Company behind BetBright racked up €3.9m loss in 2015
The company behind Irish gambling business BetBright.com lost €3.9m last year, but its owners have insisted its performance will improve.
The company is controlled by Richard and Marcus Brennan, who’ve been involved in a number of telecoms businesses during the past 20 years.
Newly-filed accounts for Dedsert (Ireland) show that the betting group’s loss left it nursing an excess of liabilities over assets of just over €6m at the end of 2015.
BetBright was launched in 2013.
“The directors anticipate that the company’s performance will improve as it establishes market position and generates increased revenues,” the accounts note. “The company is funded by loans from its parent company… and the directors believe the funds available from this source will be sufficient to allow it to achieve its business plans and positive cash flows.”
BetBright has spent heavily by sponsoring horseracing events, including races at Cheltenham and Kempton.
Earlier this year, one of the National Hunt’s leading owners in Ireland and the UK, Rich Ricci, joined BetBright as its chairman.
Mr Ricci, an American who lives in the UK, is a former senior executive of Barlcays.