Interim Results

Gaming VC Holdings S.A.
05 September 2005

                             Gaming VC Holdings S.A
                                        
                                        
          Maiden Interim Results for the Half-Year Ended 30th June 2005

Gaming VC Holdings S.A., a leading online casino games operator, is pleased to
announce maiden interim audited results for the half year ended 30th June 2005.

Gaming VC went public in December 2004 with the largest Internet casino and
media company flotation ever on London's Alternative Investment Market (AIM),
successfully raising £81m. These funds were used to purchase the assets of
Casinos International NV (Casino-Club), the dominant online casino in
German-speaking markets, and to establish Gaming VC as a new force in the online
gaming marketplace.

FINANCIAL HIGHLIGHTS


  * Handle EUR 880 million
  * Net Revenue EUR 21.3 million
  * Profit Before Tax EUR 11.1 million
  * Cash generated from operations of EUR 11.9 million
  * Basic earnings per share EUR 0.36
  * Dividend declared of 21p per share


OPERATIONAL HIGHLIGHTS


  * 8,115 new depositing customers
  * Conversion rate after first registration of 62%
  * New developments in the period:
      + Soft launch of Spanish site
      + Planned launch of new Poker site
  * Two magazines published as per plan

Commenting on the first half results Steve Barlow, CEO said:

'Being a new company, our first six months has been about getting the financial
systems and key personnel required to position Gaming VC for growth as well as
maintaining the existing business.

'We had an excellent first quarter supported by some initial marketing in
Germany including the distributions of our magazine. During the second quarter
we didn't spend as much as we had originally planned on marketing, which
impacted our revenue figures. We have a major marketing initiative under way in
the second half which we anticipate will kick start revenue growth.'

For further information contact:

Steve Barlow, CEO                                 020 7554 1400
Robert Willis, CFO                                020 7554 1400
Ken Cronin, Gavin Anderson & Company              020 7554 1400
Robert Speed, Gavin Anderson & Company            020 7554 1400



Note to Editors

Gaming VC Holdings SA (AIM: GMHq.L) is a leading online casino games operator
with an annualized handle in excess of EUR 1.5 billion. The majority of its
existing customers come from German speaking countries. The company listed on
the Alternative Investment Market in December 2004. Gaming VC Holdings also owns
two magazines, Casino Club and Roulette. Through these unique marketing and
information magazines it is able to attract and retain casino games players.


STRATEGY

Casino-Club has a leading position in the German speaking gaming market that has
allowed it to become the leading online casino brand in Germany. The Group's
strategy is to improve profitability of these operations through more effective
management and marketing. In addition, the Group intends to develop the
Casino-Club brand throughout Europe, initially targeting Spain with Italy and
Russia on the near horizon. The Company intends to target these markets using
the customer acquisition and retention techniques used to develop the existing
business coupled with database mining, affiliate programs and other internet and
traditional marketing efforts.

In parallel to the current gaming offering, the Company intends to introduce new
products, the first of which is poker.

OPERATIONAL AND MARKETING REVIEW

The first six months have been very active in terms of establishing the building
blocks of a quoted Company. Key finance and marketing roles have been filled to
bring specialized expertise, knowledge, and experience to the organization.

For our existing customers, two Casino-Club magazine editions have been
published in Germany in the first six months, in addition to a customized
Spanish-language version to introduce Casino-Club to Spain. The first issue was
sent out in late March (c70k copies) and the second issue mid June (c90k copies
). Customer databases and other tools necessary to track customers and ensure
customer longevity have also been established.

The Company is working to expand the geographic areas it serves to encompass
Spain in the second half of 2005. With the move to new regions, the focus will
be on customizing the gaming experience to match the language and unique needs
of each geographic region - bringing the winning Casino-Club approach to new
markets.

The groundwork for expanding products in late 2005 has been laid by establishing
the marketing and technological plan for offering a best-of-breed online poker
offering on Casino-Club later this year. While Roulette and Black Jack remain
the Company's most popular games, leveraging the current popularity and high
visibility of online poker is desirable.

German Marketing

Casino Club's quarterly player magazine mailed twice during the period.  Strong
revenues subsequent to each posting continue to make management believe that
this method continues to be effective in engaging customers to play more and
more often at Casino Club. Casino Club also recently started monthly electronic
newsletters to players who have opted-in for email communication.  Management is
currently testing new segmentation targeting methods.

Player acquisition efforts were restarted in Germany with a large direct mail
test campaign.  Over fifty lists and four different offers were tested.  A new
campaign tracking system was implemented to measure results.  Preliminary
campaign results to date suggest direct mail will continue to be an economic
acquisition channel at the targeted level of €250 per new paid player.

