BETonSPORTS plc
Our brands offer customers variety Highlights of the year 3
Statistical information 4
Chairman’s statement 5
Chief Executive’s review 7
Financial review 15
Board of directors 17
Professional advisers 19
Directors’ report 20
Statement of directors’ responsibilities 22
Corporate governance statement 23
Remuneration Committee report 26
Independent auditors’ report 28
Group profit and loss account 30
Group balance sheet 31
Company balance sheet 32
Reconciliation of shareholders’ funds 33
Group statement of cash flows 34
Notes to the financial statements 35
Notice of Annual General Meeting 50
2
BETonSPORTS plc
Contents July 2004 Successful flotation on AIM raising $44m (net of expenses)
July 2004 Acquisition of Millennium Group
September 2004 Closure of certain advertising avenues
October 2004 Soft launch of BoS Poker to BoS customers
November 2004 Unprecedented run of favourites winning in NFL hits margin
November 2004 Revision of profits forecast
December 2004 Soft launch of MillPoker.com to Millennium customers
December 2004 Sportsbook launch in Guatemala
January 2005 Margin recovery in NFL
March 2005 Sportsbook launch in Mexico
March 2005 New operating software commissioned
April 2005 Management team enhanced
May 2005 Acquisition of Easybets extends geographical coverage to Asia
Financial results 2005 2004
$m $m
Turnover 1,104 1,252
Gross margin 72.5 90.2
Gross margin percentage 6.6% 7.2%
Marketing costs 10.6 15.8
Other overheads 48.6 47.4
Net profit before tax 13.3 27.0
Earnings per share
– basic 13.3c 33.1c
– diluted 12.2c 30.4c
2005 represents the 53 weeks to 6 February 2005
2004 represents the 52 weeks to 1 February 2004
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BETonSPORTS plc
Highlights of the year 2005 2004
Active customers 71,750 87,909
Sign ups in year 31,557 50,506
Sportsbook
Bets in year – phone 2.9m 3.1m
– internet 7.0m 8.4m
Average bet size – phone $201 $205
– internet $72 $71
Volume $1.090m $1.242m
Gross margin % 5.39% 6.42%
Gross margin $58.7m $79.7m
Casino
Number of bets 18.4m 21.5m
Average bet size $18 $19
Volume $333m $410m
Gross margin % 1.77% 1.66%
Gross margin $5.9m $6.8m
Poker
Average weekly players 800 –
Average number of games per week 322,306 –
Rake and tournament fees $0.7m –
Fee Income $7.0m $3.7m
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BETonSPORTS plc
Statistical information This is my first annual report to shareholders since BETonSPORTS plc became a public limited
company. I welcome the many new shareholders who supported our flotation as well as those who
have acquired shares in the market subsequently.
Your company was successfully admitted to AIM on 15th July 2004, raising some $44m net of
expenses. Much has happened since then. The issues that faced the entire USA sports betting
industry in November 2004 (NFL results against the long term trend and unexpected advertising
restrictions) provided a significant challenge for the management team. However, acting
immediately we undertook a stringent review of procedures, people and marketing avenues. We
are confident that these management actions will make BETonSPORTS a stronger company going
forward.
As expected, the results for the full year were affected adversely by these trading problems.
Margins recovered in the final weeks of the year and profit before tax was $13.3m (2004 -$27.0m).
The Chief Executive’s Review on pages 7 to 14 contains a full commentary on the results.
At flotation we raised $44m to fund our planned expansion. Our strategy and objectives were, and
remain to grow the BETonSPORTS business through a mixture of organic growth including product
development (e.g. poker), regional expansion in Central, South America and Asia and well planned
acquisitions of profitable businesses providing greater geographical spread for our activities. 
I am pleased to report that good progress has been achieved organically: BOS Poker was
launched successfully in October 2004 (and earned $0.7m in the period). Our proof of concept
operation in Guatemala, launched in December 2004, is performing satisfactorily and has given us
valuable insight into the issues arising from land based terminals. In Mexico, our partnership with
a regional bingo operator established in March 2005 is already showing strong signs of excellent
future potential.
Our acquisition programme is also beginning to take shape. As envisaged at flotation we
completed our acquisition (for $25.0m) of the 49% balance of the Millennium companies which
BETonSPORTS did not already own. The integration of this business with our main operation is
proceeding well. We continue to review strategically beneficial potential acquisitions. 
The key requirement is to find acquisitions which are compatible with our core business, profit
enhancing, risk reducing and which offer opportunities for cross selling and synergies.
Our business is focused on providing an entertainment experience to our customers. We strive to
offer an exciting and pleasurable experience to the recreational gambler, whether that individual is
interested in sportsbooks, on-line casino games, poker or proposition betting. With an average bet
size of $109 ($72 over the Internet and $201 by telephone) it is clear that most of our customers
meet this description. Such customers are important to us and we direct considerable effort to
retaining them and improving their enjoyment. To help with this process we are undertaking major
enhancements to our technology platform to improve both the playing experience and our
customer relationship management (CRM) procedures.
We believe in promoting ethical and responsible gaming and have campaigned actively for
regulation in the sector. We believe legislation would make it easier to protect the consumer,
prevent crime and deliver valuable economic stimulus to the legislating territories. At the same time
we support many help organisations and charities such as Gamcare based in the UK and 800.org
based in New Jersey, USA. Our own procedures for risk management include rigorous controls to
prevent abuse, money laundering, under age gaming, etc.
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BETonSPORTS plc
Chairman’s statement The BETonSPORTS business depends on the goodwill and support of its outstanding team of
people. I take this opportunity to thank them all for their dedication and I look forward to working
with them in the future as the business develops for the combined benefit of both shareholders and
staff. The employee benefit trust and share option schemes have been created to reward loyalty,
commitment and success, and effective use has been made of them already.
We are in an exciting and growing market. We continue to strengthen our management team. The
high profile board appointments of Clive Archer, as Operations and Marketing Director, who will be
responsible for directing day to day activities, and Richard Creed, Commercial Director whose role
will be to assess new business and commercial opportunities are part of this ongoing process.
I am also pleased to welcome Christopher Callaway to the Board as an additional Non-Executive
Director with effect from 24 May 2005.
We are extending our core business into new territories, expanding into new geographical areas,
developing new products and improving our technology for the benefit of our customers. The
opportunities are outstanding and your Board is very confident about the future business and
profitability of BETonSPORTS.
24 May 2005
Clive A Parritt
Chairman
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BETonSPORTS plc
Chairman’s statement Overview
The gaming industry continues to move ever more rapidly, embracing the continually increasing
power of the Internet and technology. New ideas, products and methods of sports betting and
gaming arise regularly. Faced with such rapid change the retention of traditional risk management
processes has never been more vital. 
Several countries around the world are striving to put in place regulatory legislation and methods
of taxing and monitoring e-gaming activities. On behalf of your company, I have been involved in
campaigns to encourage governments to regulate the industry and participated actively in the “right
to wager” initiatives in the USA.
I am pleased that we are at the heart of this industry and well placed to assess and take advantage
of the most appropriate opportunities.
A recent significant prediction in Forbes.com stated that “over the next five years, as the gaming
generation ages into its 30s and 40s, expect revenues from traditional online entertainment (such
as games, gambling etc) to exceed those from offline entertainment (like movies, books and
casinos).”
This statement may sound like the heady dot.com days, but the difference is that the e-gaming
financial model is already secure. Furthermore your Group is experienced and well positioned,
following the flotation on AIM, to develop both organically and through acquisition.
Dynamics of the business
Our core dynamics are 
• An established brand reputation;
• Multiple integrated betting platforms, internet, telephone and retail;
• Strong risk management and controls;
• Customer centric service;
• Innovative;
• Proven marketing channels;
• Scaleable and robust IT automated systems; 
• Reliable cash flows.
Business review 
General
As reported to shareholders in November 2004 the results for the year under review were affected
adversely by an unusual run of NFL results and difficulties experienced in placing advertisements
for new customers.
The removal of certain advertising avenues, particularly in radio at the busiest period for acquiring
new customers (during the early part of the NFL season in September), was the major contributory
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BETonSPORTS plc
Chief executive’s review factor to the reduction in new customer acquisitions. Acting immediately we decided not to spend
on unproven advertising avenues and consequently reduced our actual spend to $10.6m (2004
-$15.8m) against a forecast of $21.0m. We have now revised our advertising strategies and
developed new alternative advertising mediums which are more focused on the Internet. Early
performance indicators from our revised strategies are encouraging. 
The gross margin in the sportsbook was 5.4% (2004 -6.4 %) and was particularly hit by the
extraordinary run of wins in the regular NFL football season by:
• The New England Patriots (won 14 lost 2), and they also won the Super Bowl;
• Pittsburgh Steelers (won 15 lost 1); and
• Philadelphia Eagles (won 13 lost 3). 
In the 2003/4 season, only the New England Patriots achieved a comparable record.
Sportsbook
During the year, 71,750 (2004 -87,909) customers used our services placing 9.9m bets (2004
-11.5m) with an average bet size of $109 (2004 -$107), generating a monetary volume of
$1,090.3m (2004 -$1,241.8m).
The two main brands, BETonSPORTS and Millennium, together accounted for 81.3% (2004
-77.6%) of the total volume. 
Source: Company information
American football represented 39% (2004 -41%), basketball 36% (2004 -34%) and baseball 22%
(2004 -19%) of total volume. The lock out by owners of ice hockey teams resulted in the season
being cancelled and a loss of $25m in volume or about 2% of annual volume.
We continue to offer a dual betting platform, which allows our customers to place bets on the
phone or through the Internet. We believe strongly that the choice is important and telephone
contact improves our customer retention. Additionally it provides an extra level of control over bets
taken as well as flexibility. In the year, the number of bets placed using the telephone was 2.9m
 
