The Board of plc, (‘betinternet’ or ‘the Company’) the global on-line gaming group, confirms that on 23 February 2007, the Company entered into a convertible loan note with its major shareholder, Burnbrae Limited (‘Burnbrae’), raising a total of £300,000 for the Company before costs.

Under the terms of the loan note Burnbrae is entitled to convert that aggregate amount at the rate of one Ordinary Share for every 7.5p of such amount converted. Conversion of the loan note would result in the issue of 4,000,000 new Ordinary Shares which would increase the holding of Burnbrae and its connected parties from 50.05 per cent to 51.04 per cent of the issued ordinary share capital of the Company.

The Board believes that raising this additional finance will enable the Company to fund short term working capital requirements and continue the enhancements to it sportsbook portal and pari-mutuel website.