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Sportingbet announces soaring profits

Sportingbet shares have tripled in five months and the second-quarter profit jumped 84 percent

Tuesday 22nd February 2005

Sportingbet shares have tripled in five months and the second-quarter profit jumped 84 percent as earnings benefited for the first time from November's purchase of Paradise Poker.

The London-based company announced a net income rise of 15.6 million pounds ($30 million), or 3.6 pence a share, in the three months through January from 8.5 million pounds, or 2.8 pence, a year earlier. Paradise Poker contributed 8 million pounds of operating profit.

Nigel Payne, Chief Executive of the company, said, “I am delighted to report a record six month performance for Sportingbet, in which we have seen the scale of the Group’s operations, augmented by the recent acquisition of Paradise Poker, increase considerably. Sportingbet now has over 2.2m registered customers. We have seen a 49% rise over the same period last year in the number of sports and gaming bets to 206.4m bets, and a pro-forma rise of 114% in the average daily poker rake per day.






Source: OnlineCasinoNews