Betbull has released a report for the period ending Mar. 31, 2009.

During the past quarter, financial highlights included:

- Betting stakes of EUR 21.1m for the quarter down 20 percent compared to EUR 26.4m in QIV 2008 and down 5 percent compared to EUR 22.2m in QI 2008,

- Net gaming revenue of EUR 4.0m for the quarter down 10 percent compared to EUR 4.4m in QIV 2008 and up 5 percent compared to EUR 3.8m in QI 2008,

- EBITDA (including the joint venture in Madrid) of EUR 0.1m for the quarter up EUR 2.8m compared to EUR (2.9)m in QIV 2008 and down 67 percent compared to EUR 0.3m in QI 2008,

- Cash position as at 31 March 2009 (including the joint venture in Madrid) of EUR 7.6m compared to EUR 8.2m as at 31 December 2008,

and EBITDA excluding the joint venture in Madrid of EUR 0.5m for the quarter and cash position as at 31 March 2009 also excluding the joint venture in Madrid of EUR 6.9m.

Full report here.