The Company has engaged an external gaming-focused agency to help in the
implementation of various paid media channels to acquire more German-speaking
players.  Included in this will be search engine optimization, affiliate
marketing and rich media (banner/button) campaigns.

Spanish marketing

Following an initial exploratory intelligence gathering email and mail campaign
into Spain to test messages and medium, the company has developed its plan more
fully and is now ready for a simultaneous launch of poker and casino in
September.

Research in Spain shows a primary target audience of 4.7 million potential
customers that matches the demographics of the Company's German customer base.
Quantitative research shows 40% of this target audience are early adopters who
have already an affinity for online gaming.

Poker

Casino Club's on-line poker room completed a soft-launch in August, and
underwent beta-level testing during the European holiday.  Substantive marketing
efforts promoting this new product set are scheduled to launch in early
September with Casino Club magazine and to new prospects by mid-to-late Sept via
direct marketing mail campaigns.

The launch in Spain will be educational as research shows that Europeans want
more information on how to play the game. In Spain newspaper, radio and online
media will be used, backed up by a company-sponsored celebrity, Juan Carlos
Mortensen, appearing at the Barcelona Open (Sept 13-18th ). In due course a
Gaming VC poker tournament will be held and an e-zine will be published.
The poker launch in Germany will be similar, promoting an educational .net
address. A combination of direct mail and e-marketing will be used. The
Casino-Club Magazine will include a poker section. The Company will also run
tournaments, giving prizes and trips.

Dividends

The Board has decided to pay an interim dividend of 21p (c€ 0.302) per share on
30 September 2005 to shareholders on the register at close of business on 16
September 2005. This will consume a total of 6,538,511 GBP (c9.6 million Euros)
in cash.

MANAGEMENT

In addition to the recent key marketing hires, the Company is recruiting a Chief
Marketing Officer.

As a result of the recent appointment of Marie Stevens as Chairman of 888.com,
the Company has reluctantly accepted her offer of resignation.

OUTLOOK

The second half of 2005 promises to be very exciting. We will see the results of
the first marketing campaign into Germany, the full launch of products into
Spain and the launch of Poker.

Visibility of the performance of the marketing campaigns as well as impact on
trading will become much clearer into the fourth quarter. The Group is well
positioned to take full advantage of a number of new opportunities including
growth from its current market place.


FINANCIAL REVIEW

Gross Wagering Activity and Turnover

Strong turnover was experienced during the first quarter due to seasonal factors
as well as novelty increases associated with the introduction of new,
high-margin, online slot machine games. Despite 8,115 new depositing customers,
revenue in the second quarter softened due to the normal decay rate of the
customer base combined with minimal deployment of marketing resources.

The total gross wagering activity was € 880 million, with a house drop of € 22.8
million and net revenue of €21.3 million. Gross wagering and gross house drop
include the effect of bonuses, which are inducements to wager offered by the
Group to customers. Roulette is still the most popular game accounting for
approximately 70% of all wagers placed

Gross Profit

The Group achieved gross profits of € 16.5 million. The primary costs of goods
sold for the group are the turn-key on-line casino services provided by Boss
Media and its subsidiaries.

Operating Profit

The major general and administrative costs of the Group are personnel-related,
including travel, legal and financial providers, and marketing. In addition, the
Group operates online slot-machine games with associated 'progressive' jackpots.
These jackpots provide the opportunity to customers to win an aggregated jackpot
amount which, until won, progressively increase with time.

For the reporting period, the Group had total personnel salary and benefit costs
of € 1.0 million . The total Group headcount at the end of the reporting period
was 14. The Group expects modest increases in these costs in the second half of
2005.

The Group makes use of best-of-breed financial and legal service providers. This
outsource model is necessary and efficient because of the disparate physical and
legal structure of the Group. In the reporting period, the Group had outsourced
finance service provider costs of € 0.1 million and outsourced legal service
provider costs of € 0.4 million The Group expects that these costs will remain
approximately the same for the second half of 2005.

The Group's marketing expenditures of € 0.9 million in the reporting period are
substantially lower than the expected run-rate to be deployed in the future. The
level of future resource commitments in the marketing function of the Group will
be based on the success of new marketing initiatives currently being
implemented.

The Group had no substantial jackpot winners in the reporting period. The
jackpot balance at 30 June 2005 was approximately € 1.3 million and represents a
future potential source of operating profit volatility.

The total operating costs of the Group in the reporting period were € 5.3
million The Group therefore realized an operating profit of € 11.2 million.

