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Share Name | Share Symbol | Market | Type |
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American Telecom Services, | AMEX:TES | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:4093S TradingSports Exchange Systems PLC 24 November 2003 For Immediate Release 24th November 2003 TradingSports Exchange Systems plc Trading Update Implementation of Contracts The Board of TradingSports Exchange Systems plc ("TradingSports" or "the Company"), the AIM listed provider of person-to-person ("P2P") betting exchange systems, is pleased to announce that it has today further strengthened its portfolio of global exchange partners by launching its five year exclusive contract previously signed with SBG Global. 9 contracts are now live. The 5 year exclusive contract with TradingSports marks SBG Global's first venture into the fast-growing P2P betting market and will enable its customers to place in-running bets on a wide range of sporting events, including the NFL and basketball seasons. The exchange will be launched today on SBG Global's website www.theglobalexchange.net Current Trading The principal focus of the business remains business development and the implementation of existing contracts, as well as educating our clients on the rapidly emerging P2P betting market. At the time of the interims we reported that: "Whilst the underlying growth of the business in terms of client numbers, number of bets placed, and overall revenue continues to rise, client marketing campaigns and end-user education initiatives remain challenging areas. These areas are being addressed through a series of concise training programmes designed to assist our clients with their marketing endeavours and educate them on how to use the exchange system most effectively." The above continues to be the case and the volume of matched bets continues to increase and is currently running at #18 million per month, up 28 percent on September when the interims were reported. Implementations of some of the larger contracts, including SBG Global, have been later than the Company projected and will likely result in year end sales' numbers falling below some forecasts for the current financial year. Joe Tighe, the Company's Chairman and Chief Executive, commented: "The progress that has been made during the current financial year has been very encouraging, with 9 sportsbooks now offering their customers exchange betting through the TradingSports' exchange platform. These exclusive long-term contracts with the largest of the North American online bookmakers will prove our business model to be robust. As bettors within our contracted sportsbooks adopt exchange betting due to its high value format, the volume of matched bets will continue on a strong upwards trend. We believe that our key partners making their offering live later than expected has pushed back the market take up in North America and has delayed the business plan by a few months. Given the way the metrics are now moving, and the dominance of the market share which TradingSports now commands, we believe that TradingSports is in a strong position to capitalise on the building momentum of the global betting exchange market." For further information: TradingSports Exchange Systems plc Tel: 020 8780 6000 Joe Tighe, Chairman and Chief Executive Ken Mulvany, Director of Investor Relations Evolution Beeson Gregory Limited Tel: 020 7071 4300 Michael Brennan / Jeremy Ellis Buchanan Communications Tel: 020 7466 5000 Bobby Morse / James Strong Background Information TradingSports, which floated on the London Stock Exchange's AIM in May this year raising #4m at 115p per share, enables its customers to enter the P2P betting market without the substantial investment of building, developing and maintaining their own P2P exchange systems. Aimed at the business-to-business market, TradingSports acts as an aggregator of liquidity from different sports betting companies, enabling them to benefit from TradingSports' global pool of P2P bettors. This information is provided by RNS The company news service from the London Stock Exchange END TSTDGMZMMDNGFZM
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