betinternet.com, part of Webis
Holdings plc, was incorporated in May 1998 and commenced trading on 5th October 1998 from its offices in Douglas, on the Isle of Man.
Webis, who hold a betting licence in the Isle of Man, said they were going to concentrate solely on their pari-mutuel division WatchandWager which has an operational base in San Francisco.
According to interim results published by Webis last week, the review also assessed of the appropriateness of a full UK licence.
Betinternet's future looked uncertain after recording a pre-tax loss of pounds 778,000 for the financial year 2009-10, and the company remains under review, Webis
chairman Denham Eke said.
Webis's other betting arm, the pool operation run by European Wagering Systems, helped to stem the tide by recording a 22 per cent increase in turnover, to pounds 18.4m, recording a pre-tax profit of pounds 288,000, against the sportsbook's loss of pounds 334,000.
Webis recorded an operating loss of pounds 51,000 for the period, compared with a profit of pounds 256,000 the previous year.
, which also runs the pari-mutuel betting operation European Wagering Services, said that turnover through Betinternet's fixed-odds sportsbook had remained consistent at last year's final quarter level.
WEBIS HOLDINGS, parent company of online firm Betinternet, has returned to profit, and UK horseracing can take some of the credit for the increase in business.
"Webis Holdings has strengthened its position within its target markets through an increased marketing spend."
Holdings, parent company of online operator Betinternet, is entering racing by backing a hunter chase at Ascot on Friday, and six races at Newmarket on Friday, May 16.