UK-based online casino and sportsbook operator sees taking for its third quarter hit almost $80 million.
Friday 6th June 2008
Online casino and sportsbook operator Sportingbet has revealed that their net gaming revenues increased by 29 percent for its third quarter to $79.5 million with operating profits up 143 percent to $14.2 million.
Sportingbet operates under licenses from the UK, Australia, Alderney, Italy and Antigua and stated that operational profits for the year were up by over 63 percent to $37.1 million due to a substantially better profit margin for the period of 17.9 percent against 8.9 percent last year.
The London-based firm announced that net gaming revenues from European sportsbetting rose 38 percent to $40.8 million while that from Australia increased 93 percent to $10.1 million. It stated that its casino, gaming and poker operations contributed a further $28.5 million.
“Following last year’s extensive restructuring we are very pleased with the solid performance of the business throughout this year,” said Andrew McIver, Chief Executive Officer for Sportingbet.
In order to maintain the broad base of its business, McIver stated that Sportingbet aims to have no one nation contribute over 20 percent of its revenues. For its third quarter, Spain was the firm’s largest single market contributing 19.2 percent followed by Greece at 16.2 percent and Turkey at 13.8 percent.
McIver revealed that the two UK-based employees detained by Turkish authorities late last week were still in custody. The detention of the Turkish nationals reportedly involves charges of illegal online gaming with McIver stating that the company had appointed lawyers to represent the pair. However, he announced that the detainees do not need to be charged until police have built their case and the duo are likely to remain unaware of the charges until the case goes to court.
McIver said the arrests have had no impact on Sportingbet's operations in the region.
'There's been no change in law, no change in our business model, no change in what we do,' said McIver.
