Sportswinbet Limited ('SportsWinBet' or the 'Company')

Update

Further to the announcements made by the Company 19 April 2007 notifying that its wholly owned subsidiary Sportswinbet (C.I.) Limited had entered into an agreement with Kolarmy Technology Inc ('Kolarmy') and the subsequent announcement made by the Company on 30 July 2007 that it had taken a decision not to proceed with a trial operation of a 'Sportswinbet' branded sportsbook, the Company today announces that it has now entered into a new agreement for Kolarmy to operate a 'Sportswinbet' branded sportsbook on a trial basis under the auspices of Kolarmy's Gaming Licence in the Philippines.

The Company has entered in to the new agreement as a result of Kolarmy addressing certain issues that led to the cessation of the previous trial.

Operations have commenced on a trial basis and the first revenues for the Company have been generated. The Company will make a further announcement as to the progress of this new trial in early January 2009.

Contact:-

Liam Murray, Nominated Adviser

Dowgate Capital Advisers Limited

Telephone: +44(0)20 7492 4777