 
 
 
 
 
 
 
 
 
Group turnover and margin % by sport: 2005
Football, 39%, 7%
Basketball, 36%, 5%
Baseball, 22%, 4%
Hockey, 1%, 5%
Others, 2%, 2%
% of Turnover
Gross margin %
8%
7%
6%
5%
4%
3%
2%
0% 10% 20% 30% 40% 50%
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BETonSPORTS plc
Chief executive’s review (2004 -3.1m) and using the Internet was 7.0m (2004 -8.4m) with an average bet size over the
telephone of $201 (2004 -$205) and through the internet of $72 (2004 -$71). To ensure effective
risk control all sports bets with stakes of over $2,500 must be placed by telephone. 
Customer retention is as important as gaining new customers. It is pleasing to note that over 30%
of our active customers have been with us for over 2 years and we continue to explore methods
of retaining loyalty.
The advertising restrictions severely dented our new customer acquisition plans with 31,557 (2004
-50,506) new customers registering and placing bets in the year. 
Casino
The number of customers who played in our online casino room in the year was 11,225 (2004
comparative not available). They placed 18.4 m (2004 -21.5m) bets at an average size of $18
(2004 -$19), which resulted in a monetary volume of $332.9m (2004 -$410.0m). 
Source: Company information
The number of sportsbook customers has a direct correlation to the number of players in our
casino room, and the lower casino volume reflects the reduction in sportsbook customers in the
year.
Our improved software and the larger variety of games increased our margin from 1.7% to 1.8%,
which provided a monetary gross margin of $5.9m (2004 -$6.8m).
We continue to pursue methods of improving our casino product and are planning an extensive
advertising campaign focusing on cross-selling to our existing and new customers in order to
promote greater participation. 
Poker
Our poker product was introduced into our BETonSPORTS brand on 8th October 2004 and was
subsequently offered to our Millennium customers in early December and our Infinity and
Wagermall brands in December. We decided to use a phased launch programme to offer our
 
 
 
 
 
 
 
Group casino turnover and margin % by game: 2005
Slots, 1%, 7%
Roulette, 4%, 4%
Video poker, 8%, 4%
Craps, 18%, 1%
Baccarat, 4%, 4%
others, 0%, 3%
Pai Gow, 2%, 3%
Blackjack, 65%, 2%
Gross margin %
% of Turnover
0%
7%
6%
5%
4%
3%
2%
1%
0%
10% 20% 30% 40% 50% 60% 70% 80%
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BETonSPORTS plc
Chief executive’s review customers a choice but without obtaining revenues at the expense of sportsbook and casino
revenue streams.
The income is generated by charging a commission for hosting games (rake) and from tournament
fees. 
Source: Company information
We attracted 2,867 customers to our online poker and by the end of the year were averaging over
800 playing customers every week. Our volume per hand was approximately $8 with an average
of over 322,306 hands played per week. 
This generated income of $0.7m in the limited period from October 2004 to the year end.
Player liquidity is a key requirement for a poker room and we now have an active room with strong
controls to prevent collusion. 
Poker is currently riding the crest of the popularity wave and we are encouraging player growth,
but we are conscious of the need to continue to offer new and exciting opportunities to our
customers while maintaining our customers’ use of the sportsbook and casino offerings. We plan
to increase the poker offering to all brands within the Group, by the end of first half of 2005/06 and
to continue with a coordinated expansive marketing campaign to promote greater participation of
our poker offering.
Fee income
Our call centres in Costa Rica and the Dominican Republic have a capacity of 894 telephone
capture positions. While the majority deal with customer relations, we continue to develop other
business that requires call centre infrastructure and services such as market research and
telemarketing. 
We successfully increased this activity in the year, utilising spare capacity and in house skills to
generate income of $7.0m (2004 -$3.9m)
Marketing
We monitor closely the effectiveness of our marketing and advertising campaigns and dedicate
resources to brand awareness, customer retention and customer acquisition. 
     
 
 
 
 
 
 
 
 
Group poker gross profit by week
Since opening W36 – W53 Thousands
Margin
$70
$60
$50
$40
$30
$20
$10
$0
($10)
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BETonSPORTS plc
Chief executive’s review We employ a mixture of above and below the line techniques. During the year we spent $10.6m
(2004 -$15.8m), despite the difficulties we encountered in placing advertisements.
We also offer customers a range of incentives such as bonuses and free plays, to encourage
participation and stimulate use. These are monitored closely and require customers to bet the
value of bonuses a number of times before being able to withdraw winnings. In the year these
incentives amounted to $9.7m (2004 -$12.0m)
Source: Company information
Our advertising and marketing spend on customer acquisition is broken down into mailings 31.4%
(2004 -26.1%); magazines 19.1% (2004 -32.5%); radio 16.2% (2004 -24.8%); internet 9.5% (2004
-10.8%) and promotions 20.0% (2004 -5.7%) and TV 3.8% (2004 -nil).
The cost of each new customer was $336 (2004 -$313).
Operating costs
The total operating costs, excluding marketing, were contained at $39.7m (2004 -$35.6m) for the
year. Of this total, payroll related costs (including staff dedicated to fee income) amounted to
$19.8m (2004 -$17.1m), telecommunications cost $4.9m (2004 -$3.5m), payment processing
expenses were $4.2m (2004 -$2.3m) and property related costs were $2.0m (2004 -$1.7m).
We continue to explore more efficient working methods, seek more secure money processing
avenues and monitor the costs of our facility in the Dominican Republic which provides cover in
case our main data processing and call centre facility in Costa Rica suffers disruption. 
Payment processing
Effective payment processing is vital to the business, allowing customers to deposit funds easily
and to trust that winnings will be paid out with reliability. Certain US issuing banks have stopped
accepting online gambling transactions as a result of political pressure, but other suppliers, such
as NETeller are providing this service and filling any supply gap. New secure payment processing
avenues are researched continually and it is hoped that the increasing agreement by European
legislators that sportsbets from North America are acceptable, will increase the involvement of
major financial institutions in this market. We continue to monitor this area for fraud, money
laundering and risk.
0% 5% 10% 15% 20% 25% 30% 35%
Year 2004
Year 2005
 
 
 
 
 
