Good Things Coming From Sportingbet
Published: Friday, August 05, 2005 Online-Casinos.com
GOOD THINGS COMING FROM SPORTINGBET
Brit sportsbook predicts better profits
Internet gambling group Sportingbet was in buoyant mood this week, predicting that profits in the final quarter of the year would be better than it expected, fuelled by growth in customer numbers and solid sports, casino and gaming margins.
Releasing a trading report, the group said it made good progress across all parts of its business during the seasonally quiet final quarter of its financial year, and it expects operating profit before goodwill amortisation for the year ended July 31 will be at least GBP 60.5 million.
Sportingbet reported that it has bought Antigua-based ISC Entertainment, the owner of U.S. sports betting and gaming marketing operations, including mysportsbook and worldwidegamble, for an initial outlay of $33 million or GBP18.6 million, and a possible further $6 million depending on performance.
"We are pleased that Sportingbet continues to perform strongly," said chief executive Nigel Payne. "The global reach, the scalability of the business model and the diversified product offering are all working to provide solid organic growth in our gambling business."
The group's poker sites, led by Paradise Poker continued to perform very well, despite the seasonally quiet final quarter of the year, and early indications from the recently introduced "shared purse" are encouraging.
This means customers need only register and leave their bank details once when playing more than one of its gambling websites.
