Good News From Sportingbet
Published: Tuesday, March 04, 2008 Online-Casinos.com
GOOD NEWS FROM SPORTINGBET
UK gambling group's six month numbers are positive
The UK online gaming group Sportingbet plc swung back into profit in the first six months despite results going against it, reports Reuters news service, quoting the gambling group's chief executive Andrew McIver.
"With six months of the year completed we have achieved an operating profit of GBP 11.7 million versus GBP 4.0 million last year," said McIver. "This has not been achieved by especially favourable outcomes to sports events - the margin percentage is actually slightly lower than last year - but rather from strong growth in turnover from our core sports offering and careful cost control."
Net gaming revenue in the three months to end January jumped from GBP 34.4 million to GBP 41.2 million, making a total for the interim period of GBP 71.6 million, up from GBP 66.9 million. Pre-tax profits for the second quarter were GBP 3.6 million, versus GBP 100 000, to give a total interim profit of GBP 2.2 million compared with a loss of GBP 11.4 million.
In the second quarter, sports betting levels rose 29.6 percent year on year, casino was up 29.1 percent year on year and poker by 34.1 percent quarter on quarter, delivered through both incremental betting volumes (amounts wagered on sports in Europe up 35.3 percent year on year) and yields per player.
The third quarter has started well, McIver said, though the fourth quarter will be dominated by the Euro 2008 football tournament, which could significantly influence Q4 results, he added.
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