Fluxx AG’s strategic shift from German lottery agent to pan-European gaming operator has seen it report a 102 percent increase in first quarter revenues to USD 43.8 million.

The Altenholz-based firm reported that this year-on-year growth was driven by the strong performance of its sports betting offerings with revenues of USD 23.5 million versus USD 11.7 million for the first quarter of last year. It stated that earnings from horse racing increased sixty-fold to USD 11.1 million thanks to its 62.4 percent holding in Sportwetten.de.

On the down side, Fluxx reported that marketing and new customer acquisition efforts had been hampered by the recent State Treaty on Gambling for Germany with lottery revenues declining five percent to USD 9.3 million.

The company achieved gross incomes for the quarter of USD 18.1 million, which was up from USD 14.1 million in 2007 and helped to reduce its losses to USD 806,103 from USD 992,126 for the same period last year.

Fluxx stated that it expects the second quarter to show increases in sports and horse betting revenues due to the Euro 2008 soccer championships taking place in Austria and Switzerland along with a summer season of horse racing. In addition, its Sportwetten.de subsidiary recently signed a partnership agreement with America’s Magna Entertainment Corporation to offer betting services at leading US racetracks.