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Sportingbet Profits Rise 45 Percent

London-based online sportsbetting provider reports a 28 percent increase in net gaming revenues to $59.84 million.

Monday 1st December 2008

London-based online sportsbetting and gaming group Sportingbet has released its unaudited results for the past three months showing a 28 percent rise in net gaming revenues to $59.84 million. For the three months to the end of October, Sportingbet revealed that its operating profit, adjusted to exclude exceptional items, share option charges and amortisation, increased 45.2 percent to $9.38 million while net gaming revenues from its sportsbetting operations grew by 34 percent. In addition, the relaxation in Australian advertising restrictions helped the firm post a 25.4 percent increase in amounts wagered to $561.32 million from the $447.49 million reported for the same period last year. The successful launch of live sports streaming to enhance its in-running product also helped and saw the AIM-listed company testify to earnings before the deduction of interest, tax and amortization expenses of $12.31 million, 42.9 percent higher than last year’s $8.61 million. Sportingbet operates under licenses from the UK, Australia, Alderney, Italy and Antigua and reported net cash minus any long term debts and customer liabilities of $29.99 million, which was slightly down on last year’s $31.22 million. “While sportsbetting has historically shown itself to be ‘recession hardy’, no industry is ‘recession proof’,” said Andrew McIver, Chief Executive Officer for Sportingbet. “Unfortunately, there is also no empirical data with regard to the online casino and poker industry to estimate what the impact of an economic downturn may or may not be on these products. That said, customer metrics remained very robust both during the quarter and in the four weeks since it ended. As such, the board remains cautiously optimistic in achieving the group’s full-year forecast.”

 


Source: OnlineCasinoNews