Advertising % spend mix
% of total
TV
Promotions
Internet
Radio
Magazines
Mailings
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BETonSPORTS plc
Chief executive’s review Technology
Operational software forms an important aspect of the business and we have commissioned a full
specification of our requirements to:
• Enable the Group to offer a common wallet in any currency to our customers that allows them
to participate in any of our offerings from one source;
• Improve functionality; 
• Automate payment processing;
• Automate base level risk management;
• Provide the ability to personalise automatically the service to customers according to their
specific profile;
• Strengthen the safeguards to protect customers; and
• Better protect our systems against denial of service attacks by saboteurs.
The new platform will offer the ability to introduce further products and address the needs of the
next generation of users, including multi channel distribution systems such as mobile phones or
interactive TV. 
Latin American expansion
Our organic growth plans are centred around Central and South America because of our location
in that region and our knowledge of regional practices, regulations and customs. We embarked on
a proof of concept programme on 14th December 2004, where we started operating a joint venture
sportsbook in Guatemala which provides a virtual casino and sportsbook at a prominent spa hotel.
Business is building as an understanding and acceptance of sports betting improves and the
operation has helped our understanding of the issues involved in developing new territories in
Central and South America. 
On 21st February 2005, we signed a management supply contract to provide sportsbook facilities,
in up to 18 locations throughout Mexico, in association with a bingo operator.
The first location opened on 5th March in Mexico City and comprises a modern 562 seat bingo hall
with ancillary bar and restaurant facilities. We have installed a sportsbook area of 1800sq feet with
24 TV screens showing live sports and full sportsbook service lounge areas managed by
BETonSPORTS. Early indications are positive.
We are progressing on further initiatives in Peru and Argentina.
Strategic acquisitions
We are pursuing value enhancing acquisitions and have established our guidelines as
• Proven profitability;
• Strong local market presence and knowledge;
• Local regulatory compliance and trading licences with an assessment of exposure; 
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BETonSPORTS plc
Chief executive’s review • IT integration and compatibility;
• Good financial control systems; and
• Effective risk management procedures.
The current overheated market has led to vendor price expectations being higher than true worth
and being conscious of this fact, we will only consider potential acquisitions which are strategically
important and earnings enhancing. 
We continue to seek opportunities in markets that will 
• Diversify our current business in terms of geographic location of customer base;
• Expand the range of sports events available to customers worldwide and spread the
seasonality bias of the current business;
• Create operational centres in key regions (Europe, Far East and Australasia);
• Increase the product range and services;
• Benefit from cross selling;
• Utilise the current infrastructure to save costs and grow businesses; and
• Increase the IT, marketing, risk management and financial capability.
Regulatory update
We welcome moves by Governments that clarify their regulatory legislation. However, we believe
that progress in this area around the World will continue to be slow and there will be little significant
movement within the next 12 months.
The UK Government’s Gambling Act is a move in the right direction, but there is still considerable
need for clarity on interpretations. At present the Act seems to suggest that a business registering
in the UK will be taxed on its activities in all jurisdictions. If this is correct the desire of the
Government that the UK becomes a major online gambling jurisdiction may not be fulfilled.
The success of Antigua against the USA in the WTO dispute is a triumph for logic and is good news
for the industry as a whole. Hopefully the decision will improve the environment for advertising and
cash transmission from the USA in particular.
Ultimately, we believe that the lure of tax revenues will provide a powerful argument for positive
legislative change as demonstrated by the increasing acceptance of online poker activities.
In the Far East, Singapore is encouraging land based casino operators to operate in the country
and the publicised crack down in China on illegal betting shops has shown an acceptance of the
issue.
Management team
The expansion of the management team has been a key target. I am delighted that Richard Creed
and Clive Archer have joined the team at Board level. We are continually strengthening our
operational procedures and improving the management practices at all levels. There is much to do
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BETonSPORTS plc
Chief executive’s review in an industry which is developing at a very fast pace and the strategic and operational skills added
by Richard and Clive are especially valuable. Richard has a track record of worldwide mergers and
acquisitions experience and Clive provides considerable operational and management expertise
with a particular emphasis on marketing.
Outlook
I am pleased to report that the gross win margin on the sportsbook has returned to historic trends
and is ahead of forecast.
New customer sign-ups and customer cash deposits are also in line with forecast and slightly in
advance of 2004 levels.
The launch of poker and the repositioning of the on-line casino are progressing well. Despite the
strong seasonality of our business, we are pleased with the results achieved in the first quarter and
look forward with confidence to continuing the development of our business in our core and new
markets across the world.
24 May 2005
David Carruthers
Chief Executive
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BETonSPORTS plc
Chief executive’s review Accounts preparation
BETonSPORTS plc was incorporated on 13 November 2003 and started trading on 8 July 2004.
On 14 July 2004, the Company acquired the shares of a number of companies operating
interactive licensed betting and gaming operations over the Internet and telephone. These
companies and their activities are listed on page 44.
Following this acquisition, the shares of the Company were admitted onto AIM on 15 July 2004.
Simultaneously, the Company acquired the balance of the shares in the Millennium group of
companies, to bring this wholly owned subsidiary within the Group.
Accounts
The Company has a legal requirement to report its results for the period from incorporation to the
year end. You will see these results for the 29 weeks to 6 February, which have been audited. 
To provide a more meaningful set of figures, we are also reporting results for the 52 weeks ended
1 February 2004 and 53 weeks ended 6 February 2005, which are described as “pro forma”.
Accounting date
The Company selected the Super Bowl as the year end date because a significant number of
pending bets were settled on that day and to ensure that only one Super Bowl fell in every financial
year. This year the Super Bowl was on Sunday 6 February 2005.
Dividend
The Directors have decided that the dividend distribution to shareholders should be declared as
an interim dividend for 2005/06. Although it does not affect the timing of payments to shareholders
or their personal taxation position, it does defer the payment of over $2.3m in UK corporation tax
for twelve months. The Directors confirm, however, that they intend to pay normal interim and final
dividends in respect of the year to 31 January 2006 in addition to this special interim dividend.
Employees
Your Board actively encourages employee participation. All staff in service as at 3 December 2004,
and who had completed 4 or more years service were granted options based on their length of
service. Employees with 4 years service were granted 577 shares, employees with 5 years service
1,443 shares and those staff with 6 or more years service 2687 shares. These options were
granted at a price of £0.90 and are exercisable between 2007 and 2014.
Adoption of International Financial Reporting Standards
Although not required until 2007 your Company is preparing to implement the forthcoming
International Financial Reporting Standards (IFRS), and is currently assessing the financial impact
of these changes.
In advance of these changes being mandated, your Company has reviewed its policy on goodwill.
We conducted an impairment review of the goodwill held on the balance sheet. The biggest single
item relates to the purchase of the minority interest in the Millennium Group. This is $20.8m, and
we consider that it is correctly valued. In reviewing the valuations of the minor brands we
concluded that BETaBET was overvalued, while the other minor brands were correctly valued as
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BETonSPORTS plc
Financial review at the beginning of the year. As a result we have decreased the valuation of this brand to a nominal
value and made no charge for the year for the other brands, as we considered them to be
accurately valued.
The net cost of this during the year was $0.28m. 
Accounting policies
Insofar as sportsbook volume is concerned, volume is the value of wagers placed by customers
that have concluded in a result. It is possible for some wagers to conclude as “no action” where
the game is postponed or cancelled or where the result exactly equals the handicap given. In this
event the monies are refunded to the customer and the amount wagered is not considered to be
volume.
We define the volume deriving from our casino as being the gross win. This is the net difference
between bets placed and winning bets.
The poker websites facilitate games between our customers. They are betting against each other
and not the Company, so we do not consider the value of games played to be your company’s
volume. The rake, the small cut taken from each hand, is considered to be volume.
Taxation
The Company operates through a number of companies throughout the world.
The main operating company is located in Antigua, where the company is licensed to carry out its
main activities. This has a beneficial taxation effect locally where the company has IBC or
International Business Corporation status.
The Group’s operations mostly take place outside the UK where low effective rates of tax apply,
UK tax arises only on dividends remitted to the UK. Additional amounts of UK tax can arise under
so-called “controlled foreign company” (CFC) rules, but the UK tax authorities have accepted that
these rules will not apply for periods up to 6 February 2006 and will be reviewed thereafter.
Cash
To minimise risk, customers are required to deposit funds prior to placing any bets. It is a matter
of policy to keep sufficient liquid resources to meet all customer balances at any time. We believe
that this is a policy that gives our customers greater confidence.
The Company retains the majority of the funds raised at the IPO with which to pursue its expansion
strategy. 
The business is highly cash generative and will pursue a policy of paying shareholders regular
dividends.
24 May 2005
