by Ryan D. Jaeger
Leisure and Gaming sports betting group recently published its poor first quarter performance, and it was clear that the company was struggling to maintain its foothold in the highly competitive UK gambling industry.
Now, in another blow to the group, its shares have been temporarily suspended on the Alternative Investment Market in London so that further clarification of its financial position could be made.
Leisure and Gaming have warned that its expansion was hampered by lack of capital, citing reasons such as low margins from sports betting through the year.
As such, Leisure and Gaming executives are busy seeking further funding through a number of parties.
First quarter figures for the group were not particularly favourable, to say the least.
Last month, Leisure and Gaming said that net winnings had dropped a staggering 33% to €5.8 million for the first quarter of 2010.
Net winnings from sports betting dropped 48% to €3.3 million.
Leisure and Gaming has a core brand in the form of Betshop, available in several European countries.
The group also runs an online sports betting site that services the European gambling public.
Some of the ways that executives may handle the financial situation is to dispose of certain assets and businesses that form part of the group.
