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Coral Eurobet Fights to Restore Reputation after Massive Internet Losses16 February 2001UNITED KINGDOM – Feb. 16, 2001 – As reported by the Racing Post: "Coral Eurobet has gone on the offensive following yesterday's revelation in the Racing Post that the company has been forced into a major policy change after its international website registered an operating loss of £19.1 million last year . . . "Bob Scott, Coral Eurobet's chief executive officer, immediately launched a damage-limitation operation aimed at bolstering the wounded reputation of the firm's internet business. "The loss, suffered largely at the hands of a number of Asian bookmakers during the Euro 2000 football championships, wiped out a £14.9 million profit generated by Coral's traditional business, and left Britain's third-largest bookmaker showing an overall operating deficit of about £4.25 million. "…Scott said, `The article correctly states that all bookmakers fared badly during Euro 2000. But Coral Eurobet, as far as we're aware, took more money on Euro 2000 than any other internet betting business. ' "…Scott said the international betting market would become dominated by a small number of major firms, adding, `In my opinion Coral Eurobet isn't a gamble, it's a "good thing", and it takes a bookmaker to know one when he sees one.'" |