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Australian online-gaming operator Centrebet International Ltd. said last week that its earnings outlook for the fiscal year ending June 2009 would be worse than expected. The company forecast that its net earnings would be 30 percent lower than the 14.3 million Australia dollars ($10.4 million) it predicted in February.

The downgrade in projected net earnings accounts for a 20 percent decrease in net profit after tax, plus a 10 percent additional decrease due to several losses Centrebet incurred – including unrealized foreign exchange losses, a one-time loss due to the company’s withdrawn offer for All Sports Ltd., staff costs and a large bad-debt write-off.

Centrebet explained the largest portion of the downgrade as a result of poor February and March wagering win rates. All told, the company expects its net 2009 earnings to be between $5.4 million and $6.2 million, down from its $9.5 million in earnings last year.

Despite the negative earnings report, Centrebet Managing Director Con Kafataris said the company’s long-term outlook remains strong.

“Pleasingly, trading during April has been strong,” Kafataris said. “We conducted a detailed review of our cost base with annual cost savings in excess of ($1.4 million) being implemented, the Australian online wagering market continues to grow strongly and we will commence our fixed odds management contract with the (Western Australia), (Australian Capital Territory), and Tasmanian TABs in late May, estimated to deliver in excess of ($732,600) in net profit after tax for (the fiscal year ending June 2010).”

Shares in Centrebet International Ltd. (ASX:CIL) closed Friday at 1.20 Australia dollars per share in Sydney.

phill.provance@gamblingplanet.org

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If you happen to like Chocolate Candy (the horse, not the Hershey bar), then SBG Global is definitely the place to bet him. 

Gambling911.com has determined that SBG Global was offering the best odds on Chocolate Candy to win the 2009 Kentucky Derby as of Saturday morning:  A payout of $2000 compared to $1200 elsewhere.

"This is interesting because SBG Global had slashed Chocolate Candy’s odds to 10/1 or +1000 earlier in the week," observed Don Shapiro of Gambling911.com. 

Brian Skirka of the National Thoroughbred Racing Association:

"Will it all go according to plan? Trainer Jerry Hollandorfer appears to have taken his time with this one. Guiding Chocolate Candy through a carefully thought out winter/spring campaign, Hollendorfer has been rewarded with gradual development – improving Beyers in each of Chocolate Candy’s last four races – and likely has a horse ready for a career effort on Derby Day. While Hollendorfer is relatively unknown in terms of the Kentucky Derby, his work with top-distaffer Hystericalady in recent years is proof-positive that he’s not out of his league with an upper-echelon horse. To win the Derby, Chocolate Candy most simply fulfill his trainer’s plan – run his best race on the first Saturday in May. A fast pace wouldn’t hurt either."

Ed McNamara of Newsday is not impressed:

"His post position may have something to do with the longer odds. 

California-based colt hasn’t run on conventional dirt, and his speed figures on the manmade stuff are nothing special. At best, he’s a candidate for third or fourth to inflate exotic payoffs."

But with odds that pay $2000 for every $100 bet, if you like Chocolate Candy, you’ll want to bet him at SBG Global. 

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Christopher Costigan, Gambling911.com Publisher