Online Bookmaker SportingBet Announce Soaring Profits

Friday June 06, 2008

Sportingbet Plc reported that an increase in Australian and European players has led to a rise in profits in the third quarter, to ￡0.06 a share or ￡3.4m net income.

This comes compared to a loss of ￡62.4m a year earlier after their customer base was dramatically slashed by the Unlawful Internet Gambling Enforcement Act of 2006. The value of wagers placed overall increased by over 25% to ￡364,600,000 in total.

The addition of customers in Europe and Asia is helping offset the loss of business in the U.S., where online gambling was banned in October 2006, insiders claim.

"Sportingbet Plc has regained positive momentum across the group," analyst at Numis Securities Richard Carter said.

Sportingbet Plc also own popular online poker Paradise Poker, and CEO Andrew McIver expressed his confidence at reaching yearly targets.