Craig Lapsley
Finance Director
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BETonSPORTS plc
Financial review Clive Anthony Parritt, 
Non-Executive Chairman, Aged 62
Clive Parritt is a Chartered Accountant with over 25 years experience of
providing strategic, financial and commercial advice to businesses in the
services sector. He is a member of the Council of the Institute of Chartered
Accountants in England and Wales and chairman of Baronsmead VCT 2 plc
and BG Consulting Group Limited. He was Chief Executive of a leading
independent corporate finance house until July 2003. Previously he has
chaired or been a director of a number of investment trusts, VCTs and media
businesses. He was appointed to the Board on 8 July 2004.
The Lord Glentoran
Non-Executive Director, Aged 70
The Lord Glentoran is a former chairman of Redland Tile and Brick Limited.
He has international business and sporting experience (including winning an
Olympic gold medal for bobsleigh). He was responsible for building Redland
into a multi-million pound company, and managed the acquisition of Tyrone
Brick. He was later responsible for the development of Redland outside
Europe. In 1992, he was awarded a CBE for services to Northern Ireland and
Industry. He is a shadow minister of state for Northern Ireland in the House
of Lords. He was appointed to the Board on 8 July 2004.
Christopher Callaway
Non-Executive Director Aged 53
Chris Callaway has worked in the City for over 30 years. He joined Beeson
Gregory in 1995 as a director and was appointed joint head of Corporate
Finance following the take over by the Evolution Group plc in 2002.
Throughout his career Chris has specialised in advising small/mid cap
companies on all aspects of corporate finance. He acted as adviser to the
Group during the flotation. He was appointed to the Board on 24 May 2005.
David Carruthers, 
Chief Executive, Aged 47
David Carruthers had over 24 years experience in the UK betting and
gaming industry with Ladbrokes plc, before joining BETonSPORTS in June
2000, where he prepared the Company for flotation. As Chief Executive,
David oversees the Company’s overall corporate strategy, management, and
operational development. Since 2000 David Carruthers has been
responsible for spearheading the rapid growth of the Group, leading key
corporate initiatives, acquisitions and brand and product developments. He
was appointed to the Board of this company on 18 June 2004.
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BETonSPORTS plc
Board of directors Craig Graeme Lapsley, 
Finance Director and Company Secretary, Aged 44
Craig Lapsley joined BETonSPORTS in April 2002 as Finance Director. He
qualified as a Chartered Management Accountant in 1983 while working for
the Thomas Cook Group, where he held a variety of positions in both North
America and the UK. Craig then spent 10 years with BTG plc managing a
portfolio of venture capital investments. In 1995 he joined Core Technologies
as Finance Director and helped the Company raise two rounds of venture
capital prior to its IPO in 1997 as Core Group plc. Craig is responsible for the
management and financial systems as well as compliance issues. He was
appointed to the Board of this company on 18 June 2004.
Clive Richard Archer, 
Operations and Marketing Director, Aged 50
Clive Archer has over 28 years of business and management experience
and joins the Group from his position of Business Development Director,
Carmen Media Group Ltd, one of the top 5 remote gaming companies in the
world. Clive is responsible for all operational aspects of the business
particularly marketing. He was appointed to the Board on 11 April 2005.
Richard Edward Creed, 
Commercial Director, Aged 49
Richard Creed was previously a partner in Casson Beckman, Chartered
Accountants, where he specialised in corporate finance activities particularly
mergers and acquisitions. Since leaving them in 1992, he has worked for a
number of organisations on change and risk management projects as well as
opening operations in the Far East. Richard is responsible for assessing and
coordinating the organic growth and strategic acquisitions undertaken by the
Company. He was appointed to the Board on 11 April 2005.
Memberships of Committees 
Audit Committee
Chairman Clive Parritt, The Lord Glentoran, Christopher Callaway, Craig Lapsley (Secretary)
Remuneration Committee
Chairman The Lord Glentoran, Clive Parritt, Christopher Callaway, David Carruthers (Secretary)
18
BETonSPORTS plc
Board of directors Nominated adviser and broker
Evolution Securities Limited 
UK solicitors
Finers Stephens Innocent LLP
Gordon & Co
Mishcon de Reya
Auditors
Baker Tilly
Main bankers
Bank Hapoalim (Switzerland) Ltd
NatWest Bank Plc
Investec Bank (CI) Ltd
Registrars
Lloyds TSB Registrars
The Causeway, Worthing, West Sussex BN99 6DA
19
BETonSPORTS plc
Professional advisers The Directors present their Annual Report and the audited financial statements for the period from
incorporation on 13 November 2003 to 6 February 2005. Unaudited proforma financial statements
are presented for the year to 6 February 2005 with comparatives for the year to 1 February 2004. 
Principal activities
The principal activities of the Group are the operation of interactive licensed betting and gaming
operations over the internet and by telephone, as well as call centre services.
Results
For the period from 15 July 2004 (when trading by the Company started) the Group profit and loss
account shows a profit on ordinary activities before tax of $10.1m. (For the full year of trading the
unaudited proforma accounts show a profit on ordinary activities before tax of $13.3m).
Detailed information on the activities of the Group throughout the year and to the date of this
Report, together with an indication of likely future developments, is contained in the Chairman’s
statement, the Chief Executive’s review and the Financial review on pages 5 to 16. 
Dividends 
The Directors have declared a special interim dividend of 7.4 cents per share for 2005/06 utilising
the profits for the year to 6 February 2005. The dividend will be paid on 8 August 2005 to
shareholders whose names are on the register of members at the close of business on 4 July
2005. Subject to profits being available, the Directors will declare normal interim and final
dividends in respect of the year 2005/06.
Directors
The Directors of the Company are named on pages 17 and 18, together with brief biographical
notes. 
Apart from their service contracts, as at the date of this Report, no Director of the Group had
notified any interest in any contracts with the Group or its subsidiaries during the year or
subsequently.
Directors’ interests
The interests of the Directors who held office at 6 February 2005 together with those of any
connected parties, are shown in the Remuneration Committee report on pages 26 and 27.
Substantial shareholdings
As at 24 May 2005 the Group had been notified of the following interests in the Group’s issued
share capital.
Holding at 
6 February 
Name 2005 %
Boulder Overseas Corp. 35,979,020 44.3%
Fidelity Investments 7,685,537 9.5%
Iguana Azul S.A. 3,903,201 4.8%
20
BETonSPORTS plc
Directors’ report Political and charitable donations
Political contributions paid during the year were $25,000 (2004 -$nil). This was donated to the
Antigua Labour Party. Donations for charitable purposes amounted to $283,000 (2004 -$50,065).
$100,000 was given as charity prizes at the BoSPoker.com launch party and $167,000 was given
to assist in the Antigua v USA WTO action.
Employees’ involvement and policy
The Group is committed to a policy of equal opportunity in matters relating to employment, training
and career development of employees and is opposed to any form of less favourable treatment
afforded on the grounds of disability, sex, race or religion.
The Group recognises the importance of ensuring employees are kept informed of the Group’s
performance, activities and future plans.
The Company operates a share option scheme to encourage employees. Details of this scheme
are more fully described in the Financial review.
Post balance sheet event
On 24 May 2005 the Group agreed to acquire the worldwide business of “Easybets.com” a
sportsbook and casino operation with over 100,000 customers predominantly in the Asian market
(80% in China). The projected consideration is $23.7m of which $10m is payable in cash and $5m
in shares at completion together with an earn-out over 3 years. The maximum consideration
payable is $32.5m depending on profits over the next three years.
Annual General Meeting
The notice of Annual General meeting is included on pages 50 to 52 of Annual Report.
Auditors
A resolution to re-appoint Baker Tilly as the Company’s auditors will be submitted to shareholders
at the Annual General Meeting. 
24 May 2005
Craig Lapsley
Company Secretary
21
BETonSPORTS plc
Directors’ report Company law requires the directors to prepare accounts for each financial year, which give a true
and fair view of the state of affairs of the Company and of the Group and of the profit or loss of the
Group for that year. In preparing those accounts, the directors are required to:
• Select suitable accounting policies and then apply them consistently;
• Make judgements and estimates that are reasonable and prudent;
• State whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the accounts; and
• Prepare the accounts on a going concern basis unless it is inappropriate to presume that the
Group will continue in business.
The directors are responsible for keeping proper accounting records which disclose with
reasonable accuracy at any time the financial position of the Company and of the Group and to
enable them to ensure that the accounts comply with the Companies Act 1985. They are also
responsible for safeguarding the assets of the Company and of the Group and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities. 
22
BETonSPORTS plc
Statement of directors’ responsibilities Compliance
As an AIM listed company, the Group is not required to follow the provisions of the revised
Combined Code (the 2003 “Code”) as set out in the Financial Services Authority Listing Rules.
However, the Group recognises the importance of the principles of good corporate governance and
has continued its commitment to such high standards throughout the year and particularly its
voluntary compliance with the provisions set out in Section 1 of the 2003 Code.
The Board is accountable to the Group’s shareholders for good governance and the statements
set out below describe how the Group applies the principles identified in the Code.
The Board
The Group is controlled through the Board of directors which currently comprises four executive
and three non-executive directors. All the non-executive directors are considered to be
independent of management and free of any relationship which could materially interfere with the
exercise of their independent judgement.
The Chairman is primarily responsible for the working of the Board and ensures that all directors
receive sufficient relevant information on financial, business and corporate issues prior to
meetings. The Chief Executive is responsible for running the Group’s business and for
implementing Board strategy and policy.
A formal schedule of matters is considered by the Board, which meets formally at least 6 times
each year. There are frequent conference telephone calls between meetings to ensure that
