WORLDSPREADS GROUP, the Dublin-based bookmaker that takes wagers on financial markets, is planning to expand into South Africa and Russia.
Chief operating officer Brian O'Neill said Worldspreads was working on a joint venture with a South African gaming and leisure company Phumela.
"We will get business in South Africa; how big that will be remains to be seen," said Mr O'Neill. The company is also looking at the Russian market.
Worldspreads said yesterday that it expected group sales and pretax profit for the financial year to March 31st "to exceed both original management expectations at the time of the IPO and current market expectations by a significant margin" as volatile stock prices encouraged betting.
The company, which floated on the Alternative Investment Market (AIM) in London last August, is recording on average more than 4,000 bets per day, compared to an average of 2,351 per day in the six months to September 30th, 2007.
"Activity levels have grown hugely since our IPO, and we are likely to have our busiest month in March," said Mr O'Neill.
He said the company was considering a dual listing on the IEX in Dublin. "It has not been fully authorised by the board but there is a strong willingness to proceed with it."
Shares in Worldspreads rose by 1.5p to 88.5p in London yesterday.
The firm announced in its interim results last November a 534 per cent rise in pretax profit to €1.31 million for the six months to September 30th, 2007. Turnover rose 80 per cent to €4.99 million.
