betbull Holding SE, formerly betbull plc, ('betbull') announces sale of Spanish subsidiary to bwin Interactive Entertainment AG

betbull has sold 100% of Winners Apuestas SA (Winners), it's Spanish subsidiary, to bwin Interactive Entertainment AG (bwin) for EUR 4,000,000. Winners is licensed in Madrid and operates from 6 locations plus points of sale within the Santiago Bernabeu Stadium.

betbull will now concentrate fully on its core business in Germany. The sale will release betbull from the funding obligations required by Winners as it expands in Madrid and further Spanish communities, and allow the already cash flow positive German business to expand and develop under an eagerly awaited new legislation.

bwin continues to be a major shareholder in betbull where it is quoted on the Vienna stock exchange, as is bwin. As part of the sale exercise betbull has reduced costs at a holding level and has a healthy cash position.