover at £35.1m compared to £45m for the year to May. Total turnover at the group was up 80% to £47.1m and pre-tax losses dropped substantially from £1.1m to £720,000. The sportsbook operation enjoyed a 1.1% gain in gross margin, as a cautious approach where loss-making activities were reduced and a stricter control of overheads was achieved, although its turnover almost halved to £14.8m. With net funds at £570,000, the board decided that it needed to raise money to fund expansion that includes positioning itself to become a technology solutions provider for the online gaming sector. In January, it completed a £1m placing that incorporated the issue of 20m shares at 4p and a £200,000 6% conversion loan to Isle of Man-based company Burnbrae. Burnbrae now owns 34.7% of betinternet but the takeover rule was waived. The future may be looking brighter, but the stock remains highly speculative.