communication is maintained while action and progress is monitored. The Board is responsible for
overall Group strategy, acquisition and investment policy, approval of major capital expenditure
projects and consideration of significant financing matters. It reviews the strategic direction of
individual trading subsidiaries, their codes of conduct, their annual budgets, their progress towards
achievement of those budgets and their capital expenditure programmes. In addition the board is
responsible for reviewing and monitoring the risk profile of the business.
The Directors have access to the advice and services of the Company Secretary and all Directors
are able to take independent professional advice in the furtherance of their duties if necessary. All
Directors, in accordance with the Code, submit themselves for re-election at least every three
years. This being the first year as a plc, all directors will submit themselves for re-election at the
Annual General Meeting.
Accountability and audit
The Board seeks to present a clear and balanced assessment of the Group’s position and
prospects through the detailed reviews of the performance and financial position in the Chairman’s
statement (pages 5 to 6), Chief Executive’s review (pages 7 to 14) and the Financial review (pages
15 to 16) together with the Directors’ report (pages 20 to 21). The Directors’ responsibility for the
financial statements is described on page 22.
Directors
The Board aims to maintain a balance of executive and non-executive directors. The Directors
biographies are set out on pages 17 and 18. These demonstrate a wide and diverse range of skills,
business experience and expertise, sufficient to bring independent judgement on issues of
23
BETonSPORTS plc
Corporate governance statement strategy, performance, risk, resources and standards of conduct which are essential to the success
of the Group.
The Directors consider that, given the size of the Board, nominations should be a matter for the
Board as a whole, and accordingly there is no separate nomination committee. This will be
reviewed regularly.
The 2003 Code requires the Chairman to hold meetings with the non-executive directors without
the executive directors being present. Such meetings take place regularly.
Independence is a key issue for the Board. The Board has determined that Clive Parritt, The Lord
Glentoran and Christopher Callaway can all be considered to be independent non-executive
directors.
Directors have a right to ensure that any concerns they have about the running of the Group, which
cannot be resolved, are recorded in the board minutes. In addition, upon resignation, a non-
executive director will be asked to provide a written statement to the Chairman, for circulation to
the Board, if he has any such concerns.
Copies of the terms and conditions of appointment of the non-executive directors are available on
request from the Company Secretary.
Remuneration Committee
The Remuneration Committee is chaired by The Lord Glentoran and consists of all the non-
executive directors. The Committee meets as required during the year to review the Group’s
general policy on executive remuneration, the application of that policy to the remuneration and
benefits of the executive directors and to recommend and monitor the level and structure of
remuneration for senior management.
The Remuneration Committee report (set out on pages 26 and 27) contains a more detailed
description of the Company’s policies and procedures for executive remuneration.
The Committee has formal written terms of reference which are available on request from the
Company Secretary.
Risk management
The Board is responsible for the Group’s systems of internal control and for reviewing their
effectiveness. In a business operating in the interactive licensed betting and gaming arena,
procedures for assessing and managing risk are critical to success.
An ongoing process of identifying, evaluating and managing the significant risks faced by the
Group, has remained in place throughout the financial year and up to the approval date of the
Annual Report. The process is subject to regular review by the Board directly and through the Audit
Committee. This accords with the Turnbull guidance on internal control for directors.
Although the Board has overall responsibility for internal control it relies on the positive contribution
made by senior management to the operation, monitoring and continuing development of risk
management procedures within the Group.
In reviewing the effectiveness of the Group’s system of internal control, the Board has taken into
consideration a number of key matters addressing financial and investment controls, operating
procedures, management reporting and the work of the various Board Committees.
24
BETonSPORTS plc
Corporate governance statement The role of the Audit Committee includes the review and approval of the procedures to control the
movement of cash; the procedures to ensure that betting risk is within the approved parameters;
customer verification procedures to ensure that they continue to be appropriate and effective; and
internal control systems generally. The Committee is responsible for reviewing the appointment of
external auditors (and their independence and terms of remuneration). Their role is also to alert
the Board to any emerging issues and consider the draft papers prepared for the annual review of
effectiveness of the risk management procedures adopted by the Group, prior to them being
submitted to the Board for approval. The Audit Committee consists of all the non-executive
directors, is chaired by Clive Parritt and the Finance Director (Craig Lapsley) acts as secretary. 
The Group has adopted robust risk management systems, which is natural and necessary for a
financial operation of its size and nature and which operates on a real time 24 hour basis. These
address issues such as money laundering, fraud and exposure to loss.
Risk is inherent in business activity and the Group’s systems of internal control are designed to
manage rather than eliminate the risk of failure to achieve business objectives. They can only
provide reasonable and not absolute assurance against material misstatement or loss.
Relations with shareholders
The Board believes in communicating with shareholders regularly. Although the primary activities
are conducted outside the UK, the Chief Executive and other executive directors visit the UK
several times a year. During these visits they are always pleased to meet with shareholders.
All public and regulatory announcements are agreed by the Board prior to publication. The
Chairman and non-executive directors are also available to meet with shareholders as necessary.
The Board has sought to use the Annual General Meeting to communicate with private investors
and encourages their participation.
25
BETonSPORTS plc
Corporate governance statement The Directors’ emoluments are shown for the year to 6 February 2005 with comparative
information for the year to 1 February 2004.
1. Directors emoluments
Total Total
Salary/ emoluments emoluments
fees Benefits 2005 2004 
$000 $000 $000 $000
Executive directors
David Carruthers 152 39 191 106
Craig Lapsley 147 27 174 96
Non-executive directors
Clive Parritt 45 – 45 –
The Lord Glentoran 36 – 36 –
——––—— ——––—— ——––—— ——––——
380 66 446 202
——––—— ——––—— ——––—— ——––——
No directors were members of defined contribution pension schemes during the year.
2. Interests of Directors in share options and shares in the Company
Granted Options Earliest Expiry of
during Date Exercise as at 06 exercise exercise
Options the year of grant price (p) Feb 2005 date period
Executive directors
David Carruthers 3,000,000 15/07/04 140 3,000,000 15/07/07 15/07/14
Craig Lapsley 3,000,000 15/07/04 140 3,000,000 15/07/07 15/07/14
Non-executive 
directors
Clive Parritt – –
The Lord Glentoran – –
The share price in the period ranged from 172.5p on 19 November 2004 to 77.5p on 23 November
2004. The average share price during the period was 126.5p.
6 February 1 February 
Shares 2005 2004
Executive directors
David Carruthers 1,185,567 –
Craig Lapsley 432,963 –
Non-executive directors
Clive Parritt 33,929 –
The Lord Glentoran 19,642 –
(a) Remuneration policy
The Group’s policy is being designed to attract, retain and motivate individuals of a calibre
that will ensure the successful leadership and management of the Group. Remuneration
26
BETonSPORTS plc
Remuneration Committee report packages are designed to reward the executive directors and members of the senior
management team fairly for their contributions, whilst remaining within the range of benefits
offered by similar companies in the sector. The Remuneration Committee is seeking to create
a salary structure which is transparent, fair, and motivational. Part of this package is a
performance related bonus scheme based on corporate performance, team performance and
at least ten personal KPI’s. This package, will we believe, align the interests of shareholders
and the senior management team, with particular importance being given to the performance-
related elements. The Directors’ and senior management remuneration packages will be the
subject of regular review in accordance with this policy.
The remuneration of the non-executive directors is first considered by the executive directors
based on the time which they commit to the Group, the financial and reputation risks attached
to non-executives, and the responsibilities of their role. The Remuneration Committee
considers, then determines the level of remuneration appropriate.
(b) Terms of reference
The Remuneration Committee consists of all the non-executive directors and is chaired by
The Lord Glentoran. The terms of reference of the Remuneration Committee include:
• To determine the executive directors and senior management team salaries, and other
remuneration and benefit packages, including incentive arrangements.
• To agree the targets and scope of any performance-related pay elements of the
remuneration package
• To review the executive directors recommendations on the overall remuneration and
benefits policy of the group, with the power and authority to amend it if appropriate.
• To have regard to the provisions of the Combined Code and associated guidance in its
decision-making.
(c) Service contracts
It is the Group’s policy that the notice period for the duration of all directors’ contracts shall be
no more than one year. This is in accordance with current corporate governance best practice.
(d) Bonuses
The group operates a bonus incentive scheme referred to in paragraph (a) above, which
applies at differing rates for the executive directors and members of senior management. Part
of any payment under this scheme is linked to the annual performance of the business for
which they are responsible; the remainder of such payment is made on a discretionary basis.
27
BETonSPORTS plc
Remuneration Committee report TO THE MEMBERS OF BETonSPORTS plc
We have audited the financial statements which comprise the Group Profit and Loss Account, the
Group and Company Balance Sheets, the Reconciliation of Shareholders’ Funds, the Cash Flow
Statement and the related notes. 
This report is made solely to the company’s members, as a body, in accordance with section 235
of the Companies Act 1985. Our audit work has been undertaken so that we might state to the
