Online Gambling Sportingbet Increases Revenues

Published Tuesday, October 06, 2009 - Online-Casinos.com

Shares in Sportingbet rose as much as 9.2 percent this year with speculation that the increase in profits was driven by the addition of live sports Webcasts with more betting during sports such as soccer and tennis.

More betting during games and the introduction of live streaming of matches in November, the company said was making up for a loss of revenues from poker wagering due to increased competition in the online gambling market. Sports is now responsible for 64 percent of the net gambling revenue, up from 52 percent two years ago.

Chief Executive Officer of Sportingbet, Andrew McIver, was quoted in a Bloomberg report recently, "Sports betting is a more hardy, recession-resilient product offer," adding, "We grow up with a sports heritage, where you don't necessarily play poker in your youth."

Sportingbet said that the company will now be able to pay dividends again to it's shareholders which were discontinued after the firm was shredded in 2006 by the ban on online gambling in the once lucrative market of the USA.  The company also announced that it will move to the London Stock Exchange's Official List away from the Alternative Investment Market probably within the next six months or so. Greece was Sportingbet's largest market with revenues gaining a huge 56 %. A healthy 11% increase wqas reported in Spain while in the U.K. there was a decline of 21% mainly due to increased competition in there. Offering 8,000 different bets on a typical day, up from about 1,000 a year ago, Sportingbet is obviously on a roll. The during-game betting option allows Sportingbet to offer 35 different wagers per game per side for an average match. The upcoming World Cup of Soccer next summer would appear to be more of a risk for sports betting companies because most betting action will take place on one or two championship games rather than many during an ordinary season. Many online gambling firms are taking measures to smooth the waters in the USA as is Sportingbet, which is optimistic that a settlement with the US Department of Justice will come at some time in the future. 

Related news

Return to Latest News