betbull Holding SE, formerly betbull plc, ('betbull') announces the release of group consolidated audited financial statements for the year 2008

1. Financial highlights for the year 2008

- Betting stakes of EUR 100.4m up 28.5% compared to EUR 78.1m last year.
- Net gaming revenue of EUR 16.1m up 21.1% compared to EUR 13.3m last year.
- EBITDA (including the joint venture in Madrid) of EUR (2.8)m down EUR 2.3m compared to EUR (0.5)m last year.
- Loss of EUR (4.3)m down EUR 2.4m compared to EUR (1.9)m last year. Extraordinary losses of EUR 1.9m include the write off of investment associated with discontinuance of betting operations in Andalucia and goodwill impairment.
- Change of the share denomination of 5 Pence per share to EUR 0.05 per share resulting in a reduction in share capital of EUR 0.2m.
- Cash position as at 31 December 2008 (including the joint venture in Madrid) of EUR 8.2m compared to EUR 7.7m as at 31 December 2007.
- EBITDA excluding the joint venture in Madrid of EUR (1.0)m and cash position as at 31 December 2008 also excluding the joint venture in Madrid of EUR 7.6m.

2. Business highlights for the period

betbull intends to focus business development entirely in Spain and Germany whilst continuing to provide a complementary online offering to retail customers. Management feels that these two regions offer a high level of growth opportunity and warrant the full attention of the company's investments.

Germany

Turnover was EUR 100.4m which continues to exceed last year's EUR 78.1m at a rate of 28.5%. Gross hold of EUR 19.3m is 24.5% up on last year's EUR 15.5m and Net Gaming Revenue of EUR 16.1m is 21.1% up on last year's EUR 13.3m. Overall an excellent result from the German operations, where the group has managed to achieve steady growth and stable trading results despite the unfavorable legislative environment. Several cases before the European Court of Justice are pending with high relevance for the regulatory environment in Germany.

Spain

Betbull Bwin Espana S.A. (BBE) was awarded a retail betting licence by the Community of Madrid on 23 September 2008. BBE is now one of only four licensed operators in the Province of Madrid. The first premises started trading on 6 February 2009.

It is widely believed that other Provinces will follow Madrid and the Basque Country in licensing retail betting and BBE intends to extend operations to those Provinces when possible. The central office operations and management already established will be capable of supporting retail activities in further Provinces, producing future economies of scale.

Retail betting operations in Andalucia were suspended since 2007 pending legislative amendments, which to date have not been forthcoming, accordingly, betbull has surrendered leasehold interests in two properties and is in the process of liquidating the subsidiary Betpoint SL.

Italy

betbull has disposed of their Italian retail betting operation, producing a profit on original investment of EUR 0.2m

Online

Online betting via www.primebet.com continues to be a complimentary product for retail clients. The exchange betting sites www.betbull.de and www.betbull.com were discontinued with effect from Q4 2008 and Q1 2009 respectively.

Corporate Setup

betbull plc has transformed into betbull Holding SE on 31 October 2008. On 20 January 2009 an EGM has approved the relocation of betbull Holding SE from London to Vienna. The Directors intend to file for relocation as soon as HMRC has specified their requirements for a guarantee on potentially owed taxes in the UK. Upon relocation the management board shall be formed by Simon Bold and Alexander Leip and the administrative board shall be formed by Nicolas Mathys, Günter Schmid, and Norbert Teufelberger. Also effective upon relocation will be the replacement of the currently listed ADCs with betbull Holding SE stock.

Commenting on today's press release, Simon Bold, Director of betbull Holding SE said:

'betbull has again achieved handsome growth amid difficult trading conditions in the core German market, increasing turnover to over EUR100m as compared to EUR 78m last year. Net Gaming Revenue of EUR 16m against EUR 13m last year, showed a consistency in operating margin which highlights the groups competence in the retail betting sector.

Group activities in Germany continue to provide solid net results, supporting the significant start-up funding required in Madrid, where the JV, Betbull Bwin Espana SA (BBE) is in the process of opening the first trading units. It is important to note that BBE accounts are fully consolidated into betbull Holding SE accounts above.

We believe our investment in Madrid will provide significant contributions to group profits in the future, we are pleased with the development of the fully licensed market and actively await the opportunity to apply for licences in further regions as and when available.

The concentration of resources on just 2 regions, Germany and Spain will help to streamline the company and reduce costs. Non core activities, including online exchange betting, are being discontinued and will be eliminated during 2009. '