company’s members those matters we are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the company and the company’s members as a body, for our audit work, for
this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards are set out in the
Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and
regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and
are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our
opinion, the Directors’ Report is not consistent with the financial statements, if the company has
not kept proper accounting records, if we have not received all the information and explanations
we require for our audit, or if information specified by law regarding directors’ remuneration and
transactions with the company is not disclosed.
We read other information contained in the Annual Report, and consider whether it is consistent
with the audited financial statements. This other information comprises only the Directors’ Report,
the Chairman’s Statement, the Chief Executive’s Review, the Financial Review, the Remuneration
Committee Report and the Corporate Governance Statement. We consider the implications for our
report if we become aware of any apparent misstatements or material inconsistencies with the
financial statements. Our responsibilities do not extend to any other information.
Basis of opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices
Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements. It also includes an assessment of the significant estimates
and judgements made by the directors in the preparation of the financial statements, and of
whether the accounting policies are appropriate to the company’s circumstances, consistently
applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we
considered necessary in order to provide us with sufficient evidence to give reasonable assurance
that the financial statements are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the
presentation of information in the financial statements.
28
BETonSPORTS plc
Independent auditors’ report Opinion
In our opinion the financial statements give a true and fair view of the state of the Group’s and
Company’s affairs at 6 February 2005 and of the Group’s profit for the period then ended and have
been properly prepared in accordance with the Companies Act 1985.
BAKER TILLY
Registered Auditor, 
Chartered Accountants, 
2 Bloomsbury Street, 
London WC1B 3ST
24 May 2005
29
BETonSPORTS plc
Independent auditors’ report Unaudited Unaudited
pro forma Audited pro forma
53 weeks 29 weeks 52 weeks
ended ended ended
6 February 6 February 1 February
2005 2005 2004
Notes $m $m $m
Turnover
Continuing operations 2 1,103.9 722.6 1,252.3
Cost of sales (1,031.4) (673.6) (1,162.1)
–––––––– –––––––– ––––––––
Gross profit 72.5 49.0 90.2
Administrative expenses 3,4 (60.0) (39.6) (63.4)
–––––––– –––––––– ––––––––
Operating profit
Continuing operations 3 12.5 9.4 26.8
Interest receivable and similar income 5 0.8 0.7 0.2
–––––––– –––––––– ––––––––
Profit on ordinary activities before taxation 13.3 10.1 27.0
Taxation
Tax on profit on ordinary activities 6 (2.5) (1.8) (0.1)
–––––––– –––––––– ––––––––
Profit on ordinary activities after taxation 10.8 8.3 26.9
Dividend payable 7 (3.8) – (22.8)
–––––––– –––––––– ––––––––
Retained profit for the year 16 7.0 8.3 4.1
–––––––– –––––––– ––––––––
Earnings per share (in US cents)
– basic 8 13.3c 10.2c 33.1c
– diluted 8 12.2c 9.4c 30.4c
The Group has no other recognised gains or losses other than the profit for the financial year
shown above.
30
BETonSPORTS plc
Group profit and loss account
for the period ended 6 February 2005 Unaudited
Audited pro forma
As at 6 As at 1
February February
Notes 2005 2004
$m $m
Fixed assets
Intangible assets 9 1.9 1.5
Goodwill 10 21.9 1.8
Tangible assets 11 4.6 4.3
Investments 12 0.1 0.1
–––––––– ––––––––
28.5 7.7
Current assets
Debtors 13 13.9 20.7
Cash at bank 19 68.7 28.4
–––––––– ––––––––
82.6 49.1
Creditors: amounts falling due within one year 14 (31.8) (44.4)
–––––––– ––––––––
Net current assets 50.8 4.7
–––––––– ––––––––
Net assets 79.3 12.4
–––––––– ––––––––
Capital and reserves
Called up share capital 15 1.5 0.1
Share premium account 16 62.6 –
Profit and loss account 16 15.2 12.3
–––––––– ––––––––
Total equity shareholders’ funds 79.3 12.4
–––––––– ––––––––
The accounts were approved by the Board of Directors on 24 May 2005 and signed on its behalf
by
David Carruthers Craig Lapsley
Chief Executive Finance Director
31
BETonSPORTS plc
Group balance sheet
at 6 February 2005 Audited
As at 6 
February
2005
Notes $m
Fixed assets
Tangible assets 11 –
Investments 12 35.2
––––––––
35.2
––––––––
Current asset
Debtors 13 41.3
Cash at bank –
––––––––
41.3
Creditors: amounts falling due within one year 14 (11.8)
––––––––
Net current assets 29.5
––––––––
Net assets 64.7
––––––––
Capital and reserves
Called up share capital 15 1.5
Share premium account 16 62.6
Profit and loss account 16 0.6
––––––––
Total equity shareholders’ funds 64.7
––––––––
The accounts were approved by the Board of Directors on 24 May 2005 and signed on its behalf
by
David Carruthers Craig Lapsley
Chief Executive Finance Director
32
BETonSPORTS plc
Company balance sheet
at 6 February 2005 Unaudited Unaudited
pro forma pro forma
53 weeks 52 weeks 
ended ended
6 February 1 February
2005 2004
$m $m
Profit for the financial year 10.8 26.9
Dividends (3.8) (22.8)
New shares issued 64.0 –
Less minority share of net assets as at 15 July 2004* (4.1) –
–––––––– ––––––––
Total movements during the year 66.9 4.1
Shareholders’ funds at 2 February 2004 12.4 8.3
–––––––– ––––––––
Shareholders’ funds at 6 February 2005 79.3 12.4
–––––––– ––––––––
* This arises as the Group did not previously account for the minority interest in the Millennium group companies.
33
BETonSPORTS plc
Reconciliation of shareholders’ funds
for the year ended 6 February 2005 Unaudited Unaudited
pro forma pro forma
53 weeks 52 weeks
ended ended
6 February 1 February
2005 2004
Notes $m $m
Net cash inflow from operating activities 17 15.3 27.3
–––––––– ––––––––
Returns on investment and servicing of finance
Interest received 0.8 0.2
–––––––– ––––––––
Net cash inflow from returns on 
investment and servicing of finance 0.8 0.2
–––––––– ––––––––
Taxation (0.2) (0.1)
–––––––– ––––––––
Capital expenditure and financial investment
Purchase of tangible fixed assets (2.4) (2.2)
Purchase of intangible fixed assets (1.0) (0.8)
Purchase of minority interest (25.0) –
–––––––– ––––––––
Net cash outflow from capital expenditure
and financial investment (28.4) (3.0)
–––––––– ––––––––
Equity dividends paid (11.3) (15.3)
–––––––– ––––––––
Net cash (outflow)/inflow before financing (23.8) 9.1
–––––––– ––––––––
Financing
Issue of ordinary share capital 64.1 –
–––––––– ––––––––
Net cash inflow from financing 64.1 –
–––––––– ––––––––
Increase in cash 19 40.3 9.1
–––––––– ––––––––
34
BETonSPORTS plc
Group statement of cash flows
for the year ended 6 February 2005 1. Accounting policies
Basis of accounting
The financial statements are prepared in accordance with applicable accounting standards
and under the historical cost convention. 
Basis of preparation
The principal operating currency for the Group is US dollars, and accordingly the financial
statements are prepared in US dollars. 
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company
and all its subsidiary undertakings. The results of subsidiary undertakings acquired during the
year are consolidated from the date of acquisition. At acquisition, fair values are attributed to
the assets and liabilities of the businesses acquired. Any excess of consideration over these
fair values is transferred to goodwill. 
The Company takes advantage of the exemption provided by Section 230 of the Companies
Act 1985 not to present its own profit and loss account. 
Goodwill
Goodwill represents the excess of the purchase price paid for a business over the fair value
of the assets acquired. 
The Companies Act 1985 requires goodwill to be amortised over a finite period. The directors
consider that the Group’s goodwill has an indefinite life because the Group is a significant
operator in a well established market with a proven and sustained demand for bookmaking
services. The Group has a track record of successfully renewing its betting permits and
licences.
Consequently, the directors consider that to amortise goodwill would not provide a true and
fair view of the results. Accordingly the financial statements depart from this specific
requirement of the Companies Act 1985. If this departure from the Companies Act 1985 had
not been made the results for the financial period would have been charged with a provision
for amortisation. The amount of this provision cannot be quantified because of the indefinite
life of the assets.
As goodwill is not amortised the balance sheet value is subject to annual impairment review
in accordance with FRS 10 ‘Goodwill and Intangible Assets’ and FRS 11 ‘Impairment of Fixed
Assets and Goodwill”
35
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 1. Accounting policies (continued)
Intangible fixed assets
Intangible fixed assets are shown at cost less amortisation. Specifically:
i) Software development costs, which lead to the creation of an enduring asset delivering
future benefit to the business, are capitalised and are amortised over 3 years.
ii) Purchased software development, which is in the process of being developed, is not
amortised until the software becomes operational.
iii) Business development costs, which represent expenses incurred in assessing the
potential profitability of business in new territories, are capitalised until the business
becomes commercially operational when the costs are then amortised over 3 years.
Tangible fixed assets
Tangible fixed assets are stated at historic cost.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost
over their expected useful lives, as follows: 
Leasehold improvements – over the term of the lease
Fixtures and fittings – 15% per annum 
Computer equipment – 15% to 33% per annum 
Motor vehicles – 20% per annum
Investments
Investments are shown at cost less provision for impairment. 
Foreign currencies
Assets and liabilities in foreign currencies are translated into US dollars at the rate of
exchange ruling at the balance sheet date. Exchange differences, which arise from the
translation of assets and liabilities of foreign subsidiaries, are reflected in reserves.
Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling
at the date of the transaction. These exchange differences are reflected in the profit and loss
account for the year. 
Operating leases
Lease payments under operating leases, where substantially all the risks and benefits remain
with the lessor, are charged in the profit and loss account on the straight line basis over the
lease term.
36
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 1. Accounting policies (continued)
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date. Timing differences arise where gains and losses are
subject to taxation in periods different from those in which the gains and losses are
recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in
which timing differences are expected to reverse, based on tax rates and laws that have been
enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a
non-discounted basis.
2. Turnover and segmental analysis
Turnover comprises the following:
Sportsbetting: the amount placed in respect of bets on sports and other events which
occurred and completed during the period.
