Problems continue for Betbrokers

Betbrokers who went into administration on the 25th August 2008 have announced that trading it its shares has been suspended. Former F1 team boss Eddie Jordan had served on the Betbrokers boards as a non executive Director.

Following its flotation in November 2006 Betbrokers was valued at $58.12 million but had returned a net loss of $39.31 million this year on reported revenues of $5.13 million, and had made a gross profit of $2.18 million. Betbrokers also operated the financial betting site BetbrokersBinaries.com and the recently acquired Winning Edge and Gold Sheet.

The firm had revealed in May 2008 that its average bet was just $777.99 compared to $2,513.10 in the same time the previous year. Then in June 2008 it reported that it had been unable to take some bets due to a lack of available funds despite customer demand being high.