Online Sports Betting Firm Sportingbet Figures In

Published Saturday, December 01, 2012 -

Being in the online sports betting industry can have a certain risk factor that would unnerve the strongest of business professionals. The risks taken not only with the betting odds and the possibility of corruption but the risks of government change with new legislation, taxes and not a slow economy.

Sportingbet the online book maker which has been operating for fifteen years was recently the target of a takeover bid by William Hill and gaming group GVC. The initial offer of £350m was rejected because the board of directors considered the offer to be "undervaluing" the potential worth. William Hill and GVC just upped the ante and offered £400million for the firm which also owns Paradise Poker. A recent financial report indicated however that since the more generous offer Sportingbet has seen revenues drop thirty five percent in the last quarter. The firm’s spokesperson was positive that by the yearend figures will be meeting target expectations. A slump in sporting event wagers and a the lack of events on the calendar were to blame for a less than stellar revenue cycle with wagers down £100 million.

Sportingbet’s figures should show better results in the next three months Chief Executive Officer of Sportingbet, Andy McIver said. The financials for Sportingbet will be supported by the results in the Land Down Under, Australia where Australian Derby Day garners huge betting transactions for the company. Australian Derby Day is one of the country’s biggest attractions where dignitaries and films stars attend each year.

The $200 dollar free betting on horse racing and sporting events bonus sign up gets the ball rolling nicely in Australia. In Spain and in Greece Sportingbet business is suffering much like the economies of those struggling nations. Sportingbet went all in with the Spanish market, even paying the back taxes the Spanish government demanded before issuing a license to operate.

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