TV betting taking off for Two Way


29-10-2009


Australian interactive TV betting technology company, Two Way Limited, has released data suggesting that betting via the TV is starting to take off on the gambling-addicted continent. Receipts from customers for 3Q (to end-September) stood at A$327,000, up 17% on the prior quarter.

Two Way’s wagering service, known as TAB Active, is available to Foxtel and Optus TV subscribers in two of the country’s major states – Victoria and New South Wales. By the end of September, over 16,000 Tabcorp account holders had placed at least one bet via the service, a 14% increase for the quarter.


Nearly 4.8 million bets have now been placed in total with more than 1.2 million in the September quarter alone, a 21% on the previous quarter. Average number of bets per day, at 13,000, grew by 19%. The average bet size for the quarter was A$8.32.


But one piece of bad news for Two Way. With Foxtel terminating the Two Way interactive TV games service on June 30, games subscription receipts declined by 29% on the previous quarter. However, the company said, Sky New Zealand games receipts were up by 15% after a successful telemarketing campaign which saw almost 2,500 new subs. Further marketing initiatives are planned for the games services on both Sky New Zealand and Austar.


Two Way recently concluded a rights issue, raising A$1.1 million. Funds raised will be used for working capital. For the quarter, Two Way had a netoperating cash flow of negative A$371,000.