Taxes

The Group has been structured to provide maximum earnings efficiency through the
use of advantageous tax treaties between countries where the Group has
established legal entities. The result of this structuring is a total tax charge
of € 0.01 million for the reporting period. The Group periodically reviews all
of the relevant and controlling tax regulations to sustain this benefit.

Cash Flow

Because of the low effective tax rate of the Group and the lack of leverage in
use, the Group delivered 107.6% of profit for period. Additionally, the Group
has minimal capital expenditures of € 0.1 million, primarily relating to
computer equipment and software, in the period ending 30 June 2005. In the
reporting period, the Group generated € 11.9 million of cash from operating
activities.

Dividends

The Board has decided to pay an interim dividend of 21p (c€ 0.302) per share on
30 September 2005 to shareholders on the register at close of business on 16
September 2005. This will consume a total of 6,538,511 GBP (c9.6 million Euros)
in cash.

The consolidated income statement, balance sheet, cash flow and statement of
recognized income included in this press release have been extracted from the
audited interim financial statements of Gaming VC Holdings S.A., which will be
available on the company's web site by the end of September.






Consolidated income statement                                     Audited
For the period ended 30 June 2005                                 6 month          1 month
                                                             Period ended     Period ended
                                                                  30 June      31 December
                                                                     2005             2004
In thousands of euro

Revenue                                                            21,269              670
Cost of sales                                                      (4,794)            (137)
                                                             ------------------------------
Gross profit                                                       16,475              533

Distribution expenses                                                (859)               -
Administrative expenses                                            (4,437)            (161)
                                                             ------------------------------
Operating profit before financing costs                            11,179              372

Financial income                                                       16                7
Financial expenses                                                   (138)               -
                                                             ------------------------------
Net financing costs                                                  (122)               -
                                                             ------------------------------
Profit before tax                                                  11,057              379

Income tax expense                                                    (13)              (5)
                                                             ------------------------------
Profit for the period                                              11,044              374
                                                             ------------------------------
Basic earnings per share (euro)                                      0.36             0.02
Diluted earnings per share (euro)                                    0.35             0.02







Consolidated statement of recognised income and expense                Audited
For the period ended 30 June 2005                                      6 month            1 month
In thousands of euro                                              Period ended       Period ended
                                                                       30 June        31 December
                                                                          2005               2004
Profit and total recognised income and expense for the                  11,044                374
period

Consolidated Balance sheet
As at 30 June 2005
In thousands of euro

Assets
Property, plant and equipment                                               55                  -
Intangible assets                                                      104,159            105,479 
                               Total non-current assets                104,214            105,479
                                                                 ----------------------------------
Trade and other receivables                                              3,192                752
Cash and cash equivalents                                               12,058              1,270
                                                                 ----------------------------------
Total current assets                                                    15,250              2,022
                                                                 ----------------------------------
Total assets                                                           119,464            107,501
                                                                 ----------------------------------
Equity
Issued capital                                                          38,608             38,608
Share premium                                                           67,522             67,522
                                      Retained earnings                 11,582                383
                                                                 ----------------------------------
Total equity attributable to equity holders of the parent              117,712            106,513
                                                                 ----------------------------------
Liabilities
Trade and other payables                                                 1,752                988
Total current liabilities                                                1,752                988
                                                                 ----------------------------------
Total liabilities                                                        1,752                988
                                                                 ----------------------------------
Total equity and liabilities                                           119,464            107,501
                                                                 ----------------------------------






Consolidated statement of cash flows                         Audited
For the period ended 30 June 2005                            6 month            1 month
                                                        Period ended       Period ended
                                                             30 June        31 December
In thousands of euro                                            2005               2004

Cash flows from operating activities
Cash receipts from customers                                  19,828                 50
Cash paid to suppliers and employees                          (7,950)              (268)
                                                        --------------------------------
           Net cash from operating activities                 11,878               (218)
                                                        --------------------------------
Cash flows from investing activities
Interest received                                                 15                  -
Acquisition of business                                            -           (105,516)
Acquisition of property, plant and equipment                     (65)                 -
Acquisition of intellectual property                             (75)                 -
                                                        --------------------------------
Net cash from investing activities                              (125)          (105,516)
                                                        --------------------------------
Cash flows from financing activities
Proceeds from the issue of share capital                           -            117,562
Payment of transaction costs                                    (849)           (10,565)
Net cash from financing activities                              (849)           106,997
                                                        --------------------------------
Net increase in cash and cash equivalents                     10,904              1,263
Cash and cash equivalents at 1 January                         1,270                  -
Effect of exchange rate fluctuations on cash held               (116)                 7
                                                        --------------------------------
Cash and cash equivalents at 30 June                          12,058              1,270
                                                        --------------------------------








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