Bitofayarn.com Website Review

On the third of April 2018 the New Zealand Racing Board (NZRB) CEO, John Allen, announced a Good Half Yearly Result.  Content from that press release is in italics below.  BOAY takes an indepth look to find the Devil in the Detail and conclude that it was really a Terrible Half Yearly Result!  BOAY has attached the pdf of the full result for your reference. $2.8 million or 3.4% on last year (excluding the net impact of strategic initiatives costs and benefits of $4.4 million).  Including the planned investment and as*ociated benefits from the strategic initiatives, reported net profit was $79.0 million, $1.1 million (1.4%) below last year however this was $2.9 million above Budget. In a nutshell the good result was 1.4% BELOW last year or a reduction in profit of $1.1m. NZRB Chief Executive John Allen says this good interim financial performance is the result of a strong uplift in digital turnover and customer acquisition combined with ongoing disciplined cost “Successful customer acquisition campaigns, growth in digital channels and increased betting from high staking Elite customers has seen a growth in total revenue to $188.1 million, up 3.2% on last year and a corresponding growth in total turnover to $1.430 billion, up as*ume means more turnover was achieved via online betting.  Turnover was up 3.9% but this is on the back of low yield Elite customers and low yield Fixed Odd Betting on sports.  Much of the profit from sports gets distributed to sports entities.  Looking at the turnover figures to date as of 22 April 2018 Racing turnover is only up 0.64% ($7m) and total NZRB turnover up just 2%.  We as*ume that turnover figures have been bolstered by the giveaway voucher promotions e.g. open a new account and get a $20 free bet. The ongoing disciplined cost management is an amusing statement.  The turnover related expenses have risen 6% which tends to support our as*umption that turnover has been bought. Total operating expenses are up 7%.   Granted this increase in cost has been driven by a rise in