Casino betting: the amount of the net win from customers in the various casino products
Poker: the amount of commissions and fees (rake) generated from poker games
and tournaments
Fee income: the gross amount invoiced to customers of the fee income products
Segmental information by activity is shown below:
Unaudited Audited Unaudited
pro forma actual pro forma
53 weeks 29 weeks 52 weeks 
ended ended ended
6 February 6 February 1 February
2005 2005 2004
Turnover: $m $m $m
Sports betting 1,090.3 714.6 1,241.8
Casino betting 5.9 4.0 6.8
Poker 0.7 0.7 –
Fee income 7.0 3.3 3.7
–––––––– –––––––– ––––––––
1,103.9 722.6 1,252.3
–––––––– –––––––– ––––––––
37
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 2. Turnover and segmental analysis (continued)
Unaudited Audited Unaudited
pro forma actual pro forma
53 weeks 29 weeks 52 weeks 
ended ended ended
6 February 6 February 1 February
2005 2005 2004
Operating profit: $m $m $m
Sports betting 12.3 9.3 26.6
Casino betting 0.1 0.1 0.1
Poker – – –
Fee income 0.1 – 0.1
–––––––– –––––––– ––––––––
12.5 9.4 26.8
–––––––– –––––––– ––––––––
Unaudited Audited Unaudited
pro forma actual pro forma
53 weeks 29 weeks 52 weeks 
ended ended ended
6 February 6 February 1 February
2005 2005 2004
Analysis of revenue by origin: $m $m $m
America 1,102.2 722.2 1,245.9
Europe 1.7 0.4 6.4
–––––––– –––––––– ––––––––
1,103.9 722.6 1,252.3
–––––––– –––––––– ––––––––
3. Operating profit
Operating profit is stated after charging/(crediting):
Unaudited Audited Unaudited
pro forma actual pro forma
53 weeks 29 weeks 52 weeks 
ended ended ended
6 February 6 February 1 February
2005 2005 2004
$m $m $m
Depreciation of tangible fixed assets Own assets 2.0 1.7 1.7
Amortisation of intangible fixed assets 0.6 0.3 0.5
Impairment of goodwill 0.7 0.7 0.5
Auditors’ remuneration
– Principal auditors Statutory audit 0.3 0.3 –
Other advisory 
services 0.1 0.1 –
Tax services 0.1 0.1 –
– Other auditors Statutory audit 0.2 0.2 0.1
Operating lease rental Land and buildings 1.1 0.6 1.4
38
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 3. Operating profit (continued)
The Company has treated the businesses acquired on 14 July 2004 as ongoing and not
acquired businesses as they were part of a group of companies operating the business at that
date. These acquisitions are more fully described in the Financial review.
4. Employee information
The average monthly number of employees (including Executive Directors) in the Group
during the year was:
2005 2004
By activity: No. No.
Operations 1,018 1,099
Call centre 558 284
Administration 235 218
–––––––– ––––––––
1,811 1,601
–––––––– ––––––––
Their aggregate remuneration comprised:
Unaudited Audited Unaudited
pro forma actual pro forma
53 weeks 29 weeks 52 weeks 
ended ended ended
6 February 6 February 1 February
2005 2005 2004
$m $m $m
Wages and salaries 15.2 9.4 16.2
Social security costs 1.7 1.1 1.0
–––––––– –––––––– ––––––––
16.9 10.5 17.2
–––––––– –––––––– ––––––––
Details of remuneration, pension entitlements, and interests in share options for each Director
are set out in the Remuneration Committee report.
Directors emoluments
Total Total
Salary/ emoluments emoluments
fees Benefits 2005 2004 
$000 $000 $000 $000
Executive directors
David Carruthers 152 39 191 106
Craig Lapsley 147 27 174 96
Non-executive directors
Clive Parritt 45 – 45 –
The Lord Glentoran 36 – 36 –
———— ———— ———— ————
380 66 446 202
———— ———— ———— ————
No directors were members of defined contribution pension schemes during the year.
39
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 5. Interest receivable
Unaudited Audited Unaudited
pro forma actual pro forma
53 weeks 29 weeks 52 weeks 
ended ended ended
6 February 6 February 1 February
2005 2005 2004
$m $m $m
Bank interest 0.8 0.7 0.2
–––––––– –––––––– ––––––––
6. Tax on profit on ordinary activities
a) Analysis of charge in year:
Unaudited Audited Unaudited
pro forma actual pro forma
53 weeks 29 weeks 52 weeks 
ended ended ended
6 February 6 February 1 February
2005 2005 2004
$m $m $m
Current tax:
Foreign tax 2.5 1.8 0.1
–––––––– –––––––– ––––––––
Total current tax 2.5 1.8 0.1
–––––––– –––––––– ––––––––
b) Factors affecting tax charge for the year:
The tax assessed for the year is lower than the standard rate of corporation tax in the
UK of 30%. The differences are explained below:
Unaudited Audited Unaudited
pro forma actual pro forma
53 weeks 29 weeks 52 weeks 
ended ended ended
6 February 6 February 1 February
2005 2005 2004
$m $m $m
Profit on ordinary activities before tax 13.3 10.1 27.0
–––––––– –––––––– ––––––––
Profit on ordinary activities multiplied by 
the standard rate of corporation tax in the 
UK of 30% 4.0 3.0 8.1
Effects of:
Lower rates of taxation in territories outside 
the UK (1.5) (1.2) (8.0)
–––––––– –––––––– ––––––––
Current tax charge for the period 2.5 1.8 0.1
–––––––– –––––––– ––––––––
No provisions have been made, or are required, in respect of deferred tax.
40
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 7. Dividends
Unaudited Audited Unaudited
pro forma actual pro forma
53 weeks 29 weeks 52 weeks 
ended ended ended
6 February 6 February 1 February
2005 2005 2004
$m $m $m
Dividends on equity shares:
Proposed final dividend – – 22.8
Interim dividend paid during the year (prior to flotation) 3.8 – –
–––––––– –––––––– ––––––––
3.8 – 22.8
–––––––– –––––––– ––––––––
8. Earnings per share
Earnings per share are calculated on the basis that the issued share capital of 81,147,541
shares was in existence throughout the periods under review.
For diluted earnings per share, the issued share capital is adjusted to assume conversion of
all potentially dilutive ordinary shares. These represent share options granted to employees.
9. Intangible fixed assets
Purchased 
software Software Business 
Group development development development Total
$m $m $m $m
Cost
At 15 July 2004 – 2.2 – 2.2
Additions 0.1 0.7 0.2 1.0
–––––––– –––––––– –––––––– ––––––––
At 6 February 2005 0.1 2.9 0.2 3.2
–––––––– –––––––– –––––––– ––––––––
Depreciation
At 15 July 2004 – 0.7 – 0.7
Charge in year – 0.6 – 0.6
–––––––– –––––––– –––––––– ––––––––
At 6 February 2005 – 1.3 – 1.3
–––––––– –––––––– –––––––– ––––––––
Net book value
At 6 February 2005 0.1 1.6 0.2 1.9
–––––––– –––––––– –––––––– ––––––––
At 1 February and 15 July 2004 – 1.5 – 1.5
–––––––– –––––––– –––––––– ––––––––
41
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 10. Goodwill
Group $m
Cost:
At 1 February and 15 July 2004 2.6
Additions 20.8
––––––––
At 6 February 2005 23.4
––––––––
Impairment:
At 1 February and 15 July 2004 0.8
Charge for the year 0.7
––––––––
At 6 February 2005 1.5
––––––––
Net book value:
At 6 February 2005 21.9
––––––––
At 1 February and 15 July 2004 1.8
––––––––
11. Tangible fixed assets
Group Leasehold Fixtures and Computer Motor 
improvements fittings equipment vehicles Total
Cost $m $m $m $m $m
At 15 July 2004 2.1 2.2 3.7 0.1 8.1 
Additions 0.1 1.2 1.1 – 2.4
Reclassification (0.1) – – 0.1 –
Disposals (0.1) – – – (0.1)
–––––––– –––––––– –––––––– –––––––– ––––––––
At 6 February 2005 2.0 3.4 4.8 0.2 10.4 
–––––––– –––––––– –––––––– –––––––– ––––––––
Depreciation
At 15 July 2004 0.4 0.9 2.4 0.1 3.8
Charge in year 0.2 0.4 1.3 0.1 2.0
–––––––– –––––––– –––––––– –––––––– ––––––––
At 6 February 2005 0.6 1.3 3.7 0.2 5.8
–––––––– –––––––– –––––––– –––––––– ––––––––
Net book value
–––––––– –––––––– –––––––– –––––––– ––––––––
At 6 February 2005 1.4 2.1 1.1 – 4.6
–––––––– –––––––– –––––––– –––––––– ––––––––
At 1 February and 
15 July 2004 1.7 1.3 1.3 – 4.3
–––––––– –––––––– –––––––– –––––––– ––––––––
42
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 12. Investments
Group Unlisted
$m
Cost:
At 1 February and 15 July 2004 0.2
Additions –
––––––––
At 6 February 2005 0.2
––––––––
Amounts provided:
At 1 February and 15 July 2004 (0.1)
––––––––
At 6 February 2005 (0.1)
––––––––
Net book value:
At 6 February 2005 0.1
––––––––
At 1 February and 15 July 2004 0.1
––––––––
Subsidiary
undertakings
Company $m
Cost:
Additions 35.2
––––––––
At 6 February 2005 35.2
––––––––
Amounts provided:
Provision for diminution in value –
At 6 February 2005 –
––––––––
Net book value:
At 6 February 2005 35.2
––––––––
43
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 12. Investments (continued)
Investments held at 6 February 2005 were:
Country of Proportion 
incorporation/ of share 
Name of company registration Nature of business capital held Investment
BOS (Antigua) Ltd Antigua Sports and casino 
wagering 100% Direct
Domain Choices Ltd England and Nominee company 
Wales for domain names 100% Indirect
Best Data S.A. Dominican Republic Provision of staff 100% Indirect
Sports on the England and Sports and casino 
Internet Ltd Wales wagering 100% Indirect
WorldAnswer Ltd England and Dormant 100% Indirect
Wales
BoS Guatemala S.A. Guatemala Provision of 
management services 100% Indirect
BoS Mexico S.A. Provision of 
de C.V. Mexico management services 100% Indirect
Mill (Antigua) Ltd Antigua Intermediate holding
company 100% Direct
Lansford Industries Inc. Panama Intermediate holding 
company 100% Indirect
Infinity Sports Sports and casino 
International Corp. Panama wagering 100% Indirect
Wagermall.com Inc Panama Sports and casino 
wagering 100% Indirect
Millennium Sports Sports and casino 
Corporation Panama wagering 100% Indirect
Gibraltar Sports Sports and casino 
Corporation Panama wagering 100% Indirect
BOS (Costa Rica) S.A. Costa Rica Data processing, 
administration and 
customer relationship 
management 100% Direct
BMW Azul Premises 
Grisaceo S.A. Costa Rica management 100% Indirect
Deboer Dos Building and 
Mil Uno S.A Costa Rica maintenance services 100% Indirect
Kontasurex de 
Escalante S.A. Costa Rica Accounting services 100% Indirect
Pacifico Continental Costa Rica Maintenance, cleaning, 
de Escazu, S.A secretarial, graphic 
design and other 
services 100% Indirect
44
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 13. Debtors
Audited Group Company
as at unaudited
6 February pro forma
2005 2004 2005
$m $m $m
Trade debtors 1.3 1.8 –
Other debtors 11.3 16.5 0.1
Prepayments and accrued income 1.3 2.4 –
Amounts due from subsidiary undertakings – – 41.2
–––––––– –––––––– ––––––––
13.9 20.7 41.3
–––––––– –––––––– ––––––––
14. Creditors: amounts falling due within one year
Audited Group Company
as at unaudited
6 February pro forma
2005 2004 2005
$m $m $m
Amounts due to subsidiary undertakings – – 4.3
Trade creditors 2.2 3.1 –
Amount due to related party – 10.3 –
Customer balances 16.9 20.9 –
Other creditors 11.5 1.7 7.5
Accruals and deferred income 1.2 0.9 –
Proposed dividends – 7.5 –
–––––––– –––––––– ––––––––
31.8 44.4 11.8
–––––––– –––––––– ––––––––
15. Share capital
Unaudited Unaudited
pro forma pro forma
2005 2004 2005 2004
Number Number $m $m
Authorised:
Ordinary shares of 1p each 120,000,000 – 2.2 –
Ordinary shares of $100 each – 400 – 0.1
Ordinary shares of $1 each – 100 – –
–––––––– –––––––– –––––––– ––––––––
Allotted, called up and fully paid: 
Ordinary shares of 1p each
(issued in the period) 81,147,541 – 1.5 –
Ordinary shares of $100 each – – – 0.1
Ordinary shares of $1 each – 10,000 – –
–––––––– –––––––– –––––––– ––––––––
45
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 15. Share capital (continued)
The table below summarises the share option schemes operated by the Company during the
year.
Outstanding Granted Exercised Lapsed Outstanding Date from 
at 1 February during during during at 6 February Exercise which 
