HUNTINGTON, NY--(Marketwired - May 15, 2014) - SeanieMac International Ltd. (OTCQB: BETS) reports preliminary data for the first quarter ending March 31, 2014.
First quarter amounts staked were approximately $2,742,866 (EUR 2,016,814) as compared to the 4th quarter amounts staked $1,991,759 (EUR 1,464,529), an increase of 37% percent from the previous quarter. Gross profit in the first quarter was approximately $167,901 (EUR 123,457) vs. $145,800 (EUR 108,111), an increase of 15 percent.
Our annual run rate was $11,000,000 at the end of the first quarter.
Amounts staked is a non-GAAP financial measure that reflects the gross amount of online sportsbook betting activities.
We are very pleased with this strong start to our operations, but we remain focused that we have a lot of work to do to grow the business in the months and years ahead. Our goal is to have a substantially larger market share at the end of 2014 than we have today.
We are still waiting for an outside audit firm to complete its audit of our Irish partner and provide it to our US auditors so we can file our audited 10-K and then quarterly 10-Q. We expect that process to be completed soon. Our US auditors have been paid in advance for the 10-K process. We do not expect any material difference from our previously reported guidance on the 4th quarter.
While our gross profit would cover our fixed overhead without investment in future growth or accrued liabilities we continue to rely on short term equity and debt financing to fund our growth plans and retire outstanding liabilities from our launch. As a result we have drawn down approximately $200,000 in funding in the first quarter.
We do not currently have commitments for the funding we want for our 2014 budget and while we are in active discussions there is no assurance we will get funding which would have a material negative effect on our business.
SeanieMac Limited is an Irish gaming company. It owns and operates "www.SeanieMac.com", an online sports and casino wagering web-based platform serving gamblers directly under the brand name SeanieMac.com.
While the site offers wagering for many categories outside of sports, SeanieMac intends to capture the Irish market by initially focusing on the Gaelic Athletics Association (GAA) or Gaelic Games as well as Irish horse racing and soccer. The company's mission is to provide a market-leading, user-friendly website for online gambling, including sports betting and casino gaming (traditional casino, live casino, poker, bingo and interactive skilled games). The Company does not market to U.S. residents and, hereby, specifically discourages them from attempting to access its wagering services.
The Irish gambling industry generated approximately $18.7 billion in revenue in 2011, with $1.7 billion of that generated online. The Irish online gambling sector is projected to reach $3.2 billion in 2012.
As its national pastime, the Gaelic Games have long been popular in Ireland but they are gaining worldwide appeal, especially in areas with large communities of Irish heritage and their descendants, such as the U.S., Canada, Australia and the United Kingdom, where many communities have their own teams and clubs participating in the Gaelic Leagues locally and internationally. To learn more about the GAA, see www.gaa.ie.
Safe Harbor Statement
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of SeanieMac International, Ltd. and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements regarding our expectations regarding amounts staked and gross profits and our marketing initiatives. Such risks and uncertainties include, among other things, the uncertainty regarding consumer preferences, a decline in the popularity of our website and competition in the online gambling industry. SeanieMac assumes no obligation and does not intend to update these forward-looking statements.
A further description of risks and uncertainties can be found in SeanieMac International, Ltd.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and in its reports on Form 10-Q and Form 8-K.