Vienna  - The Austrian-based internet betting company bwin reported on Thursday a turnaround for the 2007 business year, with net profits of 50.4 million euros (79.8 million dollars), after losses of 539.6 million euros in the previous year.

Adjusted operating profits were 72.8 million euros in 2007, after losses of 585.8 million euros in 2006, bwin said.

Gross gaming revenues were up 21.4 per cent to 350.3 million euros.

Fourth-quarter profits were up to 51.2 million euros, after a loss of 489.8 million euros in the same period in 2006.

The turnaround was mainly due to a reversal in impairment charges in connection with the company's acquisition of Ongame Group, an online gaming company, bwin said.

Earnings before interest, taxes, amortization and depreciation (EBITDA) was 13.2 million euros, compared with a negative EBITDA of 2.6 million euros in the fourth quarter of 2006.

bwin said it shifted its focus on its core markets and products after being forced to quit the online gaming business in the United States in 2006. In the future it wanted to increase its sports sponsoring activities, where legally possible. (dpa)