Online Gambling Group Sportingbet Releases Financial Figures

Published Thursday, October 06, 2011 -
Online Gambling Group Sportingbet Releases Financial Figures

The London based gambling empire, SportingBet released its financial figures for the year ending July 31st, 2011 reporting earnings before interest, taxes, depreciation, and amortization, EBITDA are up by 11 percent to GBP 51.4 million pounds ($79 million).

 The good news is a result of some positive moves by the company. Key highlights in the company’s year such as continued discussions with Ladbrokes regarding a possible offer for the entire issued share capital of the group and also with Gaming VC regarding a possible disposal of the Sportingbet’s Turkish language website have produced good results. As well the integration of Centrebet is proceeding well and in line with expectations. Also the amounts wagered are up 4 percent year on year to GBP 2,054 million with NGR up 1 percent and the amounts wagered online in Australia are up 62 percent.

Sportingbet receives 27% of its revenue from Greece and Spain but the current lacklustre state of their economies negatively impacted wagers which were down 22% and 2% respectively. However, strong performances from operations in Brazil, Australia and South Africa helped the company compensate for lacklustre results elsewhere. This prompted Sportingbet Chief Executive Officer, Andrew McIver, to comment, “The benefits of operating across a broad geographical base were demonstrated with strong growth in our Emerging Markets division, Australia and some of our European territories, offsetting the economic weakness in Greece and Spain.”

Other positive notes for Sportingbet are that In-play continues to perform strongly – now 67 percent of European sports amounts wagered (2010: 61 percent) at an industry leading margin of 9.7 percent (2010: 9.3 percent) They had a solid start to new financial year: NGR up 17% in first two months. As well the operating profit for the year increased 8 percent to GBP 38.1 million, £38.1 million (2010: GBP 35.4 million).


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