Scheme 2004 year year year 2005 price (p) exercisable
Share Option 3 December
Scheme – 1,399,037 – – 1,399,037 90 2007
Executive Share 
Option Scheme – 6,000,000 – – 6,000,000 140 15 July 2007
16. Reserves
Share Profit 
premium and loss 
account account
Group $m $m
At 15 July 2004 – 12.3
Prior year adjustment relating to Millennium group minority interest (4.1)
–––––––– ––––––––
At 15 July 2004 (restated) – 8.2
Issued shares *62.6 –
Retained profit for the year – 7.0
–––––––– ––––––––
At 6 February 2005 62.6 15.2
–––––––– ––––––––
* Share premium account is stated after flotation costs including $1.2m paid to Baker Tilly for their professional
advice.
Share Profit 
premium and loss 
account account
Company $m $m
At 1 February 2004 – –
–––––––– ––––––––
Issued shares 62.6 –
Retained profit for the year – 0.6
–––––––– ––––––––
At 6 February 2005 62.6 0.6
–––––––– ––––––––
46
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 17. Reconciliation of operating profit to net cash flow from operating activities
Unaudited Unaudited
pro forma pro forma
53 weeks 52 weeks 
ended ended
6 February 1 February
2005 2004
$m $m
Operating profit 12.5 26.8
Depreciation 2.0 1.7
Intangible fixed assets amortisation and goodwill impairment 1.3 0.9
Provision for the diminution in investments – 0.1
Decrease/(increase) in operating debtors and prepayment 6.8 (3.9)
(Decrease)/increase in operating creditors and accruals (7.3) 1.7
–––––––– ––––––––
Net cash inflow from operating activities 15.3 27.3
–––––––– ––––––––
18. Reconciliation of net cash flow to movement in net funds
Unaudited Unaudited
pro forma pro forma
53 weeks 52 weeks 
ended ended
6 February 1 February
2005 2004
$m $m
Increase in cash in the period 40.3 9.1
–––––––– ––––––––
Movement in the period 40.3 9.1
Net funds at beginning of period 28.4 19.3
–––––––– ––––––––
Net funds at end of period 68.7 28.4
–––––––– ––––––––
19. Analysis of changes in net funds
At At 
2 February Cash 6 February 
2004 flow 2005
$m $m $m
Cash at bank and in hand 28.4 40.3 68.7
–––––––– –––––––– ––––––––
47
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 20. Operating lease commitments
Annual commitments under non-cancellable operating leases are as follows:
Land and 
buildings
2005 2004
Group $m $m
Operating leases which expire
Within one year – –
In two to five years 1.1 1.1
In over five years – –
–––––––– ––––––––
1.1 1.1
–––––––– ––––––––
Company
The Company does not have any annual commitments under non-cancellable operating
leases at 6 February 2005.
21. Profit for the financial year
As permitted by Section 230 of the Companies Act 1985 the Company’s profit and loss
account has not been included in these accounts. The Company’s profit for the period is
$622,941.
22. Financial instruments
Financial assets and liabilities included in this note, other than currency disclosures, exclude
short-term debtors and creditors.
(a) Interest rate and currency of cash balances
Floating rate financial assets of $68.7m (2004: $28.4 m) comprise US dollar and Sterling
short term deposits. There are no fixed rate financial assets.
(b) Currency exposures
The main functional currency of the Group is US dollars. The currency exposure arising
on Sports On The Internet Limited’s sterling trading is limited and is not considered
material. All other monetary assets and liabilities of the subsidiaries that are not
denominated in the functional currency are not considered material.
(c) Fair values of financial instruments
The fair value of all the subsidiaries’ assets and liabilities are approximately equal to the
carrying value of these items in the balance sheet.
The company and its subsidiaries have not used, held, issued or traded in derivative
financial instruments during the period.
48
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 23. Related parties
Mr G Kaplan who controlled the Group prior to flotation continues as a consultant to the
Group. During the year the Group paid $196,005 to Mr Kaplan and his associates to
reimburse various expenses incurred by him as a consultant. The Group also provided
administrative services to Hope Mills Universal (Antigua) Ltd a company in which Mr Kaplan
has an interest. The balance receivable from that company at 6 February 2005 was $52,537.
49
BETonSPORTS plc
Notes to the financial statements
at 6 February 2005 Notice is hereby given that the first Annual General Meeting of shareholders of BETonSPORTS
PLC will be held at 26 Finsbury Square, London EC2A 1SH on 27 June 2005 at 11.00 a.m. for the
following purposes:
To consider and, if thought fit, pass the following resolutions:
Ordinary business
1. That the Report and accounts for the period to 6 February 2005 be received and the special
interim dividend for 2005-06 be approved.
2. That Clive Parritt who was appointed as a director during the period be re-elected as a
Director
3. That The Lord Glentoran, who is aged 70 and who was appointed as a director during the
period be re-elected as a Director
4. That David Carruthers who was appointed as a director during the period be re-elected as a
Director
5. That Craig Lapsley who was appointed as a director during the period be re-elected as a
Director
6. That Clive Archer who was appointed as a director during the period be re-elected as a
Director
7. That Richard Creed who was appointed as a director during the period be re-elected as a
Director
8. That Christopher Callaway who was appointed as a director during the period be re-elected
as a Director
9. That Baker Tilly be reappointed as auditors of the Company until the conclusion of the next
Annual General Meeting of the Company at which accounts are laid.
10. That the directors be authorised to determine the remuneration of the auditors of the
Company.
Special business:
Ordinary resolutions
11. That the Directors be generally and unconditionally authorised in accordance with Section 80
of the Companies Act 1985 (“the Act”) (and in substitution for any existing power to allot
relevant Securities) to exercise all powers of the Company to allot relevant securities (within
the meaning of Section 80 of the Act) of the Company, provided that such power shall be
limited to the allotment of relevant securities up to an aggregate nominal amount of
£360,501.61 to such persons and on such terms as they think fit, such authority to expire at
the earlier of fifteen (15) months after the passing of this resolution or on the date of the next
Annual General Meeting of the Company after the passing of this resolution but so that this
authority shall allow the Company to make, prior to the expiry of such authority any offers or
agreements which would or might require relevant securities to be allotted after such expiry
and the Directors shall be permitted to allot such securities pursuant to such offer or
agreements as if such authority has not expired.
50
BETonSPORTS plc
Notice of Annual General Meeting Special Resolution:
12. That the directors be and are hereby empowered pursuant to section 95 of the Act to allot
equity securities (within the meaning of Section 94 of the Act) of the Company for cash
pursuant to the authority conferred on them by Resolution 5 above as if section 89(1) of the
Act did not apply to any such allotment provided that this power be limited to equity securities:
(i) in connection with a rights issue, open offer or equivalent offer in favour of the holders of
ordinary shares and such other equity securities of the Company as the directors may
determine on the register on a fixed record date, in proportion to (as nearly as maybe) to
their respective holdings of such securities or in accordance with the rights attached
thereto but including equity securities which in connection with such offer or invitations
are the subject of such exclusions or other arrangements as the directors may deem
necessary or expedient to deal with fractional entitlements that would otherwise arise or
on account of either legal or practical problems arising in connection with the laws of any
territory, or of the requirement of any generally recognised regulatory body in any
territory or otherwise, howsoever;
(ii) otherwise than pursuant to (i) above, up to an aggregate nominal amount of £41,974.91
(being equal to 5 per cent of the aggregate nominal amount of the shares in issue
immediately following the date hereof);
provided that this authority shall (unless previously revoked or varied by the Company in
general meeting) expire on the earlier of fifteen (15) months after the passing of this resolution
or on the date of the next Annual General Meeting of the Company after the passing of this
resolution save that the Company may, before the expiry of this power, make offers or
agreements which would or might require equity securities to be allotted after such expiry and
the directors may allot equity securities in pursuance of such offers or agreements
notwithstanding such expiry as if this power had not so expired.
By order of the Board, 
Craig Lapsley
Secretary
24 May 2005
51
BETonSPORTS plc
Notice of Annual General Meeting Notes:
1. Any member entitled to attend and vote at the Annual General Meeting is entitled to appoint one or more persons
as his/her proxy to attend and, on a poll, to vote instead of him/her. The proxy need not be a member of the
Company. The appointment of a proxy does not preclude any member from attending and voting in person at the
meeting. 
2. To be valid the instrument appointing a proxy together with the power of attorney or other authority (if any) under
which it is signed, or a notarially certified or office copy thereof, must be deposited at the Company’s Registrar,
Lloyds TSB Registrars, The Causeway, Worthing, West Sussex, BN99 6DA, at least 48 hours before the time fixed
for the meeting. A reply-paid proxy form is enclosed with this Annual Report. 
3. Copies of Directors’ service contracts together with a statement of Directors’ interests in the share capital of the
Company will be available for inspection at the Registered Office of the Company during business hours on any
weekday (excluding Saturdays) from the date of this notice until the date of the Annual General Meeting and will be
available for inspection at the Annual General Meeting for a period of 15 minutes before the commencement until
the conclusion of the meeting.
4. Pursuant to regulation 41(1) of the Uncertificated Securities Regulations 2001 (2001 No 3755), the Company has
specified that only those members registered on the register of members of the Company on 25 June 2005 shall
be entitled to attend and vote at the meeting in respect of the number of shares registered in their name at that time.
Changes to the register of members after that time shall be disregarded in determining the rights of any person to
attend and vote at the meeting.
5. Any one of joint holders is entitled to grant a proxy. However, the vote of the senior who tenders a vote, either in
person or by proxy, will be accepted to the exclusion of the votes of the other joint holders, seniority being
determined by the order in which the names stand in the register of members.
6. In the case of a Corporation, an instrument appointing a proxy must be completed either under seal or under the
hand of an officer or attorney duly authorised and lodged with the power of Attorney or other authority under which
it is signed, or a notarially certified copy thereof.
52
BETonSPORTS plc
sterling financial print 70049
Notice of Annual General Meeting