Online gambling group reveals increase in operating profits and amounts wagered for second term.
Friday 14th March 2008
Online gambling group Sportingbet has released the financial results for its second quarter ending in January showing profits up 275 percent.
The Alderney-licensed firm revealed that group operating profits for the quarter had risen to $15.27 million from last year’s $4.07 million while those for the year stood at $23.82 million. This was 18.2 percent of net gaming revenue, which was up on the targeted 13 percent.
It stated that the amount wagered had increased almost 30 percent to $742.61 million from 2007’s $573.48 million while cash on the balance sheet excluding customer liabilities was shown at $65.15 million. This was down from 2007’s $72.27 million but statutory group operating profit stood at $7.32 million from a loss of $203,600 for the previous year.
Other highlights included growth in net gaming revenues across the portfolio with sportsbetting growing 29.6 percent year-on-year while casino business was up 29.1 percent year-on-year. However, the biggest growth was in poker, which increased 34.1 percent quarter-on-quarter.
Online gambling group Sportingbet has released the financial results for its second quarter ending in January showing profits up 275 percent.