Bet On Sports Profits Will Make Projections

Published: Saturday, February 11, 2006 Online-Casinos.com

Bet On Sports Profits Will Make Projections

But online gambling analysts recommend switch to Leisure and Gaming

Online sportsbook Bet on Sports released a trading statement this week in which it said it expected pre-tax profits before exceptional items for the year to 5 February would be "broadly in line with market expectations".

The statement added that the online gambling and sportsbook company was pleased with final-quarter key performance indicators on customer sign-ups and deposits that continued to be ahead of the comparative period in the preceding year.

A sombre note was a comment that despite betting on the Superbowl reaching record levels, the margin would be neutral due to the favourite - the Pittsburgh Steelers - winning the game.

Bet On Sports was moved to Hold from Buy by a leading brokerage and analysts firm, which recommended that investors look to switch into fellow US-facing sportsbook Leisure & Gaming (L&G). Greg Feehely and Wayne Brown, analysts at Altium Capital, said L&G shares looked "far more compelling" at present levels.

They added: "Furthermore, we know L&G's numbers for the year to December 2005 are 'in the bag' and we believe the current year estimates leave room for upgrades as the year progresses, given the encouraging performance from the recent acquisitions of Nine